Surmodics (Nasdaq:SRDX) this week announced third-quarter results that beat the overall consensus on Wall Street.
The Eden Prairie, Minnesota-based company reported profits of $7.3 million, or 52¢ per share, on sales of $52.5 million for the three months ended June 30. Compared to Q3 2022, the company had a sales gain of 111.2% and profit gains over its losses of $5.7 million in 2022.
Adjusted to exclude one-time items, earnings per share were 52¢, 96¢ ahead of The Street, where analysts were looking for sales of $38.1 million.
“Our third quarter was marked by a combination of strong financial performance – including total revenue growth of 111% year-over-year – and notable progress with respect to our key strategic objectives for fiscal 2023,” President and CEO Gary Maharaj said in a news release.
“Our impressive total revenue performance in the quarter was driven by 163% growth year-over-year in our Medical Device segment, which benefited from the aforementioned milestone payment, along with strong underlying performance – including product sales growth of 38% year-over-year fueled primarily by sales of our Pounce and Sublime products. Lastly, we made notable year-over-year improvements in our profitability profile from an operating income and adjusted EBITDA standpoint, while continuing to control our expenses and manage our cash use.”
Surmodics is raising its guidance for fiscal 2023 total revenue to range from $130 to $132 million to represent an increase of 30-32% year-over-year. The previous guidance was $103 million to $106 million.
Shares in SRDX were up 3.18% to $32.17 apiece at market open.
