SurModics (SRDX) Misses Q2 EPS by 2c; Narrows Outlook

SurModics (NASDAQ: SRDX) reported Q2 EPS of $0.05, $0.02 worse than the analyst estimate of $0.07. Revenue for the quarter came in at $17.5 million versus the consensus estimate of $16.23 million.

• Total Revenue of $17.5 Million, up 5% year over year; Medical Device revenueincreases 10%
• EPS of $0.04, Non-GAAP EPS of $0.05
• Narrows financial outlook for fiscal 2017

"This was an excellent quarter, both in terms of our revenue performance above expectations and the progress on our strategic initiatives,” said Gary Maharaj, President and CEO of Surmodics. "We made headway in our R&D pipeline for both our drug-coated balloon programs and catheter and peripheral balloon devices. These investments, we believe, will drive long-term shareholder value,” concluded Maharaj.

Fiscal 2017 Outlook

Surmodics narrowed its revenue and earnings guidance to reflect the strength of revenue in the first half of fiscal 2017, the expected increased research and development expenses in the second half of fiscal 2017 to support the Company’s whole-product solutions strategy and the contingent consideration adjustments recorded in the second quarter of fiscal 2017. Surmodics now expects fiscal year 2017 revenue to range from $65.0 million to $68.0 million, up from previous expectations in the range of $64.0 million to $68.0 million. The Company now expects diluted earnings (loss) in the range of $(0.02) to $0.08 per share as compared with the prior guidance of $(0.07) to $0.08 per share. Non-GAAP earnings per share guidance range is now $0.15 to $0.25 as compared with prior guidance of $0.18 to $0.33 per share.

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

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