SurModics (SRDX) Tops Q2 EPS by 15c, Revenues Beat

SurModics (NASDAQ: SRDX) reported Q2 EPS of $0.04, $0.15 better than the analyst estimate of ($0.11). Revenue for the quarter came in at $22.8 million versus the consensus estimate of $20.84 million.

Summary of Second Quarter and Recent Highlights

• Revenue of $22.8 million, an increase of 1% year-over-year
• GAAP EPS of $0.11, non-GAAP EPS of $0.04
• Cash and short-term investments of $48.4 million
• CE Mark clearance received for Telemark™ coronary/peripheral support microcatheter
• Partnership announced with Cook Medical for commercialization of .014” and .018” low-profile PTA balloon catheters

“Our customers depend on Surmodics as a critical supplier, with thousands of vital medical device procedures and in vitro diagnostic tests relying on our products every day. The health and safety of our employees is our top priority, and I want to thank our team for their courage and commitment through this COVID-19 health crisis,” said Gary Maharaj, President and CEO of Surmodics, Inc. “While we are operating in an evolving and uncertain environment, our healthy balance sheet, strength of our supply chain, and dedicated team will enable us to continue to effectively operate during these challenging times.”

Fiscal 2020 Guidance

Due to the uncertainty surrounding the duration and magnitude of the COVID-19 pandemic, Surmodics is suspending the previously issued financial guidance for fiscal year 2020.

For earnings history and earnings-related data on SurModics (SRDX) click here.

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