Edgar Filing: MERIT MEDICAL SYSTEMS INC

MMSI - 12.31.2011 11-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 11-K

FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS AND SIMILAR PLANS

PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934



(Mark One)

x Annual Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934

For the fiscal year ended December 31, 2011

o Transition Report Pursuant to Section 15(d) of the Securities Exchange Act of 1934

For the transition period from to

Commission File Number: 000-18592

Full title of the plan and name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

MERIT MEDICAL SYSTEMS, INC. 401(k) PROFIT SHARING PLAN

Merit Medical Systems, Inc.

1600 West Merit Parkway

South Jordan, UT 84095

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MERIT MEDICAL SYSTEMS, INC. 401(k) PROFIT SHARING PLAN

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	1

FINANCIAL STATEMENTS:

Statements of Net Assets Available for Benefits as of December 31, 2011 and 2010	2

Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2011	3

Notes to Financial Statements as of December 31, 2011 and 2010, and for the Year Ended December 31, 2011	4

SUPPLEMENTAL SCHEDULES:	10

Form 5500, Schedule H, Part IV, Line 4a — Schedule of Delinquent Participant Contributions for the Year Ended December 31, 2011	11

Form 5500, Schedule H, Part IV, Line 4i — Schedule of Assets (Held at End of Year) as of December 31, 2011	12

NOTE: All other schedules required by Section 2520.103-10 of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Trustees and Participants of

Merit Medical Systems, Inc. 401(k) Profit Sharing Plan

South Jordan, Utah

We have audited the accompanying statements of net assets available for benefits of the Merit Medical Systems, Inc. 401(k) Profit Sharing Plan (the “Plan”) as of December 31, 2011 and 2010, and the related statement of changes in net assets available for benefits for the year ended December 31, 2011. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2011 and 2010, and the changes in net assets available for benefits for the year ended December 31, 2011, in conformity with accounting principles generally accepted in the United States of America.

Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules of (1) delinquent participant contributions for the year ended December 31, 2011 and (2) assets (held at end of year) as of December 31, 2011, are presented for the purpose of additional analysis and is not a required part of the basic financial statements, but are supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. These schedules are the responsibility of the Plan’s management. Such schedules have been subjected to the auditing procedures applied in our audit of the basic 2011 financial statements and, in our opinion, is fairly stated in all material respects when considered in relation to the basic financial statements taken as a whole.

/s/ DELOITTE & TOUCHE LLP

Salt Lake City, Utah

June 28, 2012

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MERIT MEDICAL SYSTEMS, INC. 401(k) PROFIT SHARING PLAN

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

AS OF DECEMBER 31, 2011 AND 2010



	2011			2010
ASSETS:
Cash	$	16,253		$	103,749

Investments - at fair value	49,590,688			45,686,182
Receivables:
Notes receivable from participants	2,002,847			1,910,033
Employer contributions	144,636			106,291
Participant contributions	177,515			—

Total receivables	2,324,998			2,016,324

Total assets	51,931,939			47,806,255

LIABILITIES:
Accounts payable	7,038			224,386

Total liabilities	7,038			224,386

NET ASSETS AVAILABLE FOR BENEFITS AT FAIR VALUE	51,924,901			47,581,869
ADJUSTMENT FROM FAIR VALUE TO CONTRACT VALUE FOR COMMON COLLECTIVE TRUST	(65,358		)	(36,319		)

NET ASSETS AVAILABLE FOR BENEFITS	$	51,859,543		$	47,545,550

See notes to financial statements.

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MERIT MEDICAL SYSTEMS, INC. 401(k) PROFIT SHARING PLAN

STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

FOR THE YEAR ENDED DECEMBER 31, 2011



CONTRIBUTIONS:
Employer contributions	$	1,288,099
Participant contributions	3,869,196
Rollover contributions	959,398

Total contributions	6,116,693

INVESTMENT INCOME:
Net appreciation in fair value of investments	26
Interest and dividends	260

Net investment income	286

Interest income on notes receivable from participants	79,538

DEDUCTIONS:
Benefits paid to participants	(1,830,138		)
Administrative expenses	(52,386		)

Total deductions	(1,882,524		)

INCREASE IN NET ASSETS AVAILABLE FOR BENEFITS	4,313,993

NET ASSETS AVAILABLE FOR BENEFITS:
Beginning of year	47,545,550

End of year	$	51,859,543

See notes to financial statements.

