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
Market Cap
$614.51M
P/E (TTM)
-34.8
32
Dividend Yield
--
52W High
$43.00
52W Low
$25.87
52W Range
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)
$844.60M
KIDS$227.41M
TMCI$218.88M
Gross Margin (Latest Quarter)
91.5%
86.3%
TMCI79.1%
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
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%MissForm 10-Q - Q2 2025
Period End: Mar 31, 2025|Filed: Apr 30, 2025|Revenue: $28.09M-12.1%|EPS: $-0.36-2157.1%MissForm 10-Q - Q1 2025
Period End: Dec 31, 2024|Filed: Jan 30, 2025|Revenue: $29.92M-2.1%|EPS: $-0.26+366.8%MissForm 10-K - FY 2024
Period End: Sep 30, 2024|Filed: Nov 20, 2024|Revenue: $126.08M-4.9%|EPS: $-0.82-645.5%MissForm 10-Q - Q3 2024
Period End: Jun 30, 2024|Filed: Jul 31, 2024|Revenue: $30.34M-42.2%|EPS: $-0.53-201.9%MissForm 10-Q - Q2 2024
Period End: Mar 31, 2024|Filed: May 1, 2024|Revenue: $31.96M+17.5%|EPS: $0.02-103.2%BeatForm 10-Q - Q1 2024
Period End: Dec 31, 2023|Filed: Feb 1, 2024|Revenue: $30.55M+22.5%|EPS: $-0.06-90.1%BeatForm 10-K - FY 2023
Period End: Sep 30, 2023|Filed: Nov 22, 2023|Revenue: $132.58M+32.6%|EPS: $-0.11+94.4%Miss