Shares in Surmodics (NSDQ:SRDX) fell today even though the medical device maker beat expectations on Wall Street with its fourth quarter results.
The Eden Prairie, Minn.-based company posted profits of $400,000 on sales of $20.1 million for the 3 months ended Sept. 30, for bottom-line loss of -84.9% on sales growth of 10.4% compared with the same period last year.
Adjusted to exclude 1-time items, earnings per share were 18¢, far ahead of consensus on The Street, where analysts were looking for sales of $17.3 million.
“We are pleased with the execution of our whole-product solutions strategy with the recently announced first patient enrolled in Transcend, the pivotal clinical trial for the SurVeil drug-coated balloon, and global approvals of our .014″ low-profile PTA balloon dilation catheter,” president & CEO Gary Maharaj said in prepared remarks.
“We have made meaningful advancements on several key development and clinical initiatives through our fiscal 2017 and look forward to expanding on those achievements in fiscal 2018. Further, our fourth fiscal quarter was marked by strong revenue growth and operational execution across our business.”
SRDX shares were trading at $28.84 apiece today in early morning activity, down -3.2%.
Want to stay on top of DDBN content? Sign up for our e-mail newsletter for a weekly dose of drug-device news.