Surmodics (NSDQ:SRDX) shares are down today on third-quarter results that were mixed compared to the consensus forecast.
The Eden Prairie, Minnesota-based IVD tech developer posted losses of $5.7 million, or 41¢ per share, on sales of $24.9 million for the three months ended June 30, 2022, for a bottom-line slide deeper into the red on sales growth of 4.1%.
Adjusted to exclude one-time items, losses per share were 34¢, 4¢ ahead of Wall Street, where analysts expected losses per share of 38¢ on sales of $25.2 million.
Surmodics posted $17.5 million in medical device revenue, compared to $16.8 million in the prior-year period for a 5% increase year-over-year. Medical device revenue included $1 million from a development and distribution agreement with Abbott for the SurVeil drug-coated balloon for the third quarters of both 2021 and 2022.
The company added $7.3 million in sales through its in vitro diagnostics business, compared to $7.1 million in the prior-year period.
“We delivered solid financial results that were in line with our expectations, while continuing to make meaningful investments in our growth initiatives,” Surmodics CEO Gary Maharaj said in a news release. “Importantly, we are demonstrating early and promising commercial viability for our Pounce and Sublime products with our commercial footprint and customer base.”
Surmodics raised the low end of its 2022 EPS guidance to reflect solid results but lowered its revenue expectations to reflect “expected softness in customer demand.”
The company now expects to log adjusted losses per share of between $1.50 and $1.35, compared with $1.70 and $1.35 previously, and updated its sales guidance for between $97 million and $99 million. The previous projection was for between $98 million and $101 million.
Shares of SRDX were down more than 6% to $35.53 by midday trading today. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was up slightly.