Merit Medical Systems Inc. (South Jordan, UT) announced that it has recently signed a three-year, sole-source agreement with MAGNET, the Mid-Atlantic Group Network of Shared Services Inc. (Mechanicsburg, PA)
The agreement, which began April 1, provides MAGNET member facilities access to Merit's portfolio of disposable products used in diagnostic and interventional procedures in both cardiac catheterization labs and radiology/specials labs. Products covered under the agreement are Merit's inflation devicesincluding its proprietary digital inflation technologyand Merit's manifold kits and components. The agreement represents an incremental sales growth potential of over $10 million annually to Merit, the company says.
MAGNET has eight participant group purchasing organizations located primarily in the eastern United States: AllHealth (Harrisburg, PA); Association Management Resources (Naperville, IL); Diversified Network Services (Wallingford, CT); Hospital Central Services Cooperative (Allentown, PA); Joint Purchasing Corp. (New York); Monmouth-Ocean Health-Care Cooperative (Neptune, NJ); Prime (Lutherville, MD); and Southwest Ohio Health Care Affiliates (Dayton, OH).
Separately, Merit reported a 32% gain in net income for the first quarter ended March 31. Revenues for the first quarter reached $17.7 million, compared with $16.5 million for the same period last year, a gain of eight percent. Net income for the quarter grew to $565,123, compared with $427,655 for the prior year's first quarter, the company reported.