The Eden Prairie, Minn.-based company posted profits of approximately $1.3 million, or 9¢ per share, on sales of approximately $22.7 million for the three months ended March 31, seeing profits shrink 17.7% while sales grew 19% compared with the same period during the previous year.
Adjusted to exclude one-time items, earnings per share were 7¢, well ahead of the -2¢ loss-per-share consensus on Wall Street where analysts expected to see sales of $22 million, which the company also topped.
“Our second quarter performance marked our fourth consecutive quarter of double-digit year-over-year revenue growth as both our medical device and IVD businesses continued to generate meaningful top-line gains. Despite the current uncertainty related to paclitaxel-coated devices, we have appropriately adjusted our TRANSCEND trial to respond to the FDA’s recommendations and are pleased to have many of our trial sites actively enrolling and randomizing patients. In addition, we continue to make progress on our key strategic initiatives including the recent FDA 510(k) clearance of our Sublime guide sheath for radial access to the peripheral arteries,” prez & CEO Gary Maharaj said in a press release.
The company lowered its sales guidance for its fiscal 2019 year, expecting to see post revenue of between $88.5 million and $91.5 million, down from earlier estimates of between $94 million and $97 million.
Surmodics increased its diluted GAAP EPS guidance to between 14¢ and 24¢, a significant jump from earlier expected losses per share of between 22¢ and 2¢. The company also adjusted its non-GAAP EPS to between 26¢ and 36¢, up from earlier guidance of between 2¢ and 22¢.
Shares in Surmodics are up 0.6% today at $43.31 as of 1:10 p.m. EDT.
Last month, Surmodics saw shares tick up after the company updated on the TRANSCEND clinical trial of its SurVeil drug-coated balloon, saying that it has resumed patient enrollment.