Surmodics (SRDX) Outperforms Q2 Earnings Estimates, Boosts 2024 Financial Outlook: A New High for Coin Market

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Surmodics, Inc. delivered an earnings per share (EPS) of 7 cents in the second quarter of fiscal 2024, beating the Zacks Consensus Estimate of a loss of 36 cents per share by 119.4%.
The company registered revenues of $31.9 million in the fiscal second quarter, up 18% year over year, surpassing the Zacks Consensus Estimate by 11%.
Surmodics has revised its financial outlook for fiscal 2024 with projected revenues in the range of $122 million-$124 million, representing a decrease of 8-6% over the comparable prior-year period.

Surmodics, Inc. reports impressive second quarter results for fiscal 2024 with a significant increase in earnings per share and revenue. The company also revises its financial outlook for fiscal 2024.

Surmodics Q2 Fiscal 2024 Earnings

Surmodics, Inc. delivered an earnings per share (EPS) of 7 cents in the second quarter of fiscal 2024, a significant improvement against the year-ago quarter’s loss of 40 cents per share. The metric beat the Zacks Consensus Estimate of a loss of 36 cents per share by 119.4%. GAAP EPS for the quarter was 2 cents, narrower than the year-earlier loss of 55 cents per share.

Revenues in Detail

Surmodics registered revenues of $31.9 million in the fiscal second quarter, up 18% year over year. The figure surpassed the Zacks Consensus Estimate by 11%. The top line was boosted by solid year-over-year product sales growth from the Medical Device business. Excluding SurVeil drug-coated balloon (DCB) license fee revenues, total revenues increased 19% year over year to $30.9 million.

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16m ago•