MILWAUKEE, May 29, 2024 /PRNewswire/ -- Ademi LLP is investigating Surmodics (Nasdaq: SRDX) for possible breaches of fiduciary duty and other violations of law in its transaction with GTCR. If you own Surmodics common stock and wish to obtain additional information, please contact Guri Ademi either at [email protected] or toll-free: 866-264-3995, or https://www.ademilaw.com/case/surmodics-inc. We specialize in shareholder litigation involving buyouts, mergers, and individual shareholder rights throughout th ...

Core Viewpoint - Surmodics, Inc. (SRDX) is positioned for growth due to strong prospects in the thrombectomy business, driven by solid second-quarter performance and ongoing R&D efforts, despite concerns over regulatory challenges and reliance on third-party partnerships [1][2]. Financial Performance - Surmodics has experienced a decline of 4.8% year-to-date, contrasting with a 4.2% rise in the industry and an 11.6% increase in the S&P 500 [2]. - The company has a market capitalization of $493.68 million and projects a remarkable 97.2% growth for fiscal 2025 [2]. - Surmodics has consistently surpassed earnings estimates, with an average earnings surprise of 165.93% over the last four quarters [2]. Research and Development - The company has made significant investments in R&D, with expenses constituting 27.6% of total revenues in the second quarter [4]. - R&D efforts have focused on developing a pipeline of vascular intervention medical devices, including drug-coated balloons (DCBs), mechanical thrombectomy devices, and radial access devices [3]. Thrombectomy Business - Surmodics aims to leverage its proprietary Pounce thrombectomy platform technology, having launched two new mechanical thrombectomy systems during the fiscal second quarter [5][6]. - The company reported growth in product sales within the Medical Device segment, primarily due to the initial stocking order for the SurVeil DCB from Abbott and ongoing sales from the Pounce thrombectomy device platform [6]. Regulatory and Operational Challenges - Surmodics faces regulatory headwinds, as its facilities are subject to FDA inspections, which could impact its operations if non-compliance is found [8]. - The company's business strategy relies on licensing arrangements with third parties, making it vulnerable to the success of its licensees in developing and marketing products [9]. Estimate Trends - There has been a positive revision trend for fiscal 2024 estimates, with the loss per share narrowing from 90 cents to 72 cents over the past 30 days [10]. - The consensus estimate for third-quarter fiscal revenues is $30.3 million, indicating a 42.2% decline year-over-year, with an expected loss of 30 cents per share, widening by 157.7% year-over-year [10].

Surmodics, Inc. (NASDAQ:SRDX) Q2 2024 Earnings Conference Call May 1, 2024 8:00 AM ET Company Participants Gary Maharaj - President and Chief Executive Officer Timothy Arens - Chief Financial Officer Conference Call Participants Brooks O’Neil - Lake Street Capital Markets Joseph Conway - Needham & Company Jim Sidoti - Sidoti & Company Mike Petusky - Barrington Research Operator Welcome everyone to Surmodics’ Second Quarter of Fiscal Year 2024 Earnings Call. Please note that this call is being webcast the we ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION For the quarterly period ended March 31, 2024 or Washington, D. C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 0-23837 Surmodics, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Ident ...

EXHIBIT 99.1 Surmodics Reports Second Quarter of Fiscal Year 2024 Financial Results; Updates Fiscal Year 2024 Financial Guidance Announces Commercial Launch of Two New Thrombectomy Devices for the Venous and Arterial Vasculatures: Pounce™ Venous and Pounce LP (Low Profile) May 1, 2024 07:00 a.m. ET EDEN PRAIRIE, Minn. – Surmodics, Inc. (Nasdaq: SRDX), a leading provider of medical device and in vitro diagnostic technologies to the healthcare industry, today reported financial results for its second quarter ...

Surmodics, Inc (NASDAQ:SRDX) Q4 2023 Earnings Conference Call February 2, 2024 8:00 AM ET Company Participants Gary Maharaj - President and Chief Executive Officer Tim J. Arens - Senior Vice President of Finance and Information Technology and Chief Financial Officer Conference Call Participants Brooks O'Neil - Lake Street Capital Markets. Mike Matson - Needham James Sidoti - Sidoti & Company Operator Welcome everyone to the Surmodics First Quarter of Fiscal Year 2024 Earnings Call. Please note that this cal ...

