Surmodics, Inc. (NASDAQ:SRDX) Q3 2023 Earnings Conference Call August 2, 2023 8:00 AM ET Company Participants Gary Maharaj - President & Chief Executive Officer Timothy Arens - Chief Financial Officer Conference Call Participants Brooks O’Neil - Lake Street Capital Markets Michael Matson - Needham & Company Michael Petusky - Barrington Research James Sidoti - Sidoti & Company Operator Welcome everyone to Surmodics Third Quarter of Fiscal Year 2023 Earnings Call. Please note that this call is being webcast. ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION 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 For the quarterly period ended June 30, 2023 or ☐ 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 Identi ...

Surmodics, Inc (NASDAQ:SRDX) Q2 2023 Results Conference Call April 26, 2022 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 Michael Petusky - Barrington Research James Sidoti - Sidoti & Company Operator Welcome everyone to Surmodics’ Second Quarter and Fiscal Year 2023 Earnings Call. Please note that this call is being webcast. The webcast is accessible throug ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION 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 For the quarterly period ended March 31, 2023 or ☐ 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 ...

Surmodics, Inc. (NASDAQ:SRDX) Q1 2023 Earnings Conference Call February 6, 2023 5:00 PM ET Company Representatives Gary Maharaj - President, Chief Executive Officer Tim Arens - Chief Financial Officer Conference Call Participants Brooks O'Neil - Lake Street Capital Markets Mike Matson - Needham & Company James Sidoti - Sidoti & Company Mike Petusky - Barrington Research Operator Welcome everyone to Surmodics' First Quarter of Fiscal Year 2023 Earnings Call. Please note that this call is being webcast. The w ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION 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 For the quarterly period ended December 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 0-23837 Surmodics, Inc. MINNESOTA 41-1356149 (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: | T ...

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, 2022 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) (State or other jurisdiction of incorpo ...

Financial Data and Key Metrics Changes - In Q4 2022, total revenue reached $26 million, an 8% increase year-over-year, exceeding the high end of revenue guidance [5][24] - Medical device revenue grew by 12% year-over-year, while In Vitro Diagnostics (IVD) revenue decreased by 1% [5][6] - For the full fiscal year 2022, total revenue was $100 million, reflecting a 5% growth year-over-year when normalizing for a prior milestone payment [7] Business Line Data and Key Metrics Changes - Medical Device product revenue increased by 26% year-over-year, driven by strong sales of Pounce and Sublime products [24] - IVD product revenue increased by 8% year-over-year, despite a decline in R&D services revenue [17][24] - R&D services revenue decreased by 19% year-over-year due to the completion of a customer development program [25] Market Data and Key Metrics Changes - The Medical Device business reported an operating loss of $6.2 million in Q4, compared to an $800,000 loss in the prior year [28] - IVD business reported operating income of $2.8 million, or 43% of revenue, down from 51% in the prior year [28] Company Strategy and Development Direction - The company aims to achieve premarket approval for the SurVeil drug-coated balloon and support Abbott's commercialization efforts [8][23] - Focus on building a direct sales force and establishing a customer base for the Sublime and Pounce platforms [12][14] - Plans to drive revenue growth and optimize cash flow from Medical Device coatings and IVD businesses [17][23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in receiving PMA approval for SurVeil by the end of Q2 fiscal 2023, which would trigger a milestone payment from Abbott [10][44] - The company anticipates revenue growth in fiscal 2023 to range from $103 million to $107 million, representing a 3% to 7% increase compared to the prior year [33][34] Other Important Information - The company entered into a new 5-year credit agreement, providing access to up to $125 million in non-dilutive debt financing [21] - The company expects to see a contraction in product gross margin due to product mix and inflationary pressures [35] Q&A Session Summary Question: Contribution of Pounce and Sublime - Management focused on building customer pipeline and increasing utilization rather than disclosing specific revenue figures at this stage [40][41] Question: Total rep count and associated costs - The company ended the year with 27 territory managers and plans opportunistic hires in the back half of the year [42][43] Question: Confidence in SurVeil approval timeline - Management remains confident in the timeline for PMA approval, citing strong data and thorough submissions [46][44] Question: Impact of drug-coated balloon approval on income statement - Revenue recognition from the milestone payment will primarily impact gross margin and operating income [58][59] Question: Future commercialization partnerships - The company is focused on internal commercialization for Pounce and Sublime but remains open to partnership opportunities [50][56] Question: Cash consumption forecast for fiscal 2023 - Expected cash use in fiscal 2023 is projected to be around $30 million, excluding the SurVeil milestone payment [70]

1 | --- | --- | --- | |----------------------------------------------------------------------|-------|-------| | | | | | | | | | Gary Maharaj President and CEO | | | | Tim Arens Senior Vice President of Finance, IT and CFO November 2022 | | | © 2022 Surmodics, Inc. CONFIDENTIAL All rights reserved. 2 Safe Harbor Some of the statements made during this presentation may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not ...

Surmodics, Inc. (NASDAQ:SRDX) Q3 2022 Earnings Conference Call July 27, 2022 8:30 AM ET Company Participants Gary Maharaj - President and Chief Executive Officer Tim Arens - Senior Vice President of Finance and Information Technology and Chief Financial Officer Conference Call Participants Brooks O’Neil - Lake Street Capital Markets Jim Sidoti - Sidoti & Company Mike Matson - Needham & Company Operator Good day, and welcome to the Surmodics’ Third Quarter Fiscal 2022 Earnings Conference Call. Today's confe ...