NASDAQ$SRDX
Surmodics Inc · Q2 2022 earnings
Q2 2022 earnings · · Investor relations
Briefing
Surmodics reported a sequential increase in revenue and record In Vitro Diagnostics revenue.
Surmodics, Inc. announced its fiscal year 2022 second quarter results, which included a revenue of $26.1 million, a sequential increase of 13%, and record In Vitro Diagnostics revenue of $7.7 million. The company's GAAP EPS was $(0.29), and its non-GAAP EPS was $(0.22).
- Revenue of $26.1 million, a sequential increase of 13%
- Record In Vitro Diagnostics revenue of $7.7 million
- GAAP EPS of $(0.29), non-GAAP EPS of $(0.22)
- Double-digit product sales growth year-over-year from both Medical Device and In Vitro Diagnostics businesses
Headline financials
Revenue & EPS history
Surmodics · Revenue · Quarterly
$26.1M
Revenue by segment
Surmodics · $26.1M total across 2 segments · Q2 2022
- Medical Device$18.5M-33.9%70.7%
- In Vitro Diagnostics$7.65M+8.0%29.3%
Forward guidance
Surmodics is raising its full-year revenue and EPS guidance for fiscal 2022. The company is increasing its fiscal 2022 revenue expectations to a range of $98 million to $101 million, from its previous range of $97 million to $101 million. The company is raising its fiscal 2022 diluted GAAP EPS expectations to a range from a loss per share of $(1.70) to $(1.35). Non-GAAP diluted EPS for fiscal 2022 is expected to range from a loss per share of $(1.42) to $(1.07).
Tailwinds
- Increasing fiscal 2022 revenue expectations to a range of $98 million to $101 million
- Raising fiscal 2022 diluted GAAP EPS expectations to a range from a loss per share of $(1.70) to $(1.35)
- Non-GAAP diluted EPS for fiscal 2022 is expected to range from a loss per share of $(1.42) to $(1.07)
- Potential to receive a $30 million milestone payment during fiscal 2022 or fiscal 2023 related to premarket approval of the SurVeil DCB
- Potential revenue associated with the $30 million milestone payment would be approximately $25 million
Headwinds
- The company is expecting a loss per share of $(1.70) to $(1.35)
- Continued investments to accelerate the Company’s strategy
- The milestone payment is reduced to $27 million if premarket approval is received after December 31, 2022
- Revenue from regulatory-related milestones is not included in guidance until they are achieved
- Second quarter included $1.4 million from our Development and Distribution Agreement with Abbott Vascular, Inc. (“Abbott”) for the SurVeilTM drug-coated balloon, compared to $12.5 million in the prior-year quarter
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 6 quarterly earnings reports
+1.4%
Avg return
Earnings day
+3.0%
Avg return
5 days after
+6.9%
Avg return
30 days after
59%
37 / 63 earnings
Positive
+34.5%
Q2 2024
Best reaction
-13.1%
Q4 2019
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2025 | — | — | — | |
| Q3 2025 | +0.6% | +8.5% | -8.0% | |
| Q2 2025 | -1.5% | +2.5% | +7.6% | |
| Q1 2025 | -4.1% | -4.5% | -7.3% | |
| Q4 2024 | +2.0% | +2.3% | +6.2% | |
| Q3 2024 | -0.5% | -1.2% | -4.5% | |
| Q2 2024 | +34.5% | +26.5% | +64.1% | |
| Q1 2024 | -9.8% | -13.0% | -9.6% | |
| Q4 2023 | +1.0% | — | — | |
| Q3 2023 | +4.7% | — | — | |
| Q2 2023 | -2.4% | — | — | |
| Q1 2023 | +4.1% | — | — | |
| Q4 2022 | -3.0% | — | — | |
| Q3 2022 | -7.8% | — | — | |
| Q2 2022 | -1.2% | — | — | |
| Q1 2022 | -11.0% | — | — | |
| Q4 2021 | -11.4% | — | — | |
| Q3 2021 | +3.7% | — | — | |
| Q2 2021 | -5.4% | — | — | |
| Q1 2021 | +15.1% | — | — | |
| Q4 2020 | -2.1% | — | — | |
| Q3 2020 | +0.5% | — | — | |
| Q2 2020 | +3.4% | — | — | |
| Q1 2020 | +6.6% | — | — | |
| Q4 2019 | -13.1% | — | — | |
| Q3 2019 | +13.7% | — | — | |
| Q2 2019 | +0.6% | — | — | |
| Q1 2019 | +17.0% | — | — | |
| Q4 2018 | -11.5% | — | — | |
| Q3 2018 | +11.2% | — | — | |
| Q2 2018 | +7.2% | — | — | |
| Q1 2018 | -0.4% | — | — | |
| Q4 2017 | +0.2% | — | — | |
| Q3 2017 | +1.8% | — | — | |
| Q2 2017 | -7.9% | — | — | |
| Q1 2017 | +1.4% | — | — | |
| Q4 2016 | -6.2% | — | — | |
| Q3 2016 | +8.9% | — | — | |
| Q2 2016 | +14.8% | — | — | |
| Q1 2016 | +8.3% | — | — | |
| Q4 2015 | -2.4% | — | — | |
| Q3 2015 | +9.8% | — | — | |
| Q2 2015 | -2.6% | — | — | |
| Q1 2015 | +3.6% | — | — | |
| Q4 2014 | -3.6% | — | — | |
| Q3 2014 | +2.1% | — | — | |
| Q2 2014 | -4.6% | — | — | |
| Q1 2014 | +7.8% | — | — | |
| Q4 2013 | -3.6% | — | — | |
| Q3 2013 | +10.6% | — | — | |
| Q2 2013 | -6.9% | — | — | |
| Q1 2013 | +1.6% | — | — | |
| Q4 2012 | +0.9% | — | — | |
| Q3 2012 | +10.0% | — | — | |
| Q2 2012 | -1.8% | — | — | |
| Q1 2011 | -1.4% | — | — | |
| Q1 2012 | -1.0% | — | — | |
| Q4 2011 | +1.6% | — | — | |
| Q4 2009 | +1.6% | — | — | |
| Q2 2011 | +1.6% | — | — | |
| Q3 2010 | +1.3% | — | — | |
| Q4 2010 | +1.3% | — | — | |
| Q3 2011 | +1.3% | — | — | |
| Q2 2010 | +1.2% | — | — |
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