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MERIT MEDICAL SYSTEMS, INC. 401(k) PROFIT SHARING PLAN

NOTES TO FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2011 AND 2010, AND FOR THE YEAR ENDED DECEMBER 31, 2011

1. DESCRIPTION OF THE PLAN

The following description of the Merit Medical Systems, Inc. 401(k) Profit Sharing Plan (the “Plan”) is provided for general information purposes only. Reference should be made to the Plan document for more complete information.

General — The Plan is a defined contribution plan covering substantially all employees who have completed 90 days of service of Merit Medical Systems, Inc. (the “Company”). The Plan is administered by a trustee who has been appointed by the board of directors of the Company. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 ("ERISA").

Contributions — Each year, participants may contribute up to 100% of their pretax annual compensation, as defined in the Plan, subject to certain Internal Revenue Code ("IRC") limitations. The Company contributes, on a discretionary basis, 75% of the first 2%, and 25% of the next 3% of base compensation that a participant contributes to the Plan.

Participant Accounts — Individual accounts are maintained for each Plan participant. Each participant’s account is credited with the participant’s contribution, the Company’s matching contribution, and Plan earnings, and charged with withdrawals and an allocation of Plan losses and administrative expenses. Allocations are based on participant earnings or account balances, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.

Investments — Participants direct the investment of their contributions and Company contributions into various investment options offered by the Plan.

Vesting — Participants are vested immediately in their contributions, plus actual earnings thereon. Vesting in the Company’s contribution portion of their accounts is based on years of continuous service. A participant vests 20% a year of credited service and is 100% vested after five years of credited service.

Participant Loans — Participants may borrow from their accounts up to a maximum of $50,000 or 50% of their account balance, whichever is less. The loans are secured by the balance in the participant’s account and bear interest at rates commensurate with local prevailing rates at the time funds are borrowed as determined quarterly by the Plan administrator. Principal and interest are paid ratably through payroll deductions.

Payment of Benefits — On termination of service due to death, disability or retirement, a participant may elect to receive either a lump-sum amount equal to the value of the participant’s vested interest in his or her account or annual installments over a ten-year period. For termination of service for other reasons, a participant may receive the value of the vested interest in his or her account as a lump-sum distribution.

Forfeited Accounts — At December 31, 2011 and 2010, forfeited nonvested accounts totaled $49,205 and $19,335, respectively. These accounts may be used to reduce future employer contributions. During the year ended December 31, 2011, forfeited nonvested accounts totaling $19,335 were used to reduce employer contributions.

Administrative Expenses — Administrative expenses of the Plan are paid by the Company as provided in the Plan document.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Accounting — The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP").

Use of Estimates — The preparation of financial statements in conformity with GAAP requires Plan management to make estimates and assumptions that affect the reported amounts of net assets available for benefits and changes therein. Actual results could differ from those estimates.

Risk and Uncertainties — The Plan utilizes various investment instruments, including mutual funds, common stock, a common collective trust, self-directed brokerage accounts, and interest bearing cash funds. Investment securities, in general, are exposed to various risks, such as interest rate, credit and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and

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that such changes could materially affect the amounts reported in the financial statements.

Benefit-Responsive Investment Contracts — As described in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 962, Plan Accounting—Defined Contribution Pension Plans, fully benefit-responsive investment contracts held by a defined-contribution plan are required to be reported at fair value. However, contract value is the relevant measurement attribute for that portion of the net assets available for benefits of a defined-contribution plan attributable to fully benefit-responsive investment contracts because contract value is the amount participants would receive if they were to initiate permitted transactions under the terms of the plan.

The Plan invests in investment contracts through a collective trust in the Morley Stable Value (“MSV”) Fund. As required under ASC 962, the statements of net assets available for benefits presents the investment in the collective trust at fair value with an offsetting adjustment which, when netted against the fair value, will equal contract value. The weighted average yield of the underlying investments in the MSV Fund for the year ended December 31, 2011, was .44%.

Payment of Benefits — Benefit payments to participants are recorded upon distribution. There were no amounts allocated to accounts of persons who have elected to withdraw from the Plan but have not yet been paid at December 31, 2011 and 2010.

