EDEN PRAIRIE, Minn.--(BUSINESS WIRE)--Surmodics, Inc. (Nasdaq: SRDX), a leading provider of medical device and in vitro diagnostic technologies to the healthcare industry, today reported financial results for its first quarter ended December 31, 2024.
First Quarter Fiscal 2025 Financial Summary
- Total Revenue of $29.9 million, a decrease of 2% year-over-year
- Total Revenue excluding SurVeil™ drug-coated balloon (“DCB”) license fee revenue(1) of $28.7 million