Surmodics Inc · Q3 2022 earnings

Briefing

Reported a revenue increase of 4% year-over-year, with GAAP EPS of $(0.41) and non-GAAP EPS of $(0.34).

Surmodics reported solid financial results for Q3 2022, with revenue of $24.9 million, a 4% increase year-over-year. The company delivered double-digit product sales growth for the fourth consecutive quarter and is making meaningful investments in growth initiatives. However, the company reported a GAAP EPS loss of $(0.41) and a non-GAAP EPS loss of $(0.34).

• Revenue of $24.9 million, an increase of 4% year-over-year
• GAAP EPS of $(0.41), non-GAAP EPS of $(0.34)
• Fourth consecutive quarter of double‐digit product sales growth year‐over‐year
• Demonstrating early and promising commercial viability for PounceTM and SublimeTM products

Headline financials

Revenue & EPS history

Surmodics is revising its fiscal year 2022 revenue guidance to reflect expected softness in customer demand and raising its fiscal year 2022 EPS guidance to reflect solid year-to-date results. Surmodics expects full year fiscal 2022 revenue to range from $97 million to $99 million. Surmodics expects fiscal 2022 diluted GAAP EPS to a range from a loss per share of $(1.50) to $(1.35). Non-GAAP diluted EPS for fiscal 2022 is expected to range from a loss per share of $(1.23) to $(1.08).