Surmodics reports Q2 EPS (40c), consensus (48c)

Reports Q2 revenue $27.2M, consensus $25.86M. "Second quarter total revenue performance was driven by growth in our Medical Device segment, which increased 7% year-over-year, as we drove commercial progress for our innovative thrombectomy and radial access platforms. Specifically, we were pleased to see Medical Device product sales increase 23% year-over-year, with significant contributions from our vascular intervention products – Pounce arterial thrombectomy and Sublime radial access platforms," said Gary Maharaj, President and CEO of Surmodics, Inc. "Our team has performed exceedingly well in navigating the unexpected challenges along our path to securing premarket approval for our SurVeil DCB since the receipt of the letter from the FDA in January. In response, we engaged proactively with the FDA to obtain additional feedback and implemented measures to reduce our spending, preserve capital and more closely align our capital allocation priorities with our strategic objectives. We are pleased to have obtained formal feedback from the FDA before the end of our second quarter that provided additional clarity on the process and content required, which positions us to submit an amended PMA application during our third quarter."