Surmodics (Nasdaq:SRDX) today posted fourth-quarter results that beat the overall consensus on Wall Street.
The Eden Prairie, Minnesota-based IVD tech developer reported net losses of $14.7 million, or -$1.06 per share, on sales of $25.99 million for the three months ended Sept. 30, representing a sales growth of 8.41% compared to Q4 2021. The company also posted greater net losses year-over-year – it had $289,000 in losses in Q4 2021.
Adjusted to exclude one-time items, earnings per share were -26¢, 19¢ ahead of The Street, where analysts were looking for sales of $24.26 million.
“We are pleased to bring fiscal 2022 to a strong conclusion, delivering revenue performance that exceeded our expectations for the fourth quarter, while continuing to invest in our business and make progress on our strategic objectives,” President and CEO Gary Maharaj said in a news release. “Our fourth quarter revenue performance was exclusively driven by Medical Device revenue, which increased 12% year-over-year, with stronger-than-anticipated product sales – including sales of our Pounce™ and Sublime products – and licensing fee revenue. From an operational standpoint, our regulatory team worked diligently to prepare a complete response to FDA comments on the PMA application for our SurVeil drug-coated balloon, which we are pleased to announce was submitted to the Agency on October 13.”
For FY 2023, Surmodics anticipates total revenue in the range of $103 million to $107 million to represent an increase of 3-7% compared to the year prior.
Shares in SRDX were down 2.39% to $33.50 apiece in afternoon trading. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up slightly.