Core Viewpoint - Surmodics, Inc. has received FDA's 510(k) clearance for its Pounce XL Thrombectomy System, which is expected to enhance its thrombectomy business and market position in the medical device sector [1][2]. Company Developments - The Pounce XL Thrombectomy System is designed for the non-surgical removal of thrombi and emboli from peripheral arteries with diameters ranging from 5.5 mm to 10 mm, expanding the capabilities of the Pounce Thrombectomy Platform [5][6]. - Surmodics plans to initiate a limited market release of the Pounce XL Thrombectomy System in the first half of 2025, with full commercialization to follow [1]. - The company reported a market capitalization of $547.9 million and a return on equity of 3.9%, with a recent earnings surprise of 12.9% [4]. Market Prospects - The global thrombectomy devices market was valued at $1.3 billion in 2022 and is projected to reach $2.06 billion by 2030, growing at a CAGR of 5.9%, driven by increasing cardiac cases and sedentary lifestyles [7]. - The recent FDA approval is anticipated to significantly boost Surmodics' business within this growing market [7]. Recent Performance - Following the FDA announcement, Surmodics' shares declined by nearly 0.9% to $38.41, continuing a downtrend despite historical synergies from regulatory approvals [3]. - Over the past year, the company's shares have increased by 25.2%, slightly below the industry's 25.8% rise and the S&P 500's 34.9% growth [10]. Strategic Agreements - Surmodics secured a group purchasing agreement with Premier, Inc. for thrombectomy products, effective June 1, 2024, allowing Premier members to access special pricing for the Pounce and Pounce Venous Thrombectomy Systems [9].

Shares of SurModics (SRDX) have been struggling lately and have lost 5.1% over the past four weeks. However, a hammer chart pattern was formed in its last trading session, which could mean that the stock found support with bulls being able to counteract the bears. So, it could witness a trend reversal down the road. The formation of a hammer pattern is considered a technical indication of nearing a bottom with likely subsiding of selling pressure. But this is not the only factor that makes a bullish case fo ...

A downtrend has been apparent in SurModics (SRDX) lately with too much selling pressure. The stock has declined 5.5% over the past four weeks. However, given the fact that it is now in oversold territory and Wall Street analysts are majorly in agreement about the company's ability to report better earnings than they predicted earlier, the stock could be due for a turnaround. Guide to Identifying Oversold Stocks We use Relative Strength Index (RSI), one of the most commonly used technical indicators, for spo ...

SurModics (SRDX) has been on a downward spiral lately with significant selling pressure. After declining 6.3% over the past four weeks, the stock looks well positioned for a trend reversal as it is now in oversold territory and there is strong agreement among Wall Street analysts that the company will report better earnings than they predicted earlier. Guide to Identifying Oversold Stocks We use Relative Strength Index (RSI), one of the most commonly used technical indicators, for spotting whether a stock i ...

For the quarter ended June 2024, SurModics (SRDX) reported revenue of $30.34 million, down 42.2% over the same period last year. EPS came in at -$0.27, compared to $0.52 in the year-ago quarter. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health. Here is how SurModics performed in the just reported quarter in terms of the m ...

This quarterly report represents an earnings surprise of 12.90%. A quarter ago, it was expected that this drug delivery technology company would post a loss of $0.36 per share when it actually produced earnings of $0.07, delivering a surprise of 119.44%. SurModics (SRDX) came out with a quarterly loss of $0.27 per share versus the Zacks Consensus Estimate of a loss of $0.31. This compares to earnings of $0.52 per share a year ago. These figures are adjusted for nonrecurring items. Over the last four quarter ...

Other long-term liabilities consisted of the following: | --- | --- | --- | --- | --- | |-------------------------------------------------------------|-------|-----------------------------|-------|------------------------------| | (In thousands) \nDeferred consideration (1) | $ | June 30, 2024 \n1,653 | $ | September 30, 2023 \n1,629 | | Unrecognized tax benefits (2) | | 2,951 | | 3,332 | | Operating lease liabilities, less current portion | | 2,915 | | 2,974 | | Other | | 266 | | 125 | | Other long-term li ...

