Merit Medical Systems, Inc. MMSI is gaining traction from portfolio expansion and solid prospects of its Peripheral Intervention unit.The company, with a market capitalization of $3.17 billion, is a leading developer of peripheral and cardiac intervention products. Its earnings are expected to improve 12.6% over the next five years. Also, this currently Zacks Rank #2 (Buy) company has a trailing four-quarter earnings surprise of 278.2%, on average.In the past six months, the stock has gained 30.9% compared with 23.4% growth of its industry.Let’s delve deeper into the factors working in favor of the company.Solid Product Portfolio Expansion: Merit Medical consistently gained significant momentum from new products and is optimistic about its product pipeline including its radio and electrophysiology suite. In April 2020, the company initiated production of sample collection and transport kit, consisting of a nasopharyngeal swab and transport vial used for collecting samples from the suspected carriers of COVID-19 infection. In March, management announced the addition of the SCOUT Access Guide to the company’s wire-free radar localization portfolio. This slim Guide option was developed to facilitate oncoplastic breast surgery and ease the lymph node dissection to a great degree.This product portfolio expansion bodes well for the company.Developments on Regulatory Front a Boon: Positive feedbacks and approvals from the top-notch regulatory bodies aided Merit Medical in recent times. The company confirmed that it has more than 50 active R&D products in its portfolio of late.In the third quarter of 2020, the company secured an IDE nod for the WRAPSODY AV Access Efficacy Study, also known as the WAVE study, and an IDE approval for a smaller evaluation called the WRAPSODY Central Feasibility Study or the Wave Central study.These approvals are significant tailwinds to the company’s performance.Peripheral Intervention Unit Holds Promise: The company’s peripheral intervention unit consists of Peripheral Drainage & Biopsy, Peripheral Angiography, Peripheral Intervention and Peripheral Access Portfolio. Merit Medical also offers low-profile ASAP Aspiration Catheters, which provide clinicians with two options of safely and efficiently removing fresh, soft emboli and thrombi from vessels. The Cardiovascular unit reported third-quarter revenue growth of 0.8% year over year owing to a 3% increase in Peripheral Intervention revenues. Estimate TrendFor 2020, the Zacks Consensus Estimate for the company’s revenues is pegged at $956.3 million.For 2020, the Zacks Consensus Estimate for the company’s earnings stands at $1.56, indicating a 6.9% rise from the year-earlier reported figure.Other Key PicksSome other top-ranked stocks from the broader medical space are McKesson Corporation MCK, PerkinElmer PKI and IDEXX Laboratories IDXX. While PerkinElmer sports a Zacks Rank#1 (Strong Buy), the other two carry a Zacks Rank of 2, presently. You can see the complete list of today’s Zacks #1 Rank stocks here.McKesson has a projected long-term earnings growth rate of 6.6%.PerkinElmer has a projected long-term earnings growth rate of 19.5%.IDEXX has an estimated long-term earnings growth rate of 15.8%.Just Released: Zacks’ 7 Best Stocks for TodayExperts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.4% per year.These 7 were selected because of their superior potential for immediate breakout.See these time-sensitive tickers now >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report McKesson Corporation (MCK): Free Stock Analysis Report PerkinElmer, Inc. (PKI): Free Stock Analysis Report Merit Medical Systems, Inc. (MMSI): Free Stock Analysis Report IDEXX Laboratories, Inc. (IDXX): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research