Excess Contributions Payable — The Plan is required to return contributions received during the Plan year in excess of IRC limits. There were no excess contributions payable at December 31, 2011 and 2010.

Investment Valuation and Income Recognition — The Plan’s investments are stated at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company’s common stock is valued at the closing price reported on the NASDAQ Stock Exchange in the last business day of the plan year. Interest bearing cash funds are stated at amortized cost, which approximates fair value. Shares of mutual funds are valued at the net asset value of shares held by the Plan at year end. The underlying investments within self-directed brokerage accounts are valued at quoted market prices. The common collective trust is stated at fair value and then adjusted to contract value as described above. Fair value of the common collective trust is the net asset value of its underlying investments, and contract value is principal plus accrued interest. The common collective trust generally permits redemptions daily and there are no unfunded commitments by the Plan related to this investment. The Plan is permitted to redeem investment units at the net asset value on the measurement date, and as a result, the investment is classified as a Level 2 asset in the fair value hierarchy.

Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date.

Management fees and operating expenses charged to the Plan for investments in mutual funds and the common collective trust are deducted from income earned on a daily basis and are not separately reflected. Consequently, management fees and operating expenses are reflected as a reduction of investment return for such investments.

Notes Receivable from Participants — Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Delinquent participant loans are recorded as distributions based on the terms of the Plan document.

Recent Accounting Pronouncements — In January 2010, the FASB issued Accounting Standards Update (ASU) No. 2010-06, Fair Value Measurements and Disclosures, which amends ASC 820, Fair Value Measurements and Disclosures, adding a new disclosure requirement to provide Level 3 activity of purchases, sales, issuances, and settlements on a gross basis. This requirement is effective for fiscal years beginning after December 15, 2010. The adoption in 2011 did not materially affect the Plan's financial statements.

In May 2011, the FASB issued ASU No. 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs, which amends ASC 820. ASU 2011-04 also requires the categorization by level for items that are only required to be disclosed at fair value and information about transfers between Level 1 and Level 2. In addition, the ASU provides guidance on measuring the fair value of financial instruments managed within a portfolio and the application of premiums and discounts on fair value measurements. The ASU requires additional disclosure for Level 3 measurements regarding the sensitivity of fair value to changes in unobservable inputs and any interrelationships between those inputs. The new guidance is effective for reporting periods beginning after December 15, 2011. The adoption will not have a material effect on the statement of net assets available for benefits and statement of changes in net assets available for benefits. Plan management has not determined the impact on the disclosures in the financial statements.

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3. FAIR VALUE MEASUREMENTS

The fair values of investments are classified based on the lowest level of any input that is significant to the fair value measurement. The Plan used the following methods to determine fair value:

Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Plan has the ability to access on the report date.

Level 2 — Inputs (financial matrices, models, valuation techniques), other than quoted market prices included in Level 1, that are observable for the asset or liability, either directly or indirectly. If the asset or liability has a specified (contractual) term, a Level 2 input must be observable for substantially the full term of the asset or liability.

Level 3 — Inputs (such as professional appraisals, quoted prices from inactive markets that require adjustment based on significant assumptions or data that is not current, data from independent sources) that are unobservable for the asset or liability.

The methods described may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.The Plan's policy is to recognize significant transfers between levels at the actual date of the event.

The following table provides the amounts and their corresponding level of hierarchy for the Plan’s investments that are measured at fair value on a recurring basis as of December 31, 2011:



