5/8/2023 0 Comments Srdx website![]() ![]() In October 2022, Surmodics announced its entry into a new, five-year credit agreement with MidCap Financial, which is encouraging. During the quarter, Surmodics witnessed strong contributions from sales of its Pounce and Sublime products, indicating their continued solid demand. The company registered robust revenues from its Medical Device segment, as well as from its Product sales, and royalties and license fees. Surmodics exited the first quarter of fiscal 2023 with better-than-expected results. ![]() The Zacks Consensus Estimate for the same is currently pegged at a loss of $2.35 per share. The Zacks Consensus Estimate for the same is currently pegged at $105.3 million.Īdjusted diluted loss per share for fiscal 2023 is now expected within the range of $2.09-$1.69 compared with the prior outlook of adjusted diluted loss per share of $2.54-$2.14. This is lower than the previous outlook of $103 million-$107 million, reflecting an uptick of 3-7% over the comparable prior-year period. The company now projects fiscal year revenues to be within the range of $102 million-$106 million, representing an increase of 2-6% over the comparable prior-year period. Surmodics has revised its full-year financial outlook. Net cash used in operating activities at the end of first-quarter fiscal 2023 was $10.8 million compared with net cash used in operating activities of $7 million a year ago. The company ended first-quarter fiscal 2023 with total debt of $29.5 million compared with $10 million at the end of fiscal 2022. Surmodics exited first-quarter fiscal 2023 with cash and cash equivalents of $26.4 million compared with $18.9 million at the end of fiscal 2022. Adjusted operating expenses of $25.9 million rose 24.6% year over year.Īdjusted operating loss totaled $6.3 million compared with the prior-year quarter’s adjusted operating loss of $2.4 million. Research and development expenses went up 9.3% year over year to $12.7 million. Selling, general & administrative expenses rose 43.9% to $13.2 million. Research, development and other revenues were $1.9 million, down 24.5% year over year. Royalties and license fees revenues totaled $8.8 million, up 8.2% from the prior-year quarter. In the quarter under review, Product sales were $14.2 million, up 15.3% from the prior-year quarter. The company also derives revenues from three primary sources - Product sales, Royalties and license fees, and Research, development and other fees. This figure compares to our IVD fiscal first-quarter revenue projection of $6.7 million. In the quarter under review, IVD sales declined by 2.9% to $5.9 million, primarily resulting from the completion of a customer development program. This figure compares to our Medical Device fiscal first-quarter revenue projection of $17.7 million. The company also saw higher royalty and license fee revenue. Per management, strong sales of Surmodics’ performance coating reagents and device products, including important contributions from sales of the company’s Pounce and Sublime products, significantly drove the segment. In the reported quarter, sales at the Medical Device segment summed $19 million, up 12.5% from the year-ago quarter. Surmodics operates via two reportable segments - Medical Device and IVD. However, this was partially offset by a decrease in Surmodics’ In Vitro Diagnostics (IVD) revenues. The top line was boosted by solid year-over-year product sales growth from the Medical Device business. The fiscal first-quarter revenue compares to our estimate of $24.4 million. The figure surpassed the Zacks Consensus Estimate by 3.1%. Surmodics registered revenues of $24.9 million in the fiscal first quarter, up 8.4% year over year. GAAP loss per share for the quarter was 56 cents, wider than the year-earlier loss of 20 cents per share. Our projection of loss per share was 64 cents, in line with the Zacks Consensus Estimate. However, the figure was narrower than the Zacks Consensus Estimate of a loss of 64 cents per share. SRDX delivered an adjusted loss per share of 50 cents in the first quarter of fiscal 2023, which is wider than the year-ago quarter’s loss of 13 cents per share. ![]()
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