Surmodics (NSDQ:SRDX) today posted fiscal year 2019 first quarter earnings that beat expectations on Wall Street.
The Eden Prairie, Minn.-based company posted profits of $1.3 million, or 9¢ per share, on sales of approximately $22.2 million for the three months ended December 31, seeing a swing from the red on the bottom line while sales grew 30.7% compared with the same period during the previous fiscal year.
Adjusted to exclude one-time items, earnings per share were 12¢, well ahead of the break-even consensus on Wall Street, where analysts were looking for sales of $20.2 million, which the company topped.
“During the first quarter of our fiscal year we demonstrated strong operational performance in our Medical Device and IVD businesses, producing excellent top and bottom line results. We are making meaningful progress on our fiscal 2019 strategic initiatives, notably treating the first patient using our Avess DCB and continuing enrollment in our Transcend clinical trial. We are looking forward to continued momentum across our business throughout 2019,” prez & CEO Gary Maharaj said in a press release.
The company revised its fiscal 2019 financial guidance, increasing the lower end of its sales expectations from $92 million to $94 million, while maintaining the upper end at $97 million.
Surmodics said it now expects to post full-year non-GAAP EPS of between 2¢ and 22¢, up from previous expectations of between -7¢ and 23¢.
Shares in Surmodics rose 6.2% today, closing at $52.
