Merit Medical Systems announced a distribution agreement with Medtronic to supply its FDA‑cleared ViaVerte basivertebral nerve ablation (BVNA) system, a minimally invasive, implant‑free treatment for chronic vertebrogenic lower‑back pain. The deal, signed on March 24 2026, gives Medtronic access to Merit’s articulating, steerable technology that allows precise basivertebral nerve targeting, a first in the BVNA market. By bundling the ViaVerte system with Medtronic’s Kyphon Xpander inflation syringes and KyphoFlex unipedicular steerable balloon catheter, Merit positions itself as a key supplier for a growing, high‑margin therapeutic area.
The ViaVerte system is FDA‑cleared and leverages a physician‑controlled steerable mechanism that improves accuracy and reduces procedural time. The global BVNA market reached $650 million in 2024 and is projected to grow to $1.56 billion by 2033, with a compound annual growth rate of 10.8%. The partnership places Medtronic in direct competition with Boston Scientific’s Intracept BVNA system, acquired in 2023, and Stryker’s OptaBlate BVN system, cleared in May 2025.
Merit’s Q4 2025 results showed revenue of $393.9 million, a non‑GAAP operating margin of 21%, and GAAP net income of $128.5 million, or $2.13 per share. The company guided for FY 2026 total GAAP net revenue growth of 6% to 8% and non‑GAAP EPS of $4.01 to $4.15, reflecting confidence in scaling its high‑margin product portfolio while managing costs. The distribution agreement is expected to accelerate market penetration and generate incremental sales for Merit’s pain‑management line.
Medtronic’s neuroscience portfolio, which includes pain management, generated $2.56 billion in revenue in Q3 2026, with the neuromodulation business line contributing $503 million. With a market capitalization of approximately $111.92 billion, Medtronic is positioned to integrate the ViaVerte system into its extensive global sales network, expanding its portfolio of minimally invasive pain‑intervention solutions.
The deal underscores Merit’s strategy of partnering with large OEMs to broaden distribution and accelerate adoption of its niche technologies. It also signals Medtronic’s intent to compete more aggressively in the BVNA space, where Boston Scientific and Stryker have established footholds. By leveraging Medtronic’s sales force, Merit can reach a broader physician base, while Medtronic gains a differentiated product that complements its existing vertebral augmentation and neuromodulation offerings.
"For 50 years, we have advanced how chronic pain is treated. Adding ViaVerte™ Basivertebral Nerve Ablation expands our world‑leading pain interventions portfolio and gives patients and their physicians another meaningful option for lasting relief," said Paolo Di Vincenzo, president of Medtronic Neuromodulation. "We are thrilled to expand our ongoing business relationship with Medtronic by providing Merit's proprietary articulating technology. We believe ViaVerte™ represents a significant advancement in the BVNA market," added Michael Blackham, executive vice president, Global OEM, Merit Medical Systems. "This agreement underscores our mutual dedication to providing innovative therapies to support physicians and their patients," added Martha G. Aronson, president and CEO of Merit Medical Systems.
"Merit delivered better‑than‑expected revenue and financial results in the fourth quarter. Our fourth quarter capped off an impressive year of operating and financial performance in 2025; we delivered 6.8% organic, constant currency revenue growth, a 130 basis‑point improvement year‑over‑year in our non‑GAAP operating margin and generated strong free cash flow of more than $215 million, a 16% increase year‑over‑year."
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