SurModics (SRDX) Reports In-Line Q4 EPS, Revenues Beat; Offers FY20 EPS/Revenue Guidance Below Consensus
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SurModics (NASDAQ: SRDX) reported Q4 EPS of $0.37, in-line with the analyst estimate of $0.37. Revenue for the quarter came in at $30.8 million versus the consensus estimate of $28.36 million.
Summary of Fourth Quarter and Recent Highlights
- Revenue of $30.8 million, an increase of 33.8% year-over-year
- GAAP EPS of $0.26, non-GAAP EPS of $0.37
- Completed enrollment in TRANSCEND pivotal clinical trial for SurVeil™ drug-coated balloon (DCB)
- Completed enrollment in first in-human study for Avess™ arteriovenous (AV) access DCB
- Submitted application for first in-human study for Sundance™ below-the-knee DCB; granted “Breakthrough Device Designation” from the FDA
- Signed agreement with a leading multi-national medical device partner for worldwide distribution of Surmodics’ .014” and .018” low-profile PTA balloon catheters
“During fiscal 2019, we made important progress across our key strategic objectives while delivering strong organic revenue and solid operational results,” said Gary Maharaj, President and CEO of Surmodics, Inc. “In the face of unpredictability related to the Paclitaxel debate, our team has demonstrated impressive execution which included completing enrollment for our TRANSCEND clinical trial. I am excited by our achievements to date and look forward to continued progress in 2020.”
SurModics sees FY2020 EPS of ($0.44)-($0.14), versus the consensus of $0.51. SurModics sees FY2020 revenue of $87-91 million, versus the consensus of $104.8 million.
- Surmodics expects fiscal year 2020 revenue to range from $87 million to $91 million.
- The Company expects diluted EPS in the range of ($0.60) to ($0.30) per share, which reflects the Company’s continued investment to advance its whole-product solutions strategy.
- Non-GAAP diluted EPS is expected to be in the range of ($0.44) to ($0.14) per share.
For earnings history and earnings-related data on SurModics (SRDX) click here.
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