Surmodics, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended June 30, 2023
August 02, 2023 at 04:31 pm IST
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Surmodics, Inc. reported earnings results for the third quarter and nine months ended June 30, 2023. For the third quarter, the company reported revenue was USD 52.48 million compared to USD 24.85 million a year ago. Net income was USD 7.35 million compared to net loss of USD 5.65 million a year ago. Basic earnings per share from continuing operations was USD 0.52 compared to basic loss per share from continuing operations of USD 0.41 a year ago. Diluted earnings per share from continuing operations was USD 0.52 compared to diluted loss per share from continuing operations of USD 0.41 a year ago.
For the nine months, revenue was USD 104.61 million compared to USD 73.96 million a year ago. Net loss was USD 8.23 million compared to USD 12.55 million a year ago. Basic loss per share from continuing operations was USD 0.59 compared to USD 0.9 a year ago. Diluted loss per share from continuing operations was USD 0.59 compared to USD 0.9 a year ago.
Surmodics, Inc. is a provider of performance coating technologies for intravascular medical devices and chemical and biological components for in vitro diagnostic (IVD) immunoassay tests and microarrays. The Company's segments include Medical Device and IVD. The Medical Device segment manufactures and licenses performance coatings, including surface modification coating technologies to improve 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, with end markets that include neurovascular, peripheral, coronary and structural heart. It manufactures vascular intervention medical devices, including drug-coated balloons, and radial access balloon catheters and guide sheaths. The IVD segment manufactures chemical and biological components used in in vitro diagnostic immunoassay and molecular tests within the diagnostic and biomedical research markets.