Surmodics Inc (SRDX) Reports Fiscal Year 2023 Earnings Growth and Introduces FY 2024 Guidance
Surmodics Inc (NASDAQ:SRDX) reports an 8% increase in Q4 FY 2023 total revenue, reaching $28.0 million.
Fiscal Year 2023 total revenue surged by 33% to $132.6 million, with non-GAAP diluted EPS at $0.16.
Surmodics Inc (NASDAQ:SRDX) introduces fiscal year 2024 guidance with expected total revenue between $116 million and $121 million.
Surmodics Inc (NASDAQ:SRDX), a leading medical device and in vitro diagnostic technologies provider, announced its financial results for the fourth quarter and fiscal year ended September 30, 2023, on November 8, 2023. The company reported a robust increase in total revenue and earnings per share (EPS), reflecting significant year-over-year growth and introduced its financial outlook for the fiscal year 2024.
Fiscal Year 2023 Performance Highlights
For the fiscal year 2023, Surmodics Inc (NASDAQ:SRDX) achieved a total revenue of $132.6 million, marking a 33% increase compared to the previous year. When excluding SurVeil DCB license fee revenue, the total revenue still showed a healthy 9% growth, reaching $103.0 million. The company's GAAP diluted EPS improved from a loss of $(1.96) in the prior year to $(0.11), while non-GAAP diluted EPS turned positive at $0.16, compared to a loss of $(0.95) in the prior year.
Fourth Quarter Fiscal 2023 Financial Results
The fourth quarter saw total revenue rise to $28.0 million, an 8% increase year-over-year. Excluding SurVeil DCB license fee revenue, the increase was even more pronounced at 12%. The Medical Device segment contributed significantly to this growth with an 8% increase in revenue. The company also reported a GAAP net income of $6.7 million, or $0.47 per diluted share, a substantial improvement from a GAAP net loss of $(14.7) million, or $(1.06) per diluted share, in the same quarter of the previous year. Non-GAAP net income was $7.5 million, or $0.53 per diluted share.
Strategic Developments and Future Outlook
Surmodics Inc (NASDAQ:SRDX) highlighted several strategic developments, including the launch of its Preside medical device coating technology and the presentation of clinical trial data for its Sundance Sirolimus DCB and SurVeil DCB. President and CEO Gary Maharaj expressed satisfaction with the company's revenue performance and strategic progress, stating,
We believe we are strategically positioned for future success as a result, with a portfolio and pipeline of key product growth catalysts, durable and profitable core businesses, more than $45 million of cash and investments to support our operations, and access to approximately $61 million in available debt capital to provide additional financial flexibility."
For fiscal year 2024, Surmodics Inc (NASDAQ:SRDX) anticipates total revenue to range from $116 million to $121 million, with a projected GAAP diluted loss per share between $(1.55) and $(1.20) and a non-GAAP diluted loss per share ranging from $(1.32) to $(0.97).
Financial Position and Capital Allocation
As of September 30, 2023, the company reported $45.4 million in cash and investments, with $5.0 million in outstanding borrowings on its revolving credit facility and $25.0 million on its term loan facility. Surmodics Inc (NASDAQ:SRDX) generated $1.3 million of cash from operating activities and invested $0.7 million in capital expenditures during the fourth quarter of fiscal 2023.
Surmodics Inc (NASDAQ:SRDX) will host a live webcast to discuss these financial results and provide a question-and-answer session. Investors and interested parties can access the webcast on the company's website.
For detailed financial tables and a reconciliation of GAAP to non-GAAP financial measures, readers are encouraged to view the full earnings release on Surmodics Inc (NASDAQ:SRDX)'s website.
Surmodics Inc (NASDAQ:SRDX) remains committed to its mission of improving the detection and treatment of disease, leveraging its expertise in surface modification and drug-delivery coating technologies, and device design and manufacturing capabilities.
Explore the complete 8-K earnings release (here) from Surmodics Inc for further details.
This article first appeared on GuruFocus.
