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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.
Surmodics
Surmodics
Surmodics Revenue by Segment
Revenue by Segment
Medical Device Revenue
CapyFin.comIn Vitro Diagnostics Revenue
CapyFin.com 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 from regulatory milestones not included in guidance until achieved
Revenue & Expenses
Visualization of income flow from segment revenue to net income