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Mar 31, 2024
Surmodics Q2 2024 Earnings Report
Surmodics' financial performance exceeded expectations, driven by strong product sales and strategic progress.
Key Takeaways
Surmodics reported an 18% increase in total revenue to $32.0 million for the second quarter of fiscal year 2024, with net income of $0.2 million. The company also announced the commercial launch of two new thrombectomy devices, Pounce™ Venous and Pounce LP. Updated financial guidance for fiscal year 2024 reflects increased revenue and EPS expectations.
Total revenue increased by 18% year-over-year to $32.0 million.
Excluding SurVeil™ DCB license fee revenue, total revenue increased by 19% year-over-year to $30.9 million.
GAAP net income was $0.2 million, a significant improvement from the prior-year net loss of $(7.7) million.
The company commercially launched the Pounce Venous Thrombectomy System and the Pounce LP Thrombectomy System.
Surmodics
Surmodics
Surmodics Revenue by Segment
Revenue by Segment
Medical Device Revenue
CapyFin.comIn Vitro Diagnostics Revenue
CapyFin.com Forward Guidance
Surmodics raised its revenue and EPS guidance for fiscal year 2024, reflecting strong second-quarter performance and an improved outlook for the remainder of the year.
Positive Outlook
- Fiscal 2024 total revenue is now expected to range from $122 million to $124 million.
- Excluding SurVeil DCB license fee revenue, fiscal 2024 total revenue is expected to range from $118 million to $120 million.
- Fiscal 2024 GAAP diluted loss per share is now expected to range from $(0.90) to $(0.70).
- Non-GAAP diluted loss per share in fiscal 2024 is now expected to range from $(0.67) to $(0.47).
- Steady growth is expected in core businesses, with commercial traction in existing vascular interventions portfolio.
Challenges Ahead
- Fiscal 2024 total revenue is expected to decrease by (8)% to (6)% compared to fiscal 2023.
- GAAP diluted loss per share is still expected for fiscal 2024.
- Non-GAAP diluted loss per share is still expected for fiscal 2024.
- Future success depends on commercializing SurVeil DCB and other products.
- Reliance on third parties to develop, obtain regulatory approval, market, and sell products incorporating Surmodics' technologies.
Revenue & Expenses
Visualization of income flow from segment revenue to net income