SurModics (SRDX) Tops Q4 EPS by 11c; Approves Additional $20M Stock Buyback
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SurModics (NASDAQ: SRDX) reported Q4 EPS of $0.30, $0.11 better than the analyst estimate of $0.19. Revenue for the quarter came in at $17.4 million versus the consensus estimate of $15.3 million.
SurModics also announced today that its Board of Directors has authorized a $20 million increase to its existing share repurchase program, bringing the total amount currently authorized and available under the program to an aggregate of $30 million. Repurchases may be effected through open market purchases, privately negotiated transactions, block trades, accelerated share repurchase transactions, tender offers or by any combination of these methods. The number of shares to be repurchased and the timing of any repurchases will depend on factors such as our stock price, economic and market conditions, the relative attractiveness of corporate development opportunities and other alternative uses of capital, and corporate and regulatory requirements. The share repurchase authorization does not have a fixed expiration.
SurModics sees FY2016 EPS of $0.70-$0.80, versus the consensus of $0.86. SurModics sees FY2016 revenue of $56-60 million, versus the consensus of $58.6 million.
For earnings history and earnings-related data on SurModics (SRDX) click here.
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