EX-99.2 3 mmsi-20221026xex99d2.htm EX-99.2
Exhibit 99.2

| 1 Merit Medical Investor Call October 26, 2022 Third Quarter 2022 Results Fred Lampropoulos Chairman and CEO Raul Parra CFO

| 2 CAUTIONARY STATEMENTREGARDING FORWARD-LOOKING STATEMENTS Thispresentationandanyaccompanyingmanagementcommentaryinclude“forward-lookingstatements,”asdefinedwithinapplicablesecuritieslawsandregulations.Allstatementsinthis presentation,otherthanstatementsofhistoricalfact,are“forward-lookingstatements”,including,withoutlimitation,statementsregardingMerit’sforecastedplans,netsales,netincome(GAAP andnon-GAAP),operatingincomeandmargin(GAAPandnon-GAAP),grossprofitandmargin(GAAPandnon-GAAP),earningspershare(GAAPandnon-GAAP),freecashflow,andotherfinancial measures,futuregrowthandprofitexpectationsorforecastedeconomicconditions,ortheimplementationof,andresultsachievedthrough,Merit’sFoundationsforGrowthProgramorother expensereductioninitiatives,orthedevelopmentorcommercializationofnewproducts,areforward-lookingstatementswithinthemeaningofSection27AoftheSecuritiesActof1933,as amended,andSection21EoftheSecuritiesExchangeActof1934,asamended,andaresubjecttorisksanduncertaintiessuchasthosedescribedinMerit’sAnnualReportonForm10-Kforthe yearendedDecember31,2021(the“2021AnnualReport”)andotherfilingswiththeSEC.SuchrisksanduncertaintiesincludeinherentrisksanduncertaintiesrelatingtoMerit’sinternalmodelsor theprojectionsinthisrelease;disruptionsinMerit’ssupplychain,manufacturingorsterilizationprocesses;reducedavailabilityof,andpriceincreasesassociatedwith,commoditycomponents; adversechangesinfreight,shippingandtransportationexpenses;risksrelatingtoMerit’spotentialinabilitytosuccessfullymanagegrowththroughacquisitionsgenerally,includingtheinabilityto effectivelyintegrateacquiredoperationsorproductsorcommercializetechnologydevelopedinternallyoracquiredthroughcompleted,proposedorfuturetransactions;negativechangesin economicandindustryconditionsintheUnitedStatesorothercountries,includinginflation;fluctuationsininterestorforeigncurrencyexchangerates;risksanduncertaintiesassociatedwith Merit’sinformationtechnologysystems,includingthepotentialforbreachesofsecurityandevolvingregulationsregardingprivacyanddataprotection;governmentalscrutinyandregulationofthe medicaldeviceindustry,includinggovernmentalinquiries,investigationsandproceedingsinvolvingMerit;litigationandotherjudicialproceedingsaffectingMerit;restrictionsonMerit’sliquidityor businessoperationsresultingfromitsdebtagreements;infringementofMerit’stechnologyortheassertionthatMerit’stechnologyinfringestherightsofotherparties;productrecallsandproduct liabilityclaims;changesincustomerpurchasingpatternsorthemixofproductsMeritsells;difficulties,delaysandexpendituresrelatingtodevelopment,testingandregulatoryapprovalor clearanceofMerit’sproducts,includingthepursuitofapprovalsundertheE.U.MedicalDeviceRegulation,andrisksthatsuchproductsmaynotbedevelopedsuccessfullyorapprovedfor commercialuse;thepotentialoffines,penaltiesorotheradverseconsequencesifMerit’semployeesoragentsviolatetheU.S.ForeignCorruptPracticesActorotherlawsorregulations;lawsand regulationstargetingfraudandabuseinthehealthcareindustry;potentialforsignificantadversechangesingoverningregulations,includingreformstotheproceduresforapprovalorclearanceof Merit’sproductsbytheU.S.Food&DrugAdministrationorcomparableregulatoryauthoritiesinotherjurisdictions;changesintaxlawsandregulationsintheUnitedStatesorothercountries; terminationofrelationshipswithMerit’ssuppliers,orfailureofsuchsupplierstoperform;risksanduncertaintiesassociatedwiththeCOVID-19pandemicandMerit’sresponsethereto; concentrationofasubstantialportionofMerit’srevenuesamongafewproductsandprocedures;developmentofnewproductsandtechnologythatcouldrenderMerit’sexistingorfuture productsobsolete;marketacceptanceofnewproducts;volatilityinthemarketpriceofMerit’scommonstock;modificationorlimitationofgovernmentalorprivateinsurancereimbursement policies;changesinhealthcarepoliciesormarketsrelatedtohealthcarereforminitiatives;failuretocomplywithapplicableenvironmentallaws;changesinkeypersonnel;workstoppageor transportationrisks;failuretointroduceproductsinatimelyfashion;priceandproductcompetition;availabilityoflaborandmaterials;fluctuationsinandobsolescenceofinventory;andother factorsreferencedinthe2021AnnualReportandothermaterialsfiledwiththeSEC. Allsubsequentforward-lookingstatementsattributabletoMeritorpersonsactingonitsbehalfareexpresslyqualifiedintheirentiretybythesecautionarystatements.Actualresultswilllikely differ,andmaydiffermaterially,fromanticipatedresults.Financialestimatesaresubjecttochangeandarenotintendedtoberelieduponaspredictionsoffutureoperatingresults.Those estimatesandallotherforward-lookingstatementsincludedinthisdocumentaremadeonlyasofthedateofthisdocument,andexceptasotherwiserequiredbyapplicablelaw,Meritassumesno obligationtoupdateordiscloserevisionstoestimatesandallotherforward-lookingstatements. 2

