The Eden Prairie, Minn.-based in vitro technology developer posted losses of -$2.9 million, or -22¢ per share, on sales of $22.5 million for the three months ended Sept. 30, 2020, for a bottom-line slide into the red on a sales decline of -26.8%.
Adjusted to exclude one-time items, earnings per share were -18¢, 10¢ behind Wall Street, where analysts were looking for sales of $20.8 million.
“I am proud of the meaningful progress our team made in fiscal 2020 to advance our strategic objectives in spite of this year’s unprecedented challenges,” Surmodics president & CEO Gary Maharaj said in a news release. “Our team capped the year by achieving another milestone with the receipt of the 510(k) clearance for our Pounce thrombus retrieval system. As we look ahead to fiscal 2021, we remain confident in our long-term outlook and the ability to accomplish our strategic initiatives to deliver durable growth.”
Surmodics said it is not offering 2021 financial guidance due to uncertainties caused by the COVID-19 pandemic.
SRDX shares ended the day up 3% at $38.36 per share. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — ended the day up 1.6%.