Welcome to our dedicated page for Surmodics news (Ticker: SRDX), a resource for investors and traders seeking the latest updates and insights on Surmodics stock.
About Surmodics Inc.
Surmodics Inc. (SRDX) is a company deeply embedded in the medical device, diagnostic, and life sciences sectors. Known for its significant contributions in coating technologies and now its evolving whole-product solutions, the company partners with leading and emerging players to transform how medical devices address complex challenges. With a robust background in developing advanced coatings, Surmodics has built a reputation for innovating in areas crucial to improving the detection and treatment of diseases.
Business Model & Core Solutions
Historically, Surmodics has specialized in the development of coating technologies that enhance the performance and safety of a wide range of medical devices. The company has now broadened its scope to provide comprehensive product solutions. This transformation is driven by a strategy of integrating innovative coatings with additional functionalities that help in the detection and treatment of diseases. At its core, the company leverages deep scientific expertise and cutting-edge engineering to deliver solutions that address critical challenges in the healthcare industry.
Partnerships and Industry Expertise
Surmodics collaborates with some of the world's most respected medical device, diagnostic, and life sciences companies. These partnerships enable the company to remain at the forefront of technological advancements across multiple sectors. By combining industry-specific insights with a history of research and development excellence, Surmodics consistently addresses industry needs with customized solutions. The company’s commitment to quality and innovation underscores its standing as a trusted partner in the healthcare ecosystem.
Competitive Landscape and Market Position
Operating within a competitive and innovation-driven industry, Surmodics distinguishes itself through its ability to move beyond traditional coating technologies. Its strategic acquisitions and broadened product offerings have repositioned the company to offer whole-product solutions that cater to complex medical challenges. Surmodics’ systematic approach to problem solving, which integrates both advanced coatings and product development, provides a unique competitive edge. This repositioning allows the company to respond effectively to the evolving needs of healthcare providers.
Technological Innovations and Operational Excellence
The evolution at Surmodics is marked by continual investment in research and development, targeted at solving critical issues in medical devices and diagnostics. The company employs advanced technologies and engineering practices to enhance product performance and reliability. By addressing the intricate demands of medical technology through innovation and strategic problem solving, Surmodics serves as a prime example of how scientific research can be translated into practical, life-improving solutions. Its operational model emphasizes steady improvements, robust quality control, and a continuous drive to adapt to emerging technological trends.
Integrated Solutions for a Changing Industry
Surmodics’ transformation from being a provider of coating technologies to a developer of whole-product offerings is a response to the increasing complexity of medical device challenges. The company integrates several facets of product design, from innovative materials science to detailed engineering processes, ultimately delivering products that meet detailed clinical requirements. This holistic view enables Surmodics to streamline the process of medical device development, thereby ensuring that the products not only perform reliably but also contribute significantly to improving patient outcomes through enhanced disease detection and treatment capabilities.
Commitment to Technological Excellence and Healthcare Impact
At its foundation, Surmodics is dedicated to improving healthcare delivery by addressing difficult challenges inherent in medical device performance. The continuous drive for technological excellence and the willingness to evolve have kept the company relevant in an era where healthcare innovation is paramount. Surmodics’ ability to combine technical expertise with strategic partnerships places it in an advantageous position to assist clients in overcoming hurdles associated with medical device development. Investors and industry professionals can view this approach as a reaffirmation of the company’s commitment to operational excellence and impactful technology solutions.
Surmodics (SRDX) has announced the commercial release of the Pounce™ XL Thrombectomy System, expanding their thrombectomy platform for peripheral arterial clot removal. The new system is designed for larger arteries (5.5-10mm diameter), complementing existing Pounce and Pounce LP systems.
The platform features dual-basket technology that enables clot removal without requiring aspiration, thrombolytics, or capital equipment. During market release since January 2025, the system demonstrated effectiveness in removing acute and subacute clots.
Clinical data from the PROWL registry showed promising results: in 74 patients, average use time was 20.3 minutes, with 79.7% requiring no additional clot removal treatment. Only one device-related adverse event was reported. The complete Pounce platform now covers vessel diameters from 2-10mm, offering a comprehensive solution for peripheral arterial thrombectomy.
Surmodics (SRDX) has responded to the U.S. Federal Trade Commission's challenge of its proposed acquisition by GTCR . The FTC's decision to challenge comes despite the previously announced merger agreement where GTCR would acquire Surmodics for $43.00 per share, valuing the company at approximately $627 million.
The merger, which received shareholder approval on August 13, 2024, would result in Surmodics becoming a private company and delisting from Nasdaq. GTCR, which has an equity investment in Biocoat Inc. (a medical coatings manufacturer), plans to finance the transaction through a combination of committed equity and debt financing.
Surmodics disagrees with the FTC's decision and intends to vigorously defend the case in court, maintaining that the merger is pro-competitive and beneficial to all stakeholders, including shareholders, customers, and patients.
Surmodics (SRDX) announced successful early clinical use of its Pounce™ XL Thrombectomy System, which received FDA 510(k) clearance in September 2024. The system is designed for non-surgical removal of thrombi and emboli from peripheral arteries ranging from 5.5-10 mm in diameter, typical of iliac and femoral arteries.
