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 ...

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 ...