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Dec 31, 2022
Surmodics Q1 2023 Earnings Report
Surmodics' financial performance reflected an 8% increase in total revenue year-over-year and the company updated its financial outlook for fiscal year 2023.
Key Takeaways
Surmodics reported an 8% increase in total revenue to $24.9 million for the first quarter of fiscal year 2023. The company experienced a GAAP diluted EPS of $(0.56) and a non-GAAP diluted EPS of $(0.50). Surmodics updated its financial guidance for fiscal year 2023, expecting total revenue to range from $102 million to $106 million.
Total revenue increased by 8% year-over-year, reaching $24.9 million.
Medical Device revenue grew by 12% year-over-year, driven by performance coating sales and royalties.
GAAP diluted EPS was $(0.56), compared to $(0.20) in the prior-year period.
Non-GAAP diluted EPS was $(0.50), compared to $(0.13) in the prior-year period.
Revenue by Segment
Forward Guidance
Surmodics expects fiscal year 2023 total revenue to range from $102 million to $106 million and GAAP diluted loss per share to range from $(2.40) to $(2.00). Non-GAAP diluted loss per share in fiscal 2023 is expected to range from $(2.09) to $(1.69).
Positive Outlook
- Progressing regulatory strategy for SurVeil DCB
- Advancing commercialization of Sublime and Pounce platforms
- Driving revenue from Medical Device performance coatings
- Growing In Vitro Diagnostics business
- Streamlining teams for efficient growth strategy
Challenges Ahead
- FDA letter indicated SurVeil DCB application not approvable
- Implemented spending reduction plan and workforce restructuring
- GAAP diluted loss per share expected to range from $(2.40) to $(2.00)
- Non-GAAP diluted loss per share expected to range from $(2.09) to $(1.69)
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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