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.
Surmodics, Inc. (NASDAQ: SRDX) is a dynamic player in the healthcare industry, partnering with both established and emerging medical device, diagnostic, and life sciences companies. The company specializes in developing and commercializing innovative products aimed at improving lives through better disease detection and treatment.
Surmodics operates under two main segments: the Medical Device unit and the Vitro Diagnostics unit. The Medical Device unit primarily focuses on performance coatings and surface modification technologies. Recently, Surmodics has expanded its role from being a provider of coating technologies to offering complete product solutions thanks to strategic acquisitions.
In the Vitro Diagnostics unit, Surmodics manufactures chemical and biological components used in a variety of in vitro diagnostic immunoassay and molecular tests, serving the diagnostic and biomedical research markets. This segment plays a crucial role in the healthcare industry by providing essential materials for disease detection and research.
Surmodics' mission is steadfast: to enhance the detection and treatment of diseases by leveraging its technology to address complex challenges in the medical device and diagnostic fields. The company is committed to fostering innovation and advancing healthcare solutions, ensuring they remain at the forefront of the industry.
Recent Achievements:
- Successful integration of acquired companies, enhancing their whole-product solutions capability.
- Development of cutting-edge diagnostic technologies improving the accuracy and efficiency of disease detection.
- Establishment of key partnerships with industry leaders to drive innovation and expand market reach.
Current Projects:
- Advancing their surface modification technologies to meet evolving medical needs.
- Expanding their product portfolio to provide comprehensive solutions in the medical device sector.
- Ongoing research and development to innovate and improve diagnostic components.
Surmodics is well-positioned financially, with the majority of its revenue derived from its Medical Device segment. This financial stability supports their ongoing commitment to innovation and excellence in the healthcare industry.
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.
Surmodics, Inc. (Nasdaq: SRDX) reported Q2 FY 2024 results with total revenue of $32.0 million, a 18% increase YoY, excluding SurVeil™ DCB license fee revenue. GAAP net income was $0.2 million. The company launched two new thrombectomy devices, the Pounce™ Venous and Pounce LP, for venous and arterial vasculatures. Surmodics increased revenue and EPS guidance for FY 2024 due to strong performance and product launches, expecting $122-124 million in total revenue.
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