SurModics (SRDX) Reports Q3 Loss, Tops Revenue Estimates

Core Insights - SurModics reported a quarterly earnings surprise of 12.90%, with actual earnings of $0.07 per share compared to an expected loss of $0.36 per share, resulting in a surprise of 119.44% [1] - The company posted a quarterly loss of $0.27 per share, better than the Zacks Consensus Estimate of a loss of $0.31, but down from earnings of $0.52 per share a year ago [2] - SurModics achieved revenues of $30.34 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 0.07%, but down from $52.48 million in the same quarter last year [3] Financial Performance - Over the last four quarters, SurModics has exceeded consensus EPS estimates four times [3] - The current consensus EPS estimate for the upcoming quarter is -$0.27 on revenues of $30.7 million, and for the current fiscal year, it is -$0.52 on revenues of $123.52 million [9] Market Position - SurModics shares have increased by approximately 14.2% since the beginning of the year, compared to a 14% gain in the S&P 500 [5] - The Zacks Rank for SurModics is currently 1 (Strong Buy), indicating expectations for the stock to outperform the market in the near future [8] Industry Context - The Medical - Products industry, to which SurModics belongs, is currently ranked in the top 31% of over 250 Zacks industries, suggesting a favorable outlook for stocks in this sector [10] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [7]