SurModics (SRDX) Misses Q2 EPS by 1c, Revenues Beat; Offers FY21 EPS Guidance Below Consensus, FY21 Revs. Mid-Point View Above Consensus

SurModics (NASDAQ: SRDX) reported Q2 EPS of $0.62, $0.01 worse than the analyst estimate of $0.63. Revenue for the quarter came in at $35 million versus the consensus estimate of $32.95 million.

Summary of Second Quarter and Recent Highlights

• Revenue of $35.0 million, an increase of 53% year-over-year
• GAAP EPS of $0.58, non-GAAP EPS of $0.62
• Successful first patient uses of two Sublime™ radial access platform devices
• Recognized $10.8 million in license fee revenue upon receipt of $15 million milestone payment under the SurVeil™ Development and Distribution Agreement with Abbott

“We are pleased with our second quarter results which exceeded expectations, with record revenue performance in our In Vitro Diagnostics business and a return to growth in our Medical Device coatings royalty revenue,” said Gary Maharaj, President and CEO of Surmodics, Inc. “In addition, we have received valuable initial feedback from physicians who have participated in our clinical product evaluations of both our Sublime .014 RX PTA Dilatation Catheter and Sublime Radial Access Guide Sheath. This ongoing feedback validates our belief that our unique Sublime platform has the potential to improve patient outcomes and patient satisfaction while reducing healthcare costs.”

GUIDANCE:

SurModics sees FY2021 EPS of $0.10-$0.35, versus the consensus of $0.37. SurModics sees FY2021 revenue of $101-105 million, versus the consensus of $101.48 million.

• Surmodics expects fiscal year 2021 revenue to range from $101 million to $105 million.
• The Company expects fiscal 2021 diluted GAAP EPS to range from a loss per share of $(0.05) to earnings per share of $0.20.
• Non-GAAP diluted EPS for fiscal 2021 is expected to range from $0.10 to $0.35.

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

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