Description	Level 1		Level 2		Level 3		Total

Interest bearing cash	$	2,138,352	$	—	$	—	$	2,138,352
Mutual funds:
Intermediate Investments Grade	4,965,698						4,965,698
Large-Cap Growth Funds	2,160,877						2,160,877
Small-Cap Growth Funds	1,847,253						1,847,253
Multi-Sector Income Fund	1,654,814						1,654,814
Large Cap Core Funds	1,633,410						1,633,410
Large-Cap Value Funds	1,595,809						1,595,809
International Large-Cap Core	1,576,487						1,576,487
SmallCap Core Funds	1,437,697						1,437,697
Mid-Cap Value	1,267,188						1,267,188
Pacific Ex Japan Funds	1,252,620						1,252,620
Global Natural Resources Funds	1,209,496						1,209,496
S&P 500 Index Objective Funds	1,142,762						1,142,762
Emerging Markets Funds	1,018,433						1,018,433
Mid-Cap Core Funds	1,012,542						1,012,542
International Multi-Cap Growth	865,979						865,979
Treasury Inflated Protected Securities	783,990						783,990
Real Estate Fund	776,161						776,161
Global Small-/Mid-Cap Funds	773,633						773,633
Gold Oriented Funds	624,249						624,249
International Multi-Cap Core	444,124						444,124
Multi-Cap Core Funds	254,344						254,344
Global Science /Technology Funds	223,887						223,887
Common collective trust			2,580,894				2,580,894
Self-directed brokerage accounts:
Interest bearing cash	884,594						884,594
Merit Medical Systems, Inc. common stock *	451,789						451,789
Other equity securities (primarily common stock)	957,862						957,862
Other	269,407						269,407
Merit Medical Systems, Inc. common stock	13,786,337						13,786,337
Investments — at fair value	$	47,009,794	$	2,580,894	$	—	$	49,590,688

* Represents a party-in-interest to the Plan.

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For the years ended December 31, 2011 and 2010, there were no transfers in or out of Levels 1, 2 or 3.

The following table provides the amounts and their corresponding level of hierarchy for the Plan’s investments that are measured at fair value on a recurring basis as of December 31, 2010:



Description	Level 1		Level 2		Level 3		Total

Interest bearing cash	$	2,258,582	$	—	$	—	$	2,258,582
Mutual funds:
Intermediate Investments Grade	5,020,843						5,020,843
Large-Cap Growth Funds	2,039,596						2,039,596
Treasury Inflated Protected Securities	1,904,642						1,904,642
Small-Cap Growth Funds	1,592,194						1,592,194
International Large-Cap Core	1,592,103						1,592,103
Mid-Cap Value	1,494,922						1,494,922
Small-Cap Core Funds	1,439,182						1,439,182
Large-Cap Core Funds	1,430,959						1,430,959
Emerging Markets Funds	1,363,222						1,363,222
Large-Cap Value Funds	1,339,418						1,339,418
Mid-Cap Core Funds	1,298,324						1,298,324
Global Natural Resources Funds	1,190,075						1,190,075
S&P 500 Index Objective Funds	1,100,054						1,100,054
International Multi-Cap Growth	1,090,098						1,090,098
Pacific Ex Japan Funds	946,065						946,065
Global Small-/Mid-Cap Funds	819,228						819,228
Global Oriented Funds	624,659						624,659
International Multi-Cap Core	583,999						583,999
Global Science/Technology Funds	206,788						206,788
Multi-Cap Core Funds	153,859						153,859
Common collective trust			1,901,187				1,901,187
Self-directed brokerage accounts:
Interest bearing cash	511,968						511,968
Merit Medical Systems, Inc. common stock *	796,281						796,281
Other equity securities (primarily common stock)	423,978						423,978
Other	9,108						9,108
Merit Medical Systems, Inc. common stock	12,554,848						12,554,848
Investments — at fair value	$	43,784,995	$	1,901,187	$	—	$	45,686,182

* Represents a party-in-interest to the Plan.

4. INVESTMENTS

The Plan’s investments that represented 5% or more of the Plan’s net assets available for benefits are as follows as of December 31, 2011 and 2010:



	2011		2010
Merit Medical Systems, Inc. common stock, 1,030,369 and 991,381 shares, respectively *	$	13,786,337	$	12,554,848
PIMCO Total Return; Administrative Class Shares 456,826 and 462,751 shares, respectively	4,965,698		5,020,843

* Represents a party-in-interest to the Plan.

