Shares of Merit Medical Systems, Inc. (MMSI) gained nearly 5 percent in the extended trading on Monday, after losing around 3% in the regular trading, after the healthcare technology firm projected higher revenues in its second quarter, and announced the appointment of Martha Aronson as new President and Chief Executive Officer, effective October 3.
Further, the company said Fred Lampropoulos will remain as Chairman of the Board, President and CEO through October 3. Upon Aronson's appointment, Lampropoulos will continue to serve as Chairman of the Board.
In its preliminary second-quarter results, the company expects revenue in the range of approximately $380 million to $384 million, a projected increase of approximately 12% to 14% compared to the same period last year. Constant currency revenue is projected to rise in the range of approximately 11% to 13%,
Merit plans to release its second-quarter results after the close of the stock market on July 30.
Regarding the CEO appointment, the company noted that Aronson was the Executive Vice President and President of Global Healthcare for Ecolab, Inc. and previously served as the Senior Vice President and President North America for Hill-Rom Holdings, Inc.
Prior to that, she spent nearly 20 years at Medtronic in various general management and leadership roles, both in the United States and internationally.
She most recently served as a director, and formerly as Chair of the Board, for CONMED Corp., and was a director of Methode Electronics, Inc., Clinical Innovations, LLC, Cardiovascular Systems, Inc., Beta Bionics, Inc., Hutchinson Technology, Inc., Bright Uro, and OmCare.
Lampropoulos said, "I believe the company has never been in a stronger position. Martha is uniquely qualified to lead Merit into the future and drive its continued success. Her keen intellect and proven track record of empowering global teams through collaborative excellence, consistent with The Merit Way, makes her the ideal leader for Merits next stage of growth."
On the Nasdaq, Merit Medical shares closed Monday's regular trading at $91.12, down 2.63%. In the after-hours trading, the shares gained 4.83 percent to trade at $95.52.
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