Revenue Performance - Revenue for the first quarter of fiscal 2024 was $30.6 million, a 23% increase from $24.9 million in the prior-year quarter[75]. - Medical Device revenue increased 24% to $23.5 million in the first quarter of fiscal 2024, compared to $19.0 million in the prior-year quarter[76]. - Product sales in the Medical Device segment rose 43% to $12.0 million, driven by the initial stocking order for the SurVeil DCB from Abbott[78]. - In Vitro Diagnostics revenue was $7.0 million, an 18% increase from $5.9 million in the prior-year quarter[77]. - Performance coating royalties and license fee revenue increased to $8.2 million in Q1 fiscal 2024, up from $7.5 million in the prior-year quarter[89]. Expenses and Profitability - R&D expense decreased 32% to $8.7 million in the first quarter of fiscal 2024, compared to $12.7 million in the prior-year quarter[81]. - SG&A expense decreased 5% to $12.5 million, with a percentage of revenue dropping from 53% to 41%[82]. - Product gross profit increased 12% to $10.0 million, with product gross margins at 53.2% compared to 63.0% in the prior-year quarter[79]. - Medical Device segment reported an operating loss of $(0.2) million in Q1 fiscal 2024, a significant improvement from $(7.2) million in the prior-year quarter, representing (1)% of revenue[86]. - In Vitro Diagnostics segment reported operating income of $3.1 million in Q1 fiscal 2024, with product gross margins decreasing to 61.4% from 69.4% year-over-year[88]. - Medical Device product gross profit increased by $0.9 million year-over-year in Q1 fiscal 2024, but gross margins decreased to 48.6% from 58.6%[89]. Cash Flow and Liquidity - Cash used in operating activities was $(8.8) million in Q1 fiscal 2024, an improvement from $(10.8) million in the same prior-year period[89]. - Cash used in investing activities totaled $(8.4) million in Q1 fiscal 2024, compared to $(1.0) million in the same prior-year period[91]. - Cash and cash equivalents decreased to $35.2 million as of December 31, 2023, down from $45.4 million as of September 30, 2023[93]. - Cash and cash equivalents totaled $35.2 million as of December 31, 2023, expected to support operations and planned capital expenditures for fiscal 2024[96]. - The company held $11.8 million in available-for-sale debt securities as of December 31, 2023, with interest rate fluctuations having an insignificant impact on results[104]. Future Outlook - For fiscal 2024, the company expects R&D expenses to decrease by $5.5 million to $6.5 million compared to fiscal 2023[81]. - Anticipated increase in SG&A expenditures between $2.0 million and $3.0 million for fiscal 2024, alongside significant R&D expenses primarily for medical device product development[96]. - Future cash requirements will depend on market acceptance of medical device products, including the SurVeil DCB, and potential corporate transactions[97]. - The company may seek additional liquidity through borrowing, debt or equity financing, or corporate transactions, with no assurance of favorable terms[97]. Customer and Market Dynamics - Abbott and Medtronic are the largest customers, contributing 27% and 10% of consolidated revenue for fiscal 2023, and 19% and 10% for the three months ended December 31, 2023, respectively[98]. - The Pounce thrombectomy device platform continues to see sales growth, contributing to overall revenue increases[78]. Risk Factors - The company is exposed to Euro currency risk due to manufacturing operations in Ireland and sales denominated in Euros, which may affect revenue and expenses[107]. - Interest rate swap transaction fixes the one-month Term SOFR portion of interest rate on $25.0 million of term loans at 4.455%, resulting in an effective interest rate of 10.205%[105]. - Management believes that a reasonable change in raw material prices would not materially impact future earnings or cash flows[106]. Accounting and Compliance - No significant changes in critical accounting policies were reported for the three months ended December 31, 2023[99]. - Total interest expense under the credit agreement with MidCap is expected to be approximately $3.5 million for fiscal 2024[94]. - Working capital totaled $63.3 million as of December 31, 2023, an increase of $0.6 million from September 30, 2023[93].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission File Number 0-23837 Surmodics, Inc. (Exact name of Registrant as specified in its Charter) Minnesota 41-1356149 (State or other ju ...

Surmodics, Inc. (NASDAQ:SRDX) Q4 2023 Earnings Conference Call November 8, 2023 8:00 AM ET Company Participants Gary Maharaj - President & Chief Executive Officer Tim Arens - Chief Financial Officer Conference Call Participants Brooks O'Neil - Lake Street Capital Markets Mike Petusky - Barrington Research Jim Sidoti - Sidoti & Company Mike Matson - Needham & Company. Operator Welcome everyone to Surmodics Fourth Quarter and Fiscal Year 2023 Earnings Call. Please note that this call is being webcast. The we ...

2 3 • Year Founded: 1979 • Multiple, innovative vascular intervention devices to accelerate revenue growth, including expected commercialization of our SurVeil™ drug coated balloon by our partner Abbott during the first half of calendar 2024 • Strong balance sheet, and access to capital, to support strategic initiatives Gary R. Maharaj President and Chief Executive Officer (Joined 2010) Teryl L.W. Sides Senior Vice President and President of Vascular Interventions (Joined 2018) Core Businesses: Medical Devi ...