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This is Chris Redgrave for Zions Bank Speaking on Business.
As much as Fred Lampropoulos (lam-prop-oh-luss) appreciates being dubbed as Utah Genius Leadership or to the U of U College of Science Hall of Fame, what he likes the most is the possible inspiration and influence he creates with the up and coming students. Most recently, he's enjoyed speaking to the kids from the U of U, Westminster and BYU.
Merit Medical now includes almost 3,000 employees, with 75 percent of growth coming internationally and including distribution. Part of the reason for this international growth has been acquisition. When you think about some of the challenges from a regulation standpoint, including sequestration and the new tax on medical devices, Merit Medical has seen a 30 percent decrease in profits. This hardship is actually putting some medical device companies out of business.
Besides the obvious reasons why this would affect Merit Medical, the real concern for Fred is the affect it could have on his employee base. Not to mention capital formation, research and development, since, as Fred says, all businesses have to adjust to survive. And adjust is exactly what Merit Medical did with the 30 to 40 devices launched recently.
When asked about the next generation, even though Merit Medical is a public company, Fred's son, Justin, at the tender age of 30 is running their European divisions. This impressive, innovative young man is managing $150 to $175 million portfolio for Merit Medical from his corporate headquarters in the Netherlands. High performance isn't new for Justin since at the age of 24, he was flying F-16s. When your father is the president and CEO of a multi-billion dollar operation, as the up and coming leadership, you have to, as Fred says, pay your dues. And Justin is paying his dues.
For Zions Bank, I'm Chris Redgrave, speaking on business.
Merit Medical 1656 Reunion Ave. South Jordan, UT 84095 1-800-356-3748 www.merit.com
