Piper Jaffray Reiterates Overweight on Merit Medical Systems (MMSI)

Piper Jaffray is out with its report today on Merit Medical Systems

, reiterating Overweight. In a note to clients, Piper Jaffray writes, "Merit reported a strong Q1 with both revenues and adjusted EPS coming in ahead of our thinking. Core business revenues were up 17%. The recently acquired BioSphere products added $7.7 million, up 10% relative to BSMD's sales last year. GAAP EPS of $0.23 exceeded our $0.19 estimate. With a steady cadence of new products ahead, expanding revenues in China, and solid revenue and earnings growth potential we are raising our estimates and reiterate our Overweight rating for MMSI. Price target remains unchanged at $24/share." Shares of MMSI closed Thursday at $21.81, up 2.20% from Wednesday's close.