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Surmodics Q2 2025 Earnings Report
Surmodics reported its second quarter of fiscal year 2025 financial results, showing a decrease in total revenue and a GAAP net loss compared to the prior year.
Key Takeaways
Surmodics reported a total revenue of $28.1 million for the second quarter of fiscal year 2025, a 12% decrease year-over-year. The company experienced a GAAP net loss of $(5.2) million, compared to a net income of $0.2 million in the prior-year period. Adjusted EBITDA was $1.9 million, down from $4.8 million.
Total revenue decreased by 12% year-over-year to $28.1 million.
GAAP net loss was $(5.2) million, a significant decline from a net income of $0.2 million in the prior-year period.
Adjusted EBITDA decreased to $1.9 million from $4.8 million in the prior-year period.
Medical Device revenue decreased by 17% to $20.7 million, primarily due to lower SurVeil DCB license fees and product sales.
Surmodics
Surmodics
Surmodics Revenue by Segment
Revenue by Segment
Medical Device Revenue
CapyFin.comIn Vitro Diagnostics Revenue
CapyFin.com Forward Guidance
Surmodics expects fiscal 2025 total revenue to range from $114 million to $117 million, representing a decrease of 10% to 7% compared to fiscal 2024. The company anticipates a GAAP net loss ranging from $(1.60) to $(1.40) per diluted share.
Positive Outlook
- Continued focus on advancing strategic initiatives to create value for stakeholders.
- Confidence in the longer-term prospects of business segments due to commercial scale and profitability.
- Differentiated portfolio of medical devices for vascular interventional treatment.
- Continued growth in customer utilization of Serene™ hydrophilic coating.
- Strong progress in building customer pipeline for Preside™ next-generation hydrophilic medical device coating.
Challenges Ahead
- Fiscal 2025 financial performance to remain impacted by lower SurVeil DCB license fee and product revenue.
- Expected decrease of SurVeil DCB license fee revenue by $3.6 million in fiscal 2025, with no further recognition after March 31, 2025.
- Anticipated decrease of SurVeil DCB product revenue by approximately $7.0 million in fiscal 2025 due to lower demand from Abbott.
- GAAP and non-GAAP net loss per diluted share guidance assumes approximately $10.8 million of merger-related charges in fiscal 2025.
- Unpredictable impact of international trade actions and customer response to these actions.
Revenue & Expenses
Visualization of income flow from segment revenue to net income