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Jun 30, 2023
Surmodics Q3 2023 Earnings Report
Surmodics reported strong financial performance driven by revenue growth and progress on strategic objectives.
Key Takeaways
Surmodics reported a significant increase in revenue, driven by a milestone payment related to FDA approval of SurVeil DCB and strong performance in the Medical Device segment. The company also saw improvements in profitability and updated its financial guidance for fiscal year 2023.
Total revenue increased by 111% year-over-year to $52.5 million.
Recognized $24.6 million in license fee revenue from the Abbott agreement following FDA approval of SurVeil DCB.
GAAP and Non-GAAP diluted EPS were $0.52, compared to losses in the prior-year period.
Expanded adoption of Pounce and Sublime platforms and secured FDA clearance for Pounce LP Thrombectomy System.
Revenue by Segment
Forward Guidance
Surmodics expects fiscal year 2023 total revenue to range from $130 million to $132 million and Non-GAAP diluted loss per share in fiscal 2023 is expected to range from $(0.29) to $(0.14).
Positive Outlook
- Total revenue to range from $130 million to $132 million, representing an increase of 30% to 32% compared to the prior year.
- Prior guidance called for fiscal year 2023 total revenue of $103 million to $106 million.
- GAAP diluted loss per share to range from $(0.55) to $(0.40).
- Prior guidance called for fiscal 2023 GAAP diluted loss per share of $(2.30) to $(2.00).
- Non-GAAP diluted loss per share in fiscal 2023 is expected to range from $(0.29) to $(0.14).
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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