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Jun 30
Surmodics Q3 2025 Earnings Report
Surmodics reported Q3 results with revenue of $29.6M and a GAAP net loss.
Key Takeaways
In Q3 2025, Surmodics generated $29.6 million in revenue, with a GAAP diluted EPS of -$0.37 and a Non-GAAP diluted EPS of $0.06. Net loss was $5.3 million, operating loss was $5.2 million, and Adjusted EBITDA reached $3.43 million. The company maintained stable revenue excluding SurVeil DCB license fees and saw strong growth in its Pounce Thrombectomy Platform.
Revenue totaled $29,567,000, down 3% year-over-year:contentReference[oaicite:0]{index=0}.
GAAP diluted EPS was -$0.37; Non-GAAP diluted EPS was $0.06:contentReference[oaicite:1]{index=1}.
Adjusted EBITDA was $3,430,000, up from $1,614,000 last year:contentReference[oaicite:2]{index=2}.
Product gross margin stood at 48.8% for the quarter:contentReference[oaicite:3]{index=3}.
Surmodics
Surmodics
Surmodics Revenue by Segment
Revenue by Segment
Medical Device Revenue
CapyFin.comIn Vitro Diagnostics Revenue
CapyFin.com Forward Guidance
Surmodics raised FY25 total revenue guidance to $116.5–$118.5M, with GAAP diluted EPS expected between -$1.70 and -$1.55 and Non-GAAP diluted EPS between -$0.35 and -$0.20.
Positive Outlook
- Raised FY25 total revenue guidance to $116.5–$118.5M.
- Raised FY25 revenue guidance excluding SurVeil DCB license fees to $115.0–$117.0M.
- Provided GAAP and Non-GAAP EPS ranges for FY25.
- Guidance includes detailed reconciliations for revenue and EPS.
- Outlook assumes SurVeil DCB impacts are fully reflected.
Challenges Ahead
- FY25 revenue still expected to decline 8%–6% year-over-year.
- SurVeil DCB license fee revenue expected to drop by $3.6M with no further recognition after March 31, 2025.
- SurVeil DCB product revenue projected to decrease by about $7.5M.
- FY25 GAAP diluted EPS guided to a loss of -$1.70 to -$1.55.
- FY25 Non-GAAP diluted EPS guided to a loss of -$0.35 to -$0.20.
Revenue & Expenses
Visualization of income flow from segment revenue to net income