Surmodics reports Q1 EPS 0c, consensus (30c)

Reports Q1 revenue $30.6M, consensus $29.64M. Reports total Revenue excluding SurVeil drug-coated balloon license fee revenue of $29.6 M, an increase of 25% year-over-year GAAP net loss of $(0.8)M compared to $(7.8) million in the prior-year period Adjusted EBITDA of $3.9 million, compared to $(3.3)M in the prior-year period “We delivered total revenue growth in the first quarter that exceeded our expectations, increasing 23% year-over-year – 25% excluding SurVeil DCB license fees with impressive performance in both our Medical Device and In Vitro Diagnostics business segments,” said Gary Maharaj, President and CEO of Surmodics, Inc. “Our Medical Device segment revenue benefited from record product sales, which increased 43% year-over-year fueled by sales of our vascular interventions portfolio, including strong contributions from both our SurVeil DCB and Pounce thrombectomy products. Importantly, we were pleased to complement our revenue performance in the quarter with notable year-over-year improvements in our GAAP net loss and Adjusted EBITDA as well as significant operational progress with respect to each of our three strategic objectives for fiscal 2024.”