The Eden Prairie, Minn.-based company posted losses of $274,000, or -2¢ per share, on sales of $22.3 million for the three months ended Dec. 31, 2020, for a bottom-line slide into the red on a sales decline of -1.4%.
Adjusted to exclude one-time items, earnings per share were 2¢, 11¢ ahead of Wall Street, where analysts were looking for sales of $22.4 million.
The company reached a major milestone in the quarter when 12-month data from its Transcend clinical trial showed that its SurVeil drug-coated balloon is non-inferior to Medtronic’s In.Pact Admiral.
“The entire Surmodics team is wholeheartedly pleased with the results of our Transcend clinical trial, which demonstrates comparable safety and effectiveness of our SurVeil drug-coated balloon using a substantially lower drug dose than the comparative product,” Surmodics president & CEO Gary Maharaj said in a news release. “Our proprietary coating technology is the key to SurVeil, which was designed to optimize drug delivery, transfer, retention and durability. We are one step closer to our goal of providing physicians with an attractive therapeutic alternative to improve the treatment of peripheral arterial disease.”
Surmodics said it is not offering 2021 financial guidance due to ongoing uncertainties caused by the COVID-19 pandemic.
SRDX shares were up 1.6% at $46.50 per share in mid-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was about even.