| 3 NON-GAAPFINANCIALMEASURES AlthoughMerit’sfinancialstatementsarepreparedinaccordancewithaccountingprinciplesgenerallyacceptedintheUnitedStatesof America(“GAAP”),Merit’smanagementbelievesthatcertainnon-GAAPfinancialmeasuresprovideinvestorswithusefulinformation regardingtheunderlyingbusinesstrendsandperformanceofMerit’songoingoperationsandcanbeusefulforperiod-over-period comparisonsofsuchoperations.Certainfinancialmeasuresincludedinthispresentation,orwhichmaybereferencedin management’sdiscussionofMerit’shistoricalandfutureoperationsandfinancialresults,havenotbeencalculatedinaccordancewith GAAP,and,therefore,arereferencedasnon-GAAPfinancialmeasures.Readersshouldconsidernon-GAAPmeasuresusedinthis presentationinadditionto,notasasubstitutefor,financialreportingmeasurespreparedinaccordancewithGAAP.Thesenon-GAAP financialmeasuresgenerallyexcludesome,butnotall,itemsthatmayaffectMerit'snetincome.Inaddition,theyaresubjectto inherentlimitationsastheyreflecttheexerciseofjudgmentbymanagementaboutwhichitemsareexcluded.Additionally,non-GAAP financialmeasuresusedinthispresentationmaynotbecomparablewithsimilarlytitledmeasuresofothercompanies.Meriturges readerstoreviewthereconciliationsofitsnon-GAAPfinancialmeasurestothecomparableGAAPfinancialmeasures,andnottorely onanysinglefinancialmeasuretoevaluateMerit’sbusinessorresultsofoperations.Pleasereferto“NotestoNon-GAAPFinancial Measures”attheendofthesematerialsformoreinformation. TRADEMARKS Unlessnotedotherwise,trademarksusedinthispresentationarethepropertyofMeritMedicalSystems,Inc.,intheUnitedStatesand otherjurisdictions. 3

