SurModics (SRDX) Tops Q2 EPS by 23c, Beats on Revenues; Fiscal 2018 Guidance Increased

May 2, 2018 7:33 AM EDT

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SurModics (NASDAQ: SRDX) reported Q2 EPS of $0.15, $0.23 better than the analyst estimate of ($0.08). Revenue for the quarter came in at $19.1 million versus the consensus estimate of $17.71 million.

Recent Highlights

  • Abbott and Surmodics Announce Agreement for Next-Generation Drug-Coated Balloon
  • FDA Approval of .018\" Low-Profile PTA Balloon Dilation Catheter
  • Q2 2018 Revenue of $19.1 Million, up 8.9%
  • Revenue and Earnings Guidance Raised
  • EPS of $0.11, Non-GAAP EPS of $0.15

“We made important progress on each of our strategic objectives in the second quarter while delivering strong financial results. Our agreement with Abbott for exclusive worldwide commercialization rights of our SurVeil® drug-coated balloon marks a meaningful milestone for Surmodics, providing a long-term strategic partner and an opportunity for profitable growth,” said Gary Maharaj, President and CEO of Surmodics. “Further, as a result of our financial performance and the signing of the Abbott transaction, we have raised our revenue and earnings guidance for fiscal 2018.”

Fiscal 2018 Guidance Increased

As a result of revenue performance in the first six months of fiscal 2018 and to reflect the impact of the Abbott transaction, Surmodics increased its fiscal 2018 revenue and earning guidance. Surmodics expects fiscal year 2018 revenueto range from $75.0 million to $79.0 million, up from previous expectations in the range of $72.0 million to $75.0 million. The Company expects diluted loss in the range of ($0.20) to ($0.35) per share as compared with the prior guidance of ($0.45) to ($0.70) per share.Non-GAAP diluted (loss) earnings guidance range is now ($0.06) to $0.09 per share as compared with prior guidance of ($0.20) to $0.05 per share.

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

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