Loading...
•
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
Surmodics
Surmodics
Surmodics Revenue by Segment
Revenue by Segment
Medical Device Revenue
CapyFin.comIn Vitro Diagnostics Revenue
CapyFin.com 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
- The milestone payment is reduced to $27 million if premarket approval is received after December 31, 2022
- Revenue from regulatory-related milestones is not included in guidance until they are achieved
- Second quarter included $1.4 million from our Development and Distribution Agreement with Abbott Vascular, Inc. (“Abbott”) for the SurVeilTM drug-coated balloon, compared to $12.5 million in the prior-year quarter
Revenue & Expenses
Visualization of income flow from segment revenue to net income