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Surmodics slightly up on mixed bag Q2

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Surmodics (NSDQ:SRDX) shares ticked up today on second-quarter results that were mixed compared to the consensus forecast.

The Eden Prairie, Minn.-based company posted profits of $8.1 million, or 58¢ per share, on sales of $35 million for the three months ended March 31, 2021, for a massive bottom-line gain from $1.5 million profits a year ago on sales growth of 53.3%.

Adjusted to exclude one-time items, earnings per share were 62¢, 1¢ behind Wall Street, where analysts were looking for sales of $33 million.

“We are pleased with our second-quarter results which exceeded expectations, with record revenue performance in our in vitro diagnostics business and a return to growth in our medical device coatings royalty revenue,” Surmodics president & CEO Gary Maharaj said in a news release. “In addition, we have received valuable initial feedback from physicians who have participated in our clinical product evaluations of both our Sublime .014 RX PTA dilatation catheter and Sublime radial access guide sheath. This ongoing feedback validates our belief that our unique Sublime platform has the potential to improve patient outcomes and patient satisfaction while reducing healthcare costs.”

Surmodics said it expects to log adjusted EPS of between 10¢ and 35¢, while it projects its revenues to fall between $101 million and $105 million for the full year.

SRDX shares were up 0.9% at $59.50 per share in midday trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 0.5%.

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