SurModics (SRDX) Tops Q3 EPS by 10c, Revenues Beat; Raises FY19 EPS/Revenue Guidance Above Consensus
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SurModics (NASDAQ: SRDX) reported Q3 EPS of $0.15, $0.10 better than the analyst estimate of $0.05. Revenue for the quarter came in at $24.3 million versus the consensus estimate of $22.29 million.
Summary of Third Quarter and Recent Highlights
- Revenue of $24.3 million, an increase of 9.5% year-over-year
- GAAP EPS of $0.11, non-GAAP EPS of $0.15
- TRANSCEND clinical trial enrollment more than 90% complete
“Our third quarter results, which demonstrated strong commercial and operational execution, marked our sixth consecutive quarter of year-over-year revenue growth,” said Gary Maharaj, President and CEO of Surmodics, Inc. “This consistent progress demonstrates our ability to simultaneously produce organic revenue growth while continuing to execute on our key strategic goals. Importantly, we are making progress in our TRANSCEND clinical trial and are currently over 90% enrolled and remain confident that we will complete enrollment by the end of calendar 2019.”
SurModics sees FY2019 EPS of $0.41-$0.49, versus the consensus of $0.29. SurModics sees FY2019 revenue of $92-94 million, versus the consensus of $90.48 million.
As a result of our operating performance in the first nine months of fiscal 2019, we are raising our full-year revenue and earnings guidance for fiscal 2019. We are increasing our fiscal 2019 revenue expectations to a range of $92.0 million to $94.0 million, from our previous revenue range of $88.5 million to $91.5 million. We are increasing our fiscal 2019 diluted GAAP EPS to a range of $0.24 to $0.32 per share, compared with our previous expectations of $0.14 to $0.24 per share. Diluted non-GAAP EPS is now expected to be in the range of $0.41 to $0.49 per share, compared with previous expectations of $0.26 to $0.36 per share.
For earnings history and earnings-related data on SurModics (SRDX) click here.
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