Surmodics(US:SRDX)2022-05-03 07:36Company Overview & Strategy - Surmodics is focused on high-growth, underpenetrated market opportunities [11] and aims to command the return that fully reflects the value of its innovations [19] - The company's mission is to enable greater access to care by giving physicians the freedom to treat, anytime, anywhere [7] - Surmodics is committed to driving long-term revenue growth and value creation for its shareholders through an innovative product pipeline [50] Product Platforms & Market Opportunities - Surmodics is targeting a $1.5 billion worldwide market opportunity with its SurVeil™ DCB through its commercial partner, Abbott [50] - The company has U S FDA clearances on five unique and differentiated thrombectomy and radial access products addressing market opportunities totaling up to $2.6 billion [50] - The Peripheral Artery Disease (PAD) market has 0.8 million patients per year with a $0.4 billion Total Addressable Market (TAM) and less than 10% penetration [40] - The Peripheral Arterial Occlusion/Deep Vein Thrombosis (PAO/DVT) market has 0.4 million patients per year with a $2.2 billion TAM and approximately 15% penetration [40] - The Peripheral Artery Disease Above-the-knee (PAD ATK) market has 0.5 million patients per year with a $1 billion TAM and approximately 20% penetration [40] Financial Performance & Guidance - The company's technology-enabling Medical Device Coatings and In Vitro Diagnostics offerings generate over $80 million of revenue annually and are expected to grow annually in the mid-single digits [51] - Surmodics' total revenue guidance for 2022 is $98 million to $101 million, including $4.5 million to $5.0 million of SurVeil™ DCB license fee revenue [169] - The company anticipates consistent double-digit revenue growth beginning in fiscal year 2023, driven by the expected commercialization of SurVeil™, Pounce™, and Sublime™ products [171]