| | Item
8. Financial Statements and Supplementary Data. REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors
and Stockholders of Merit Medical Systems Inc.: We
have audited the accompanying consolidated balance sheets of Merit Medical Systems
Inc., and subsidiaries (the “Company”) as of December 31, 2005 and 2004, and the
related consolidated statements of income, stockholders’ equity, and cash flows
for each of the three years in the period ended December 31, 2005. Our audits
also included the financial statement schedule listed in the Index at Item 15.
These financial statements and financial statement schedule are the responsibility
of the Company’s management. Our responsibility is to express an opinion on the
financial statements and financial statement schedule based on our audits. We
conducted our audits in accordance with the 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. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An
audit also includes 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 consolidated financial statements present fairly, in all material
respects, the financial position of the Company as of December 31, 2005 and 2004,
and the results of their operations and their cash flows for each of the three
years in the period ended December 31, 2005, in conformity with accounting principles
generally accepted in the United States of America. Also, in our opinion, such
financial statement schedule, when considered in relation to the basic consolidated
financial statements taken as a whole, presents fairly, in all material respects,
the information set forth therein. We have also audited,
in accordance with the standards of the Public Company Accounting Oversight Board
(United States), the effectiveness of the Company’s internal control over financial
reporting as of December 31, 2005, based on the criteria established in Internal
Control-Integrated Framework issued by the Committee of Sponsoring Organizations
of the Treadway Commission and our report dated March 1, 2006 expressed an unqualified
opinion on management’s assessment of the effectiveness of the Company’s internal
control over financial reporting and an unqualified opinion on the effectiveness
of the Company’s internal control over financial reporting. DELOITTE
& TOUCHE LLP
Salt Lake City, Utah
March 1, 2006 | |
