Medical device maker Surmodics's Q3 revenue dips 3%, FY guidance raised

Overview

• Surmodics fiscal Q3 revenue dips 3% yr/yr to $29.6 mln

• Adjusted EBITDA rises to $3.4 mln, improving from $1.6 mln last year

• Co raises fiscal 2025 revenue guidance, reflecting strong Q3 performance

Outlook

• Surmodics raises fiscal 2025 revenue guidance to $116.5 mln-$118.5 mln

• Company expects fiscal 2025 GAAP net loss of $(1.70) to $(1.55) per share

• Surmodics forecasts fiscal 2025 non-GAAP net loss of $(0.35) to $(0.20) per share

• Company anticipates SurVeil DCB product revenue to decrease by $7.5 mln in fiscal 2025

Result Drivers

• SURVEIL DCB DECLINE - Revenue impacted by a $1.7 mln decrease in SurVeil DCB product sales due to lower demand from Abbott

• POUNCE PLATFORM GROWTH - 35% increase in Pounce Thrombectomy Platform sales, reflecting strong customer demand

• IVD SEGMENT STRENGTH - In Vitro Diagnostics revenue grew 6% year-over-year, driven by broad product portfolio growth

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is no "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the medical equipment, supplies & distribution peer group is "buy."

Press Release: ID:nBw3sFN04a