| 4 Q3 2022Q3 2021YTD 2022YTD 2021 Revenue $287.2M$267.0M$857.6M$796.3M Gross Margin 44.8%45.1%44.8%44.8% Operating Margin 6.5%6.0%6.7%4.9% Net Income $15.3M$12.0M$41.1M$27.8M Earnings per Share $0.27$0.21$0.71$0.49 FinancialSummary GAAP 4

| 5 Q3 2022Q3 2021YTD 2022YTD 2021 Revenue (constant currency, organic) † $295.2M$267.0M$873.3M$796.3M Gross Margin 48.4%49.1%48.5%49.0% Operating Margin 16.1%14.8%16.7%15.6% Net Income $37.0M$30.2M$109.7M$95.4M Earnings per Share $0.64$0.52$1.91$1.67 FinancialSummary Non-GAAP* 5 * See "Notes to Non-GAAP Financial Measures" below for additional information regarding non-GAAP measures used in this presentation. † A non-GAAP financial measure, representing constant currency revenue, organic.

| 6 RevenueBreakdown–Q3 RegionQ3 2022Q3 2021$ Change% ChangeCC % Change* U.S. $164,571$151,505$13,0668.6%6.6% APAC60,17556,9503,2255.7%13.7% EMEA52,06049,7332,3274.7%17.3% Rest of World10,3698,8331,53617.4%18.8% Total International 122,604115,5167,088 6.1%15.6% Total $287,175$267,021$20,1547.5%10.5% 6 * A non-GAAP financial measure, representing revenue growth on a constant currency (“CC”) basis. See "Notes to Non-GAAP Financial Measures" below for additional information regarding non-GAAP measures used in this presentation. In thousands, except percentages

| 7 RevenueBreakdown–YTD RegionYTD 2022YTD 2021$ Change% ChangeCC % Change* U.S. $482,237$451,648$30,5896.8%5.4% APAC182,656169,61813,0387.7%12.3% EMEA160,743152,0688,6755.7%15.0% Rest of World31,93022,9259,00539.3%38.6% Total International 375,329344,61130,718 8.9%15.2% Total $857,566$796,259$61,3077.7%9.7% 7 * A non-GAAP financial measure, representing revenue growth on a constant currency (“CC”) basis. See "Notes to Non-GAAP Financial Measures" below for additional information regarding non-GAAP measures used in this presentation. In thousands, except percentages

| 8 FinancialMetrics MetricQ3 2022Q3 2021YTD 2022YTD 2021 Depreciation & Amortization$20.4M$20.8M$61.3M$63.2M Stock Comp (performance-based)1.4M1.6M4.4M4.0M Stock Comp (not performance-based)3.2M3.2M9.3M7.6M Operating Cash Flow35.5M25.0M86.3M101.4M Capital Expenditures-Property and Equipment15.8M6.8M32.5M19.6M 8

| 9 * See "Notes to Non-GAAP Financial Measures" below for additional information regarding non-GAAP measures used in this presentation. Merit’s financial guidance for theyear ending December31, 2022,is subject to risks and uncertainties identified in this presentation and in Merit’s filings with the U.S. Securities and Exchange Commission (“SEC”). See “Cautionary Statement Regarding Forward-Looking Statements.” Financial MeasureRevised GuidancePrior Guidance Net Sales $1.145 billion to $1.151 billion$1.123 billion to $1.135 billion Net Income (GAAP) $64.8 million to $68.3 million$62.4 million to $68.3 million Earnings Per Share (GAAP) $1.13 to $1.19$1.08 to $1.18 Net Income (Non-GAAP)* $146.9 million to $150.4 million$139.6 million to $145.5 million Earnings Per Share (Non-GAAP)* $2.55 to $2.61$2.42 to $2.52 Updated 2022 Financial Guidance

