SurModics Inc ( (SRDX) ) has released its Q2 earnings. Here is a breakdown of the information SurModics Inc presented to its investors.
Surmodics, Inc. is a prominent provider of medical device and in vitro diagnostic technologies, specializing in performance coating technologies and vascular intervention devices, headquartered in Eden Prairie, Minnesota.
In its second quarter of fiscal year 2025, Surmodics reported a decline in total revenue to $28.1 million, marking a 12% decrease year-over-year, and introduced its financial guidance for the fiscal year ending September 30, 2025. The company faced a GAAP net loss of $5.2 million compared to a net income of $0.2 million in the previous year.
Key financial metrics highlighted a significant drop in medical device revenue by 17% to $20.7 million, primarily due to decreased sales of the SurVeil drug-coated balloon and performance coating royalties. However, the Pounce Thrombectomy Platform showed promising growth with a 25% increase in sales. The company also announced the commercial release of the Pounce XL Thrombectomy System, expanding its thrombectomy platform capabilities.
Despite the challenges, Surmodics is focused on advancing its strategic initiatives, including the pending acquisition by GTCR. The company anticipates fiscal 2025 revenue to range between $114 million and $117 million, reflecting a decrease from the previous year, mainly due to reduced SurVeil DCB revenues.
Looking forward, Surmodics remains optimistic about its long-term prospects, driven by its robust portfolio of medical device technologies and IVD products, while navigating the ongoing FTC litigation concerning its acquisition by GTCR.