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During the year ended December 31, 2011, the Plan’s common stock and mutual fund investments (including gains and losses on investments bought and sold, as well as held during the year) appreciated (depreciated) in value as follows:



Merit Medical System, Inc. common stock	$	929,632
Self-directed Brokerage Account	236,477
Intermediate Investments Grade	194,846
Treasury Inflated Protected Securities	163,434
Common collective trust	75,016
S&P 500 Index objective funds	14,484
Small Cap Growth Funds	(10,043		)
Real Estate Funds	(31,486		)
Large-Cap Growth Funds	(32,171		)
Large-Cap Value Funds	(33,598		)
Science /Technology Funds	(35,992		)
Multi-Sector Income Funds	(42,939		)
Large-Cap Core Funds	(47,572		)
Small-Cap Core Funds	(50,250		)
Multi-Cap Core Funds	(56,496		)
International Multi-Cap Value Funds	(74,578		)
Global Small-/Mid-Cap Funds	(74,963		)
Global Natural Resources Funds	(104,580		)
Mid-Cap Core Funds	(118,362		)
International Multi-Cap Growth	(144,924		)
International Large-Cap Core	(177,471		)
Pacific Ex Japan Funds	(181,533		)
Gold Oriented Funds	(196,935		)
Emerging Markets Funds	(199,970		)
Net appreciation in fair value of investments	$	26

5. EXEMPT PARTY-IN-INTEREST TRANSACTIONS

At December 31, 2011 and 2010, the Plan held 1,030,369 and 991,381 shares, respectively, of the Company’s common stock, with a fair value of $13,786,337 and $12,554,848, respectively.

At December 31, 2011 and 2010, there are also 33,766 and 62,878 shares of the Company’s common stock with a fair value of $451,789 and $796,281, respectively, held by the Plan within self-directed brokerage accounts.

6. PLAN TERMINATION

Although it has not expressed any intention to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions set forth in ERISA. In the event that the Plan is terminated, participants would become 100% vested in their accounts.

7. FEDERAL INCOME TAX STATUS

The Internal Revenue Service ("IRS") has determined and informed the Company by a letter dated October 19, 2011, that the Plan was designed in accordance with the applicable regulations of the Internal Revenue Code. The Plan has been amended since receiving the determination letter; however, the Company and the Plan administrator believe that the Plan is currently designed and operated in compliance with the applicable requirements of the Internal Revenue Code and the Plan and related trust continue to be tax-exempt. Therefore, no provision for income taxes has been included in the Plan’s financial statements. On December 31, 2011, the Company submitted an application to the IRS for an updated determination letter.

The Plan administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2011, there are no uncertain tax positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan administrator is required to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS and the Department of Labor ("DOL"). The Plan is subject to routine audits by taxing jurisdictions for tax years for which the applicable statutes of limitations have not expired; however, there are currently no audits for any tax periods in progress.

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The Plan administrator believes it is no longer subject to income tax examinations for years prior to 2008.

8. NONEXEMPT PARTY-IN-INTEREST TRANSACTIONS

The Company remitted the November 2011 through December 2011 participant contributions of $42 to the trustee June 28, 2012, which was later than required by Department of Labor (DOL) Regulation 2510.3‑102. The Company intends to file Form 5330 with the IRS and pay the required excise tax on the transaction. In addition, participant accounts were credited with the amount of investment income that would have been earned had the participant contribution been remitted on a timely basis.

9. RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500

The following is a reconciliation of net assets available for benefits per the financial statements to the Form 5500 at December 31, 2011 and 2010:



	2011		2010
Statement of net assets available for benefits:
Net assets available for benefits per the financial statements	$	51,859,543	$	47,545,550
Adjustment from contract value to fair value for common collective trust	65,358		36,319
Net assets available for benefits per Form 5500	$	51,924,901	$	47,581,869

For the year ended December 31, 2011, the following is a reconciliation of total investment income per the financial statements to the Form 5500:



Statement of changes in net assets available for benefits:
Increase in net assets available for benefits per the financial statements	$	4,313,993
Adjustment from contract value to fair value for common collective trust	29,039

Increase in net assets available for benefits per Form 5500	$	4,343,032

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SUPPLEMENTAL SCHEDULES

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MERIT MEDICAL SYSTEMS, INC. 401(k) PROFIT SHARING PLAN

EMPLOYER ID NO: 87-0447695

PLAN NO: 001

FORM 5500, SCHEDULE H, PART IV, LINE 4a — SCHEDULE OF DELINQUENT PARTICIPANT CONTRIBUTIONS FOR THE YEAR ENDED DECEMBER 31, 2011




