Shares in Surmodics (NSDQ:SRDX) fell slightly today after the medical device maker missed expectations on Wall Street with its first quarter results.
The Eden Prairie, Minn.-based company swung to a net loss of -$1.5 million on sales of $17.0 million for the 3 months ended Dec. 31, for a sales loss of -4% compared with the same period last year.
Adjusted to exclude 1-time items, earnings per share were -12¢, two pennies behind consensus on The Street, where analysts were looking for sales of $17.3 million.
The company took a $1.2 million hit thanks to the recently-enacted U.S. tax reform law. Surmodics said its federal tax rate is slated to drop from 35% to 21%.
“We are making steady progress adding sites and enrolling patients in our pivotal clinical trial for the SurVeil drug-coated balloon (DCB), and we are pleased with the recent FDA 510(K) clearance of our .014 microcatheter,” president & CEO Gary Maharaj said in prepared remarks. “We are well positioned to continue executing our strategy to deliver solid revenue and operational results while progressing forward on our growth initiatives.”
At the end of 2017, Surmodics had $46.7 million on hand in cash and investments.
SRDX shares were trading at $27.45 apiece today in mid-morning activity, down -1.1%.