Revenue Performance - Total revenue for Q3 FY 2024 was $30.3 million, a decrease of $22.1 million or 42% compared to $52.5 million in Q3 FY 2023[2] - Total revenue for Q3 Fiscal 2024 was $30.3 million, a decrease of $22.1 million, or 42%, compared to $52.5 million in the prior-year period[51] - Excluding SurVeil DCB license fee revenue, total revenue increased by $2.6 million, or 10%, to $29.2 million compared to $26.6 million in Q3 Fiscal 2023[52] - Total revenue for the nine months ended June 30, 2024, was $92.851 million, a decrease of $11.763 million compared to $104.614 million for the same period in 2023[63] Segment Performance - Medical Device revenue decreased by $22.6 million or 49% to $23.4 million, while In Vitro Diagnostics revenue increased by $0.5 million or 8% to $7.0 million[3] - Medical Device product sales increased by $1.4 million or 15% to $10.7 million, driven by commercial shipments of the SurVeil DCB and growth in the Pounce thrombectomy device[3] - Medical Device revenue, excluding SurVeil DCB license fees, increased by $2.1 million or 10% to $22.2 million[12] - Medical Device segment reported an operating loss of $(2.3) million, a decrease of $(24.1) million compared to the prior year[41] - In Vitro Diagnostics segment reported operating income of $3.2 million, an increase of $0.3 million compared to the prior year[41] - Medical Device revenue, excluding SurVeil DCB license fees, increased by $12.316 million to $68.561 million for the nine months ended June 30, 2024[63] - Medical Device segment reported an operating loss of $2,210 thousand, a decrease of $9,693 thousand compared to the previous year[64] - In Vitro Diagnostics segment achieved an operating income of $9,633 thousand, an increase of $183 thousand year-over-year[64] - Total segment operating income was $865,000, a decrease of $23.8 million compared to the prior year[41] - Total segment operating income was $7,423 thousand, down by $9,510 thousand from the prior year[64] Financial Losses and Adjusted Metrics - Surmodics reported a net loss of $7.6 million for Q3 FY 2024, compared to a net income of $7.3 million in the same period last year[14] - GAAP net loss was $(7.6) million, or $(0.53) per diluted share, compared to net income of $7.3 million, or $0.52 per diluted share in the prior-year period[49] - Adjusted EBITDA for Q3 FY 2024 was $1.6 million, down from $24.6 million in Q3 FY 2023[4] - Adjusted EBITDA for Q3 Fiscal 2024 was $1.6 million, down from $24.6 million in the prior-year period[51] - Non-GAAP operating income was $10,712 thousand, representing a 10.2% increase from $8,388 thousand[66] - Diluted EPS was reported at $(0.59), reflecting a net loss of $(8,230) thousand[66] Operating Costs and Expenses - Operating costs and expenses, excluding product costs, increased by $3.1 million or 13% to $27.3 million, primarily due to merger-related charges[23] - Operating costs increased to $35.710 million for the three months ended June 30, 2024, up from $31.071 million in the prior year[60] - The company reported a significant increase in product costs to $8.448 million for the three months ended June 30, 2024, compared to $6.921 million in the same period last year[60] - Corporate operating loss was $(6.2) million, an increase of $(3.0) million compared to the prior year[41] - Corporate segment incurred an operating loss of $12,455 thousand, an increase in loss of $3,122 thousand compared to the previous year[64] - Total operating loss was $5,032 thousand, a decrease of $12,632 thousand from the previous year[64] Acquisition and Corporate Actions - The company is in the process of being acquired by GTCR for $43.00 per share, totaling an equity valuation of approximately $627 million, representing a 41.1% premium[6] - The company announced a definitive agreement to be acquired by GTCR for $43.00 per share, representing an approximate equity value of $627 million[47] - Surmodics is suspending its previously issued financial guidance for fiscal 2024 due to the pending acquisition by GTCR[55] - The company will not host a live webcast for Q3 FY 2024 results due to the pending acquisition[5] Cash and Assets - As of June 30, 2024, Surmodics had $38.2 million in cash and investments, with $5.0 million in outstanding borrowings on its revolving credit facility[24] - Cash and cash equivalents decreased to $24.301 million as of June 30, 2024, down from $41.419 million at the end of the previous period[61] - Total assets decreased to $177.413 million as of June 30, 2024, compared to $185.733 million as of September 30, 2023[61] - Total liabilities decreased to $59.269 million as of June 30, 2024, from $65.823 million as of September 30, 2023[61] Other Financial Adjustments - Amortization of acquired intangible assets accounted for $2,659 thousand, contributing 2.5% to the overall expenses[66] - Restructuring expenses totaled $1,282 thousand, representing 1.2% of total expenses[66] - Contingent consideration fair value adjustment resulted in a negative impact of $(829) thousand, or (0.8%) on the financials[66]

Group 1 - Monteverde & Associates PC is investigating Surmodics, Inc. regarding its proposed sale to GTCR LLC, where shareholders will receive $43.00 in cash per share [1] - Monteverde & Associates PC is recognized as a Top 50 Firm in the 2018-2022 ISS Securities Class Action Services Report, indicating its strong reputation in recovering money for shareholders [1] - The firm operates from the Empire State Building in New York City and has a successful track record in class action securities litigation [4] Group 2 - The firm encourages shareholders with concerns to contact them for additional information free of charge [2] - Monteverde & Associates PC emphasizes that no company, director, or officer is above the law, reinforcing its commitment to shareholder rights [2] - The firm has a history of recovering money for shareholders through litigation in trial and appellate courts, including the U.S. Supreme Court [4]

Attorney Advertising. Prior results do not guarantee a similar outcome. SOURCE Rowley Law PLLC NEW YORK, May 29, 2024 /PRNewswire/ -- Rowley Law PLLC is investigating potential securities law violations by Surmodics, Inc. (NASDAQ: SRDX) and its board of directors concerning the proposed acquisition of the company by GTCR. Stockholders will receive $43.00 for each share of Surmodics stock that they hold. The transaction is valued at approximately $627 million and is expected to close in the second half of 20 ...