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Surmodics, Inc.

Surmodics, Inc.

NASDAQ•SRDX
CEO: Mr. Gary R. Maharaj
Sector: Healthcare
Industry: Medical - Devices
Listing Date: 1998-03-04
Surmodics, Inc., together with its subsidiaries, provides performance coating technologies for intravascular medical devices, and chemical and biological components for in vitro diagnostic immunoassay tests and microarrays in the United States and internationally. It operates through two segments, Medical Device and In Vitro Diagnostics (IVD). The Medical Device segment engages in the provision of surface modification coating technologies to enhance access, deliverability, and predictable deployment of medical devices; and drug-delivery coating technologies to provide site-specific drug-delivery from the surface of a medical device for neurovascular, peripheral, coronary, and structural heart, and other markets, as well as manufacturing of vascular intervention medical devices, including drug-coated balloons, mechanical thrombectomy devices, and radial access balloon catheters and guide sheaths. The IVD segment develops, manufactures, and sells chemical and biological components for in vitro diagnostic immunoassay and molecular tests, as well as diagnostic and biomedical research markets. This segment offers protein stabilizers, substrates, surface coatings, and antigens. The company was founded in 1979 and is headquartered in Eden Prairie, Minnesota.
Contact Information
9924 West 74th Street, Eden Prairie, MN, 55344-3523, United States
952-500-7000
www.surmodics.com
Market Cap
$614.51M
P/E (TTM)
-34.8
32
Dividend Yield
--
52W High
$43.00
52W Low
$25.87
52W Range
100%
Rank49Top 53.8%
3.6
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Weak • 3.6 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2016-2025

Financial Dashboard

Q3 2025 Data

Revenue

$29.57M-2.55%
4-Quarter Trend

EPS

-$0.37-30.19%
4-Quarter Trend

FCF

$904.00K-130.21%
4-Quarter Trend

2025 Q3 Earnings Highlights

Key Highlights

Nine Month Revenue Decline Nine month total revenue $87.6M, reflecting a 6% decrease from prior period levels.
Net Loss Widens Significantly Net loss reached $(14.2M) for nine months, significantly wider than prior year's $(8.1M).
Medical Device Sales Drop Medical Device product sales $27.4M, down 19% driven by SurVeil DCB shipment decrease.
Merger Charges Inflate SG&A SG&A expense increased 14% to $48.0M, primarily due to $10.1M in merger-related charges.

Risk Factors

SurVeil DCB Revenue Forecast SurVeil DCB revenue forecast decline of $7.5M in fiscal 2025, offsetting Pounce platform growth.
FTC Merger Litigation Risk Consummation of pending acquisition remains subject to resolution of FTC litigation proceedings.
Recent Cyber Security Incident Experienced June 2025 cyber incident; incurred $1.9M response costs with ongoing reputation risks.
Product Gross Margin Pressure Product gross margin compressed 460 basis points to 50.7% due to SurVeil under-absorption issues.

Outlook

2025 Liquidity Sufficiency Existing cash ($32.7M) and credit facility expected to fund 2025 operations and capital expenditures.
Continued Gross Profit Decline Product gross profit and margin expected to decline further due to SurVeil DCB revenue decline.
High Near-Term Expenses SG&A and R&D expenses remain significant, driven by merger charges and Pounce/Sublime platform investment.
Future Financing Potential Long-term cash needs depend on commercialization success; may seek debt or equity financing later.

Peer Comparison

Revenue (TTM)

Varex Imaging CorporationVREX
$844.60M
+4.1%
OrthoPediatrics Corp.KIDS
$227.41M
+19.9%
Treace Medical Concepts, Inc.TMCI
$218.88M
+7.9%

Gross Margin (Latest Quarter)

Semler Scientific, Inc.SMLR
91.5%
+0.1pp
Delcath Systems, Inc.DCTH
86.3%
+5.8pp
Treace Medical Concepts, Inc.TMCI
79.1%
-1.1pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
SRDX$614.51M-34.8-15.6%19.2%
NPCE$514.22M-25.0-116.7%66.4%
VREX$482.31M-6.9-13.9%2.7%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
-3.8%
Flat Growth
4Q Net Income CAGR
N/M
Profitability Shift
Cash Flow Stability
75%
Volatile Cash Flow

Research & Insights

Next earnings:Apr 28, 2026
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EPS:-
|
Revenue:-
Reports
All Years
  • Form 10-Q - Q3 2025

    Period End: Jun 30, 2025|Filed: Aug 8, 2025|
    Revenue: $29.57M-2.6%
    |
    EPS: $-0.37-30.2%
    Miss
  • Form 10-Q - Q2 2025

    Period End: Mar 31, 2025|Filed: Apr 30, 2025|
    Revenue: $28.09M-12.1%
    |
    EPS: $-0.36-2157.1%
    Miss
  • Form 10-Q - Q1 2025

    Period End: Dec 31, 2024|Filed: Jan 30, 2025|
    Revenue: $29.92M-2.1%
    |
    EPS: $-0.26+366.8%
    Miss
  • Form 10-K - FY 2024

    Period End: Sep 30, 2024|Filed: Nov 20, 2024|
    Revenue: $126.08M-4.9%
    |
    EPS: $-0.82-645.5%
    Miss
  • Form 10-Q - Q3 2024

    Period End: Jun 30, 2024|Filed: Jul 31, 2024|
    Revenue: $30.34M-42.2%
    |
    EPS: $-0.53-201.9%
    Miss
  • Form 10-Q - Q2 2024

    Period End: Mar 31, 2024|Filed: May 1, 2024|
    Revenue: $31.96M+17.5%
    |
    EPS: $0.02-103.2%
    Beat
  • Form 10-Q - Q1 2024

    Period End: Dec 31, 2023|Filed: Feb 1, 2024|
    Revenue: $30.55M+22.5%
    |
    EPS: $-0.06-90.1%
    Beat
  • Form 10-K - FY 2023

    Period End: Sep 30, 2023|Filed: Nov 22, 2023|
    Revenue: $132.58M+32.6%
    |
    EPS: $-0.11+94.4%
    Miss