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, Inc. (Nasdaq: SRDX) reported Q2 fiscal 2023 financial results showing total revenue of $27.2 million, a 4% increase year-over-year. However, the company reported a GAAP diluted earnings per share (EPS) loss of $(0.55) compared to $(0.29) in the same period last year. Non-GAAP EPS also declined to $(0.40) from $(0.22).
Key highlights include a 7% increase in Medical Device revenue to $19.7 million, driven by strong sales of the Pounce and Sublime platforms. Despite this growth, the company faced challenges with FDA approval for its SurVeil drug-coated balloon, which remains under review. Surmodics updated its fiscal year 2023 revenue guidance to between $103 million and $106 million, indicating an increase of 3% to 6% compared to the previous year.
Surmodics, Inc. (Nasdaq: SRDX) announces the enrollment of the first patient in the PROWL registry for the Pounce™ Thrombectomy System. This open-label, multi-center registry aims to collect real-world outcomes data for non-surgical emboli removal in up to 500 patients at 30 sites across the U.S. The primary endpoints include procedural success and device-related major adverse events over 30 days. National Co-Principal Investigators are Dr. Sean Lyden (Cleveland Clinic) and Dr. Joseph Campbell (OhioHealth). The PROWL study addresses the urgent medical need for effective treatment of acute limb ischemia, which poses significant risks of amputation and mortality. The Pounce system efficiently removes clots, potentially reducing the need for expensive adjunctive treatments in hospital settings.
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