Surmodics tops Q4 sales estimates, misses on EPS

Shares in Surmodics (NSDQ:SRDX) fell today after the medical device maker topped sales expectations but missed EPS estimates on Wall Street with its fourth-quarter financial results.

The Eden Prairie, Minn.-based company was in the red this quarter, posting a net loss of -$1.8 million, or -13¢ per share, on sales of $23 million for the three months ended Sept. 30. Sales were up 15% compared to the same period last year.

Adjusted to exclude 1-time items, EPS were -5¢, just 2¢ behind consensus on The Street. The company beat revenue expectations, though – analysts were looking for sales of $21.6 million.

“We continue to drive strong revenue growth and solid operational performance as we execute on our strategic objectives,” president & CEO Gary Maharaj said in prepared remarks. “The positive twelve-month data recently presented from Preveil, the early feasibility study of our SurVeil DCB and the recent submission for first in-human study for our AV access DCB, AVess, demonstrate meaningful progress towards our whole-products solutions initiatives.”

Surmodics said it expects to post sales of $92 million to $97 million for the full fiscal year of 2019.

SRDX shares were trading at $64.00 apiece today in morning activity, down -3.9%.

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