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Mar 31, 2022
Surmodics Q2 2022 Earnings Report
Surmodics reported a sequential increase in revenue and record In Vitro Diagnostics revenue.
Key Takeaways
Surmodics, Inc. announced its fiscal year 2022 second quarter results, which included a revenue of $26.1 million, a sequential increase of 13%, and record In Vitro Diagnostics revenue of $7.7 million. The company's GAAP EPS was $(0.29), and its non-GAAP EPS was $(0.22).
Revenue of $26.1 million, a sequential increase of 13%
Record In Vitro Diagnostics revenue of $7.7 million
GAAP EPS of $(0.29), non-GAAP EPS of $(0.22)
Double-digit product sales growth year-over-year from both Medical Device and In Vitro Diagnostics businesses
Revenue by Segment
Forward Guidance
Surmodics is raising its full-year revenue and EPS guidance for fiscal 2022. The company is increasing its fiscal 2022 revenue expectations to a range of $98 million to $101 million, from its previous range of $97 million to $101 million. The company is raising its fiscal 2022 diluted GAAP EPS expectations to a range from a loss per share of $(1.70) to $(1.35). Non-GAAP diluted EPS for fiscal 2022 is expected to range from a loss per share of $(1.42) to $(1.07).
Positive Outlook
- Increasing fiscal 2022 revenue expectations to a range of $98 million to $101 million
- Raising fiscal 2022 diluted GAAP EPS expectations to a range from a loss per share of $(1.70) to $(1.35)
- Non-GAAP diluted EPS for fiscal 2022 is expected to range from a loss per share of $(1.42) to $(1.07)
- Potential to receive a $30 million milestone payment during fiscal 2022 or fiscal 2023 related to premarket approval of the SurVeil DCB
- Potential revenue associated with the $30 million milestone payment would be approximately $25 million
Challenges Ahead
- The company is expecting a loss per share of $(1.70) to $(1.35)
- Continued investments to accelerate the Company’s strategy
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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