	Total That Constitute Nonexempt Prohibited Transactions
Participant Contributions Transferred Late to the Plan	Contributions Not Corrected		Contributions Not Corrected Outside VFCP		Contributions Pending Correction in VFCP		Total Fully Corrected under VFCP and PTE 2002-51
Participant contributions	$	—	$	—	$	42	$	42
	$	—	$	—	$	42	$	42

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MERIT MEDICAL SYSTEMS, INC. 401(k) PROFIT SHARING PLAN

EMPLOYER ID NO: 87-0447695

PLAN NO: 001

FORM 5500, SCHEDULE H, PART IV, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)

AS OF DECEMBER 31, 2011



		Description of Investment, Including
	Identity of Issue, Borrower,	Maturity Date, Rate of Interest,		Current
	Lessor or Similar Party	Collateral, Par or Maturity Value	Cost	Value

	AM Century Inflation Adjusted Bond Fund IV	Registered Investment Company	**	783,990
	American Funds Growth Fund of America; Class R4	Registered Investment Company	**	1,027,944
	Artisan International; Investor Shares	Registered Investment Company	**	520,650
	Cohen & Steers Realty Shares	Registered Investment Company	**	776,161
	Columbia Marsico Focused Equity Fund; Class Z Shares	Registered Investment Company	**	1,132,933
	Fidelity Cash Reserves	Registered Investment Company	**	5,062
	Fidelity FMMT Retirement Money Market	Registered Investment Company	**	116
	Fidelity Spartan Money Market Fund	Registered Investment Company	**	2,133,174
	Fidelity Spartan US Equity Index; Investor Class Shares	Registered Investment Company	**	1,142,762
	Harbor International Fund; Investor Class Shares	Registered Investment Company	**	1,055,837
	Hartford Mid Cap Fund; Class R4	Registered Investment Company	**	1,012,542
	JP Morgan Strategic Income Opportunity	Registered Investment Company	**	1,654,814
	MainStay ICAP Select Equity; Class 1 Shares	Registered Investment Company	**	1,595,809
	Matthews Asia Dividend Companies	Registered Investment Company	**	650,515
	Matthews Asia Small Companies	Registered Investment Company	**	602,104
*	Merit Medical System, Inc. Common Stock	Common Stock (1,030,369 shares)	**	13,786,337
	Morley Stable Value Fund	Common Collective Fund (104,031 units)	**	2,580,894
	Oakmark Fund; Class 1 Shares	Registered Investment Company	**	1,633,410
	Oakmark International Fund; Class 1 Shares	Registered Investment Company	**	444,124
	Openheimer Gold & Special Minerals Fund; Class A	Registered Investment Company	**	624,249
	Perkins MID Cap Value Fund Class T	Registered Investment Company	**	1,267,188
	PIMCO Total Return Fund; Administrative Class Shares	Registered Investment Company	**	4,965,698
	RS Global Natural Resources; Class A	Registered Investment Company	**	1,209,496
	RS Technology Fund; Class A Shares	Registered Investment Company	**	223,888
	RS Value Fund; Class A Shares	Registered Investment Company	**	254,344
	Self Directed Brokerage Account	Registered Investment Company	**	2,563,652
	T Rowe Price International Funds, Inc. Emerging Markets Stock Fund	Registered Investment Company	**	397,980
	Wasatch Emerging Markets Small Cap	Registered Investment Company	**	620,453
	Wasatch Global Oppurtunities Retail	Registered Investment Company	**	773,633
	Wasatch Small Cap Growth Fund	Registered Investment Company	**	1,847,253
	Wasatch Small Cap Value Fund	Registered Investment Company	**	895,515
	Wells Fargo Advantage Small Cap Value Investor	Registered Investment Company	**	542,182
	William Blair International Growth Fund; Class N Shares	Registered Investment Company	**	865,979
*	Participant Loans	Participant loans (maturing 2012 to 2021 at interest rates of 4.25% to 9.25%)	**	2,002,847
				51,593,535
	Adjustment from fair value to contract value for common collective trust			(65,358		)
				$	51,528,177

*	Party-in-interest
**	Cost information is not required for participant-directed investments and, therefore, is not included.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the trustee (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.



	Merit Medical Systems, Inc
	401(k) Profit Sharing Plan

Date: June 28, 2012	/s/ Kent W. Stanger

	Kent W. Stanger
	Member, 401 (k) Plan Administration and
	Investment Committee