Shares in SurModics (NSDQ:SRDX) fell today after the medical device maker missed earnings expectations on Wall Street with its 2nd quarter results and narrowed its full-year outlook.
The Eden Prairie, Minn.-based company posted profits of $506,000, or 4¢ per share, on sales of $17.5 million for the 3 months ended March 31, for bottom-line loss of -38% on sales growth of 5% compared with the same period last year.
Adjusted to exclude 1-time items, earnings per share were 5¢, behind consensus on The Street, where analysts were looking for sales of $16.2 million.
“This was an excellent quarter, both in terms of our revenue performance above expectations and the progress on our strategic initiatives,” president & CEO Gary Maharaj said in prepared remarks. “We made headway in our R&D pipeline for both our drug-coated balloon programs and catheter and peripheral balloon devices. These investments, we believe, will drive long-term shareholder value.”
Sumordics said it expects to post adjusted EPS of 15¢ – 25¢, narrowed from prior guidance of 18¢ – 33¢ per share, on sales of $65 million to $68 million for the full year.
SRDX shares were trading at $23.70 apiece today in morning activity, down -4.4%.