SurModics (SRDX) Reports Q1 EPS of $0.12, Revenues Beat; Raises FY19 EPS/Revenue Mid-Point Guidance Above Consensus

SurModics (NASDAQ: SRDX) reported Q1 EPS of $0.12, versus $0.10 reported last year. Revenue for the quarter came in at $22.2 million versus the consensus estimate of $20.18 million.

• Revenue of $22.2 million, an increase of 31% year-over-year
• GAAP EPS of $0.09, non-GAAP EPS of $0.12
• Updating fiscal 2019 revenue and EPS guidance
• Initial patient treated in first in-human study for Avess™ arteriovenous (AV) access drug coated balloon (DCB)

“During the first quarter of our fiscal year we demonstrated strong operational performance in our Medical Device and IVD businesses, producing excellent top and bottom line results,” said Gary Maharaj, President & CEO of Surmodics. “We are making meaningful progress on our fiscal 2019 strategic initiatives, notably treating the first patient using our Avess DCB and continuing enrollment in our TRANSCEND clinical trial. We are looking forward to continued momentum across our business throughout 2019.”

GUIDANCE:

SurModics sees Q2 2019 EPS of $0.02-$0.22, versus the consensus of $0.09. SurModics sees Q2 2019 revenue of $94-97 million, versus the consensus of $93.76 million.

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

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