| 10 Appendix 10

| 11 NotestoNon-GAAPFinancialMeasures Foradditionaldetails,pleaseseetheaccompanyingpressreleaseandforward-lookingstatementdisclosure. ThesepresentationmaterialsandassociatedcommentaryfromMerit’smanagement,aswellasthepressreleaseissuedtoday,usenon-GAAPfinancialmeasures,including: •constantcurrencyrevenue; •constantcurrencyrevenue,organic; •non-GAAPgrossprofitandmargin; •non-GAAPoperatingincomeandmargin; •non-GAAPnetincome; •non-GAAPearningspershare;and •freecashflow. Merit’smanagementteamusesthesenon-GAAPfinancialmeasurestoevaluateMerit’sprofitabilityandefficiency,tocompareoperatingandfinancialresultstopriorperiods,to evaluatechangesintheresultsofitsoperatingsegments,andtomeasureandallocatefinancialresourcesinternally.However,Merit’smanagementdoesnotconsidersuchnon- GAAPmeasuresinisolationorasanalternativetomeasuresdeterminedinaccordancewithGAAP. Readersshouldconsidernon-GAAPmeasuresusedinthispresentationinadditionto,notasasubstitutefor,financialreportingmeasurespreparedinaccordancewithGAAP.These non-GAAPfinancialmeasuresgenerallyexcludesome,butnotall,itemsthatmayaffectMerit’snetincome.Inaddition,theyaresubjecttoinherentlimitationsastheyreflectthe exerciseofjudgmentbymanagementaboutwhichitemsareexcluded.Meritbelievesitisusefultoexcludesuchitemsinthecalculationofnon-GAAPearningspershare,non- GAAPgrossprofitandmargin,non-GAAPoperatingincomeandmargin,andnon-GAAPnetincome(ineachcase,asfurtherillustratedinthereconciliationtablesbelow)because suchamountsinanyspecificperiodmaynotdirectlycorrelatetotheunderlyingperformanceofMerit’sbusinessoperationsandcanvarysignificantlybetweenperiodsasaresult offactorssuchasacquisitionorotherextraordinarytransactions,non-cashexpensesrelatedtoamortizationorwrite-offofpreviouslyacquiredtangibleandintangibleassets, severanceexpenses,expensesresultingfromnon-ordinarycourselitigationoradministrativeproceedingsandresultingsettlements,corporatetransformationexpenses, governmentalproceedingsorchangesintaxorindustryregulations,gainsorlossesondisposalofcertainassets,anddebtissuancecosts.Meritmayincursimilartypesofexpenses inthefuture,andthenon-GAAPfinancialinformationincludedinthispresentationshouldnotbeviewedasastatementorindicationthatthesetypesofexpenseswillnotrecur. Additionally,thenon-GAAPfinancialmeasuresusedinthispresentationmaynotbecomparablewithsimilarlytitledmeasuresofothercompanies.Meriturgesinvestorsand potentialinvestorstoreviewthereconciliationsofitsnon-GAAPfinancialmeasurestothecomparableGAAPfinancialmeasures,andnottorelyonanysinglefinancialmeasureto evaluateMerit’sbusinessorresultsofoperations.

