SurModics (SRDX) Tops Q1 EPS by 13c, Revenues Beat; Offers FY20 EPS Guidance Below Consensus

SurModics (NASDAQ: SRDX) reported Q1 EPS of $0.05, $0.13 better than the analyst estimate of ($0.08). Revenue for the quarter came in at $22.6 million versus the consensus estimate of $22.08 million.

Summary of First Quarter and Recent Highlights

• Revenue of $22.6 million, an increase of 2% year-over-year
• GAAP EPS of $0.01, non-GAAP EPS of $0.05
• Partnership announced with Medtronic for distribution of TelemarkTM coronary support catheter

“During the first quarter, we made important progress on our major strategic objectives while delivering an eighth consecutive quarter of year-over-year revenue growth,” said Gary Maharaj, President and CEO of Surmodics, Inc. “Furthermore, we are excited to announce Medtronic as our commercialization partner for our Telemark™ coronary support catheter.”

GUIDANCE:

SurModics sees FY2020 EPS of ($0.44)-($0.41), versus the consensus of ($0.34). SurModics sees FY2020 revenue of $87-91 million, versus the consensus of $89.44 million.

• For the fiscal year ending September 30, 2020, Surmodics continues to anticipate revenue in a range of $87 million to $91 million, diluted GAAP EPS in a range of ($0.60) to ($0.30), and non-GAAP diluted EPS in a range of ($0.44) to ($0.14).

For earnings history and earnings-related data on SurModics (SRDX) click here.

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