Surmodics reports Q1 EPS (50c), consensus (66c)

Reports Q1 revenue $24.9M, consensus $24.0M. "We were pleased to achieve total revenue growth that exceeded our expectations for the first quarter, driven by strong revenue performance within our Medical Device business which grew 12% year-over-year," said Gary Maharaj, CEO of Surmodics, Inc. "On January 19th, we announced the receipt of an FDA letter related to our PMA application for the SurVeil DCB. We remain focused on making progress with respect to our regulatory strategy for the SurVeil DCB and are preparing to engage with the FDA to evaluate the appropriate path forward. In light of this development, we have implemented a spending reduction plan to preserve capital and more closely align our capital allocation priorities with our strategic objectives, which includes a restructuring to reduce our workforce by approximately 13% and additional cost saving measures. This spending reduction plan is expected to reduce our planned use of cash by an estimated $10 million to $11 million over the remainder of fiscal 2023, prior to restructuring charges."