The Pounce XL complements existing Pounce and Pounce LP systems, which target smaller vessels (3.5-6 mm and 2-4 mm respectively). Dr. Walter Rizzoni at UPMC Hamot successfully used the device to restore blood flow in an 8mm thrombosed stent graft. The system is currently in market release, with full commercial launch planned afterward.
The expanded Pounce Thrombectomy Platform now offers a standalone solution for rapid clot removal throughout the lower extremity without requiring aspiration, thrombolysis, or capital equipment, potentially reducing hospitalization costs and follow-up procedures.
Surmodics (SRDX) reported Q1 FY2025 financial results with total revenue of $29.9 million, representing a 2% year-over-year decrease. The company posted a GAAP net loss of $3.7 million, compared to a $0.8 million loss in the prior year period.
Key highlights include FDA 510(k) clearance for the Pounce™ XL Thrombectomy System and early positive results from the PROWL registry study. The company's pending acquisition by GTCR for $43.00 per share ($627 million) awaits FTC approval.
Medical Device revenue decreased 1% to $23.3 million, while In Vitro Diagnostics revenue fell 5% to $6.6 million. Product gross margin improved to 55.1% from 53.2%. Operating expenses increased 13% to $25.0 million, primarily due to $2.3 million in merger-related charges.
Surmodics (SRDX) reported Q4 2024 financial results with total revenue of $33.2 million, up 19% year-over-year. The company posted a GAAP net loss of $(3.4) million compared to net income of $6.7 million in the prior-year period. For fiscal 2024, total revenue was $126.1 million with a net loss of $(11.5) million. Medical Device segment showed strong performance with product revenue growth of nearly 40% year-over-year. The company has entered into a definitive agreement to be acquired by GTCR for $43.00 per share in cash, representing an equity value of $627 million, expected to close in Q2 2025.
Surmodics (SRDX) announced early results from its PROWL registry study evaluating the Pounce™ Thrombectomy System in treating limb ischemia. A subset analysis of 60 patients demonstrated 96.8% procedural flow restoration, with 81.7% requiring no additional thromboemboli removal treatment within 30 days. The study showed 90.0% procedural success and 80.8% technical success. Notably, 66.7% of patients avoided ICU admission, and 81.7% were discharged home. The study included patients with acute (60.0%), subacute (16.7%), and chronic (23.3%) limb ischemia, demonstrating effectiveness across various clot chronicity levels.
Surmodics (Nasdaq: SRDX) has received FDA 510(k) clearance for its Pounce™ XL Thrombectomy System, expanding its Pounce Thrombectomy Platform to treat peripheral arteries up to 10 mm in diameter. This new system is designed for non-surgical removal of thrombi and emboli in vessels 5.5–10 mm, including iliac and femoral arteries. The Pounce Thrombectomy Platform already includes systems for 2–6 mm arteries. The Pounce XL aims to address critically ischemic lower extremity vessels, providing a rapid solution for various clot morphologies without thrombolytics. market release is expected in early 2025, followed by full commercialization.
Surmodics (Nasdaq: SRDX) reported Q3 FY2024 financial results. Total revenue was $30.3M, down 42% from $52.5M in the prior-year period, which included a $24.6M license fee upon FDA approval of SurVeil™ DCB. Excluding this, revenue increased 10% YoY to $29.2M. GAAP net loss was $(7.6)M, compared to net income of $7.3M last year. Adjusted EBITDA was $1.6M, down from $24.6M.
Medical Device revenue fell 49% to $23.4M but grew 10% YoY excluding the SurVeil DCB fee. In Vitro Diagnostics revenue rose 8% to $7.0M. Gross profit increased 4% to $9.1M, with margins declining to 51.9% from 55.8%. Operating costs rose 13% to $27.3M due to merger-related charges.
The company is being acquired by GTCR for $43/share, with a shareholder vote on August 13, 2024. Surmodics also secured a new agreement with Premier for thrombectomy products. FY2024 guidance is suspended due to the pending acquisition.
Surmodics (Nasdaq: SRDX), a provider of medical device and in vitro diagnostic technologies, has secured a group purchasing agreement for thrombectomy products with Premier. Effective June 1, 2024, this agreement allows Premier members to access special pricing and terms for Surmodics' Pounce™ and Pounce™ Venous Thrombectomy Systems. These systems, which remove arterial and venous clots without the need for capital equipment, aim to enhance procedural efficiency and reduce the necessity for thrombolytic drugs. The partnership with Premier, which includes 4,350 U.S. hospitals and 300,000 other providers, is expected to expand Surmodics' market reach and support high-quality, cost-effective care.
Surmodics, a healthcare technology provider, has agreed to be acquired by GTCR, a private equity firm, for $43.00 per share in cash, valuing the company at approximately $627 million. The acquisition price offers a 41.1% premium over Surmodics' 30-day average closing price through May 28, 2024. The deal, approved unanimously by Surmodics' Board of Directors, is expected to close in the second half of 2024, subject to shareholder and regulatory approval. Following the acquisition, Surmodics will become privately held and delist from Nasdaq. The transaction will be financed through GTCR's equity and debt.
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