Surmodics Q3 2024 Earnings Report

Surmodics' financial performance declined due to decreased license fee revenue, partially offset by growth in medical device product revenue and IVD sales.

Key Takeaways

Surmodics reported a decrease in total revenue, primarily due to a significant drop in license fee revenue from the SurVeil DCB. However, excluding this license fee revenue, total revenue increased by 10%. The company experienced a GAAP net loss compared to a net income in the prior-year period, and operating costs increased due to merger-related charges.

Total revenue was $30.3 million, a 42% decrease compared to the prior-year period, which included $24.6 million in SurVeil DCB license fee revenue.

Excluding SurVeil DCB license fee revenue, total revenue increased by 10% year-over-year.

GAAP net loss was $(7.6) million, compared to a net income of $7.3 million in the prior-year period.

Medical Device product sales increased by 15%, driven by SurVeil DCB and Pounce thrombectomy products.

Total Revenue

$30.3M

Previous year: $52.5M