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Dec 31, 2023
Surmodics Q1 2024 Earnings Report
Surmodics reported Q1 2024 financial results, exceeding revenue expectations and showing improvements in GAAP net loss and Adjusted EBITDA.
Key Takeaways
Surmodics reported a 23% increase in total revenue to $30.6 million for Q1 2024. The company saw a GAAP net loss of $(0.8) million and an Adjusted EBITDA of $3.9 million. They have updated their fiscal year 2024 financial guidance to reflect this performance.
Total revenue increased by 23% year-over-year to $30.6 million.
Excluding SurVeil DCB license fee revenue, total revenue increased by 25% year-over-year to $29.6 million.
GAAP net loss improved to $(0.8) million, compared to $(7.8) million in the prior-year period.
Adjusted EBITDA was $3.9 million, compared to $(3.3) million 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 2024 total revenue to range from $117 million to $121 million, and GAAP diluted loss per share to range from $(1.40) to $(1.10).
Positive Outlook
- Fiscal 2024 total revenue is expected to range from $117 million to $121 million.
- Excluding SurVeil DCB license fee revenue, fiscal 2024 total revenue is expected to range from $113 million to $117 million, representing an increase of 10% to 14% compared to fiscal 2023.
- Fiscal 2024 GAAP diluted loss per share is expected to range from $(1.40) to $(1.10).
- Non-GAAP diluted loss per share in fiscal 2024 is expected to range from $(1.17) to $(0.87).
- Company expects to generate total revenue growth of 10% or higher for the full year, excluding SurVeil DCB license fees.
Challenges Ahead
- Fiscal 2024 total revenue is expected to decrease by (12)% to (9)% compared to fiscal 2023.
- Fiscal 2024 GAAP diluted loss per share is still expected.
- Non-GAAP diluted loss per share in fiscal 2024 is still expected.
- Operating expenses are still expected.
- Interest expense is still expected.
Revenue & Expenses
Visualization of income flow from segment revenue to net income