Piper Jaffray analyst Matt O'Brien says Merit Medical Systems' Q2 beat expectations and that while management lowered its full year adjusted gross margin outlook by about 100 basis points, they more importantly increased their organic revenue outlook by roughly 250 basis points at the mid-point of the range. The strength in the core business was broad-based across products and geographies, O'Brien tells investors in a research note. He notes that management anticipates benefiting from a competitor supply disruption during the remainder of the year but is taking a conservative approach to this opportunity. The analyst thinks Merit continues its transition to a sizable mid-cap player in the med tech industry. He keeps an Overweight rating on the shares with a $58 price target.