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Mar 31, 2023
Surmodics Q2 2023 Earnings Report
Surmodics' Q2 2023 financial results were reported with revenue increase driven by medical device segment growth and updated fiscal year 2023 financial guidance.
Key Takeaways
Surmodics reported a 4% year-over-year increase in total revenue, reaching $27.2 million. The Medical Device segment saw a 7% increase, driven by vascular intervention products. GAAP diluted EPS was $(0.55), and non-GAAP diluted EPS was $(0.40). The company updated its fiscal year 2023 financial guidance, expecting total revenue to range from $103 million to $106 million.
Total revenue increased by 4% year-over-year to $27.2 million.
Medical Device revenue grew by 7% year-over-year, driven by vascular intervention products.
GAAP Diluted EPS was $(0.55), compared to $(0.29) in the prior-year period.
Non-GAAP Diluted EPS was $(0.40), compared to $(0.22) 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 updated its fiscal year 2023 financial guidance, expecting total revenue to range from $103 million to $106 million and GAAP diluted loss per share to range from $(2.30) to $(2.00). Non-GAAP diluted loss per share in fiscal 2023 is expected to range from $(1.98) to $(1.68).
Positive Outlook
- Advancing the initial commercialization of Sublime radial and Pounce arterial thrombectomy platforms.
- Securing FDA approval for our SurVeil DCB.
- Driving revenue and cash flow from our Medical Device performance coating offerings and In Vitro Diagnostics business.
- Remain well-positioned from a liquidity perspective.
- Committed to both prudent expense management and disciplined capital allocation as we pursue long-term revenue growth and value creation.
Challenges Ahead
- Possible adverse market conditions and possible adverse impacts on our cash flows.
- Our ability to successfully and profitably commercialize our vascular intervention products.
- Current and future supply chain constraints.
- Whether our operating expenses are effective in generating profitable revenues.
- Disruptions to our business from our plan to reduce our use of cash announced in the second quarter of fiscal 2023, the failure of such plan to achieve its objectives, or cost and expenses associated with such plan.
Revenue & Expenses
Visualization of income flow from segment revenue to net income