| 12 NotestoNon-GAAPFinancialMeasures(cont.) ConstantCurrencyRevenue Merit’sconstantcurrencyrevenueispreparedbyconvertingthecurrent-periodreportedrevenueofsubsidiarieswhosefunctionalcurrencyisacurrencyotherthantheU.S.dollarat theapplicableforeignexchangeratesineffectduringthecomparableprior-yearperiod,andadjustingfortheeffectsofhedgingtransactionsonreportedrevenue,whicharerecorded intheU.S.Theconstantcurrencyrevenueadjustmentsof$8.0millionand$15.8milliontoreportedrevenueforthethreeandnine-monthperiodsendedSeptember30,2022,were calculatedusingtheapplicableaverageforeignexchangeratesforthethreeandnine-monthperiodsendedSeptember30,2021. ConstantCurrencyRevenue,Organic Merit’sconstantcurrencyrevenue,organic,isdefined,withrespecttopriorfiscalyearperiods,asGAAPrevenue.Withrespecttocurrentfiscalyearperiods,constantcurrency revenue,organic,isdefinedasconstantcurrencyrevenue(asdefinedabove),lessrevenuefromcertainacquisitions.Forthethreeandnine-monthperiodsendedSeptember30,2022, therewerenorevenuesfromacquisitionsexcludedinthecalculationofMerit’sconstantcurrencyrevenue,organic. Non-GAAPGrossProfitandMargin Non-GAAPgrossprofitiscalculatedbyreducingGAAPcostofsalesbyamountsrecordedforamortizationofintangibleassetsandcertaininventorywrite-offs.Non-GAAPgross marginiscalculatedbydividingnon-GAAPgrossprofitbyreportednetsales. Non-GAAPOperatingIncomeandMargin Non-GAAPoperatingincomeiscalculatedbyadjustingGAAPoperatingincomeforcertainitemswhicharedeemedbyMerit’smanagementtobeoutsideofcoreoperationsand varyinamountandfrequencyamongperiods,suchasexpensesrelatedtoacquisitionsorotherextraordinarytransactions,non-cashexpensesrelatedtoamortizationorwrite-offof previouslyacquiredtangibleandintangibleassets,certainseveranceexpenses,performance-basedstockcompensationexpenses,corporatetransformationexpenses,expenses resultingfromnon-ordinarycourselitigationoradministrativeproceedingsandresultingsettlements,governmentalproceedingsorchangesinindustryregulations,aswellasother itemsreferencedinthetablesbelow.Non-GAAPoperatingmarginiscalculatedbydividingnon-GAAPoperatingincomebyreportednetsales.

| 13 NotestoNon-GAAPFinancialMeasures(cont.) Non-GAAPNetIncome Non-GAAPnetincomeiscalculatedbyadjustingGAAPnetincomefortheitemssetforthinthedefinitionofnon-GAAPoperatingincomeabove,aswellasforexpensesrelatedto debtissuancecosts,gainsorlossesondisposalofcertainassets,changesintaxregulations,aswellasotheritemssetforthinthetablesbelow. Non-GAAPEPS Non-GAAPEPSisdefinedasnon-GAAPnetincomedividedbythedilutedsharesoutstandingforthecorrespondingperiod. FreeCashFlow FreecashflowisdefinedascashflowfromoperationscalculatedinaccordancewithGAAP,lesscapitalexpendituresforpropertyandequipmentcalculatedinaccordancewith GAAP,assetforthintheconsolidatedstatementofcashflows. OtherNon-GAAPFinancialMeasureReconciliation Thefollowingtablessetforthsupplementalfinancialdataandcorrespondingreconciliationsofnon-GAAPfinancialmeasurestoMerit’scorrespondingfinancialmeasuresprepared inaccordancewithGAAP,ineachcase,forthethreeandnine-monthperiodsendedSeptember30,2022and2021.Thenon-GAAPincomeadjustmentsreferencedinthefollowing tablesdonotreflectnon-performance-basedstockcompensationexpenseof$3.2millionand$3.2millionforthethree-monthperiodsendedSeptember30,2022and2021, respectively,and$9.3millionand$7.6millionforthenine-monthperiodsendedSeptember30,2022and2021,respectively.

| 14 ReconciliationofGAAPNetIncometoNon-GAAPNetIncome (Unaudited;inthousandsexceptpershareamounts) Note: Certain per share impacts may not sum to totals due to rounding. GAAP net income$17,602 $(2,330) $15,272 $0.27 $14,177 $(2,210) $11,967 $0.21 Non-GAAP adjustments: Cost of Sales Amortization of intangibles 10,487 (2,571) 7,916 0.14 10,573 (2,626) 7,947 0.14 Operating Expenses Contingent consideration expense 915 — 915 0.02 1,115 (16) 1,099 0.02 Amortization of intangibles 1,554 (384) 1,170 0.02 1,793 (449) 1,344 0.02 Performance-based share-based compensation (b) 1,353 (70) 1,283 0.02 1,639 (207) 1,432 0.02 Corporate transformation and restructuring (c) 8,535 (1,796) 6,739 0.12 4,282 (1,061) 3,221 0.06 Acquisition-related667 (163) 504 0.01 2,866 (711) 2,155 0.04 Medical Device Regulation expenses (d) 3,873 (948) 2,925 0.05 1,129 (280) 849 0.01 Other (e) 116 (28) 88 0.00 159 (78) 81 0.00 Other (Income) Expense Amortization of long-term debt issuance costs 151 (37) 114 0.00 151 (37) 114 0.00 Loss on disposal of business unit135 (32) 103 0.00 — — — — Non-GAAP net income $45,388 $(8,359) $37,029 $0.64 $37,884 $(7,675) $30,209 $0.52 Diluted shares 57,586 57,549 Reconciliation of GAAP Net Income to Non-GAAP Net Income (Unaudited, in thousands except per share amounts) Three Months Ended Three Months Ended September 30, 2022September 30, 2021 After-TaxPer Share Impact Pre-TaxTax ImpactAfter-TaxPer Share ImpactPre-TaxTax Impact

| 15 ReconciliationofGAAPNetIncometoNon-GAAPNetIncome (Unaudited;inthousandsexceptpershareamounts) Note: Certain per share impacts may not sum to totals due to rounding. GAAP net income $ 52,474 $ (11,359) $ 41,115 $ 0.71 $ 33,736 $ (5,895) $ 27,841 $ 0.49 Non-GAAP adjustments: Cost of Sales Amortization of intangibles 31,539 (7,733) 23,806 0.41 31,884 (7,918) 23,966 0.42 Inventory write-off (a) — — — — 1,620 (202) 1,418 0.02 Operating Expenses Contingent consideration expense 4,702 (17) 4,685 0.08 3,322 (2) 3,320 0.06 Impairment charges 1,672 (318) 1,354 0.02 4,283 (481) 3,802 0.07 Amortization of intangibles 4,749 (1,176) 3,573 0.06 5,397 (1,352) 4,045 0.07 Performance-based share-based compensation (b) 4,354 (413) 3,941 0.07 3,998 (494) 3,504 0.06 Corporate transformation and restructuring (c) 20,432 (4,702) 15,730 0.27 17,044 (4,223) 12,821 0.22 Acquisition-related 1,901 (465) 1,436 0.02 8,475 (2,101) 6,374 0.11 Medical Device Regulation expenses (d) 8,451 (2,069) 6,382 0.11 2,523 (625) 1,898 0.03 Other (e) 7,845 (1,863) 5,982 0.10 6,534 (468) 6,066 0.11 Other (Income) Expense Amortization of long-term debt issuance costs 453 (111) 342 0.01 453 (112) 341 0.01 Loss on disposal of business unit 1,390 (32) 1,358 0.02 — — — — Non-GAAP net income $139,962 $(30,258) $109,704 $1.91 $119,269 $(23,873) $95,396 $1.67 Diluted shares 57,573 57,274 After-Tax Per Share Impact Pre-Tax Tax Impact After-Tax Per Share Impact Pre-Tax Tax Impact Nine Months Ended Nine Months Ended September 30, 2022 September 30, 2021

| 16 ReconciliationofGAAPOperatingIncometoNon-GAAPOperatingIncome (Unaudited;inthousandsexceptpercentages) Note: Certain percentages may not sum to totals due to rounding. Net Sales as Reported $287,175 $267,021 $857,566 $796,259 GAAP Operating Income 18,657 6.5 %15,931 6.0 %57,146 6.7 %39,020 4.9 % Cost of Sales Amortization of intangibles 10,487 3.7 %10,573 4.0 %31,539 3.7 %31,884 4.0 % Inventory write-off (a)— — — — — — 1,620 0.2 % Operating Expenses Contingent consideration expense 915 0.3 %1,115 0.4 %4,702 0.5 %3,322 0.4 % Impairment charges — — — — 1,672 0.2 %4,283 0.5 % Amortization of intangibles 1,554 0.5 %1,793 0.7 %4,749 0.6 %5,397 0.7 % Performance-based share-based compensation (b) 1,353 0.5 %1,639 0.6 %4,354 0.5 %3,998 0.5 % Corporate transformation and restructuring (c) 8,535 3.0 %4,282 1.6 %20,432 2.4 %17,044 2.1 % Acquisition-related667 0.2 %2,866 1.1 %1,901 0.2 %8,475 1.1 % Medical Device Regulation expenses (d) 3,873 1.3 %1,129 0.4 %8,451 1.0 %2,523 0.3 % Other (e)116 0.0 %159 0.1 %7,845 0.9 %6,534 0.8 % Non-GAAP Operating Income $46,157 16.1%$39,487 14.8%$142,791 16.7%$124,100 15.6% Amounts% Sales Amounts% SalesAmounts% SalesAmounts% Sales Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended September 30, 2022September 30, 2021September 30, 2022September 30, 2021

| 17 Footnotes to Reconciliations of GAAP Net Income to Non-GAAP Net Income and GAAP Operating Income to Non-GAAP Operating Income a)Representsthewrite-offofinventoryrelatedtothedivestitureorexitofcertainbusinessesorproductlines. b)Representsperformance-basedshare-basedcompensationexpense,includingstock-settledandcash-settledawards. c)IncludesconsultingexpensesrelatedtotheFoundationsforGrowthProgramandothertransformationcosts,including severancerelatedtocorporateinitiatives. d)RepresentsincrementalexpensesincurredtocomplywiththeE.U.MedicalDeviceRegulation(“MDR”). e)Thethree-monthperiodendedSeptember30,2022includescoststocomplywithMerit’scorporateintegrityagreementwith theU.S.DepartmentofJustice(the“DOJ”).The2022year-to-dateperiodalsoincludesacquiredin-processresearchand developmentchargesof$6.7millionandlegalcostsassociatedwithashareholderderivativeproceeding.The2021periods includeaccruedcontractterminationcostsof$6.1milliontorenegotiatecertaintermsofanacquisitionagreementandcosts tocomplywithMerit’scorporateintegrityagreementwiththeDOJ.

| 18 Reconciliation of Reported Revenue to Constant Currency Revenue (Non-GAAP), and Constant Currency Revenue, Organic (Non-GAAP) (Unaudited; in thousands except percentages) (a) A non-GAAP financial measure. For a definition of this and other non-GAAP financial measures, see the section of this presentation entitled “Notes to Non-GAAP Financial Measures.” Three Months Ended Nine Months Ended September 30, September 30, % Change 2022 2021 % Change 2022 2021 Reported Revenue 7.5 % $ 287,175 $ 267,021 7.7 % $ 857,566 $ 796,259 Add: Impact of foreign exchange 7,975 — 15,763 — Constant Currency Revenue (a) 10.5 % $ 295,150 $ 267,021 9.7 % $ 873,329 $ 796,259 Less: Revenue from certain acquisitions — — — — Constant Currency Revenue, Organic (a) 10.5 % $ 295,150 $ 267,021 9.7 % $ 873,329 $ 796,259

| 19 ReconciliationofGAAPGrossMargintoNon-GAAPGrossMargin (Unaudited;asapercentageofreportedrevenue) Note: Certain percentages may not sum to totals due to rounding. a) Represents the write-off of inventory related to the divestiture or exit of certain businesses or product lines. Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 Reported Gross Margin 44.8 % 45.1 % 44.8 % 44.8 % Add back impact of: Amortization of intangibles 3.7 % 4.0 % 3.7 % 4.0 % Inventory write - off (a) — — % — % 0.2 % Non - GAAP Gross Margin 48.4 % 49.1 % 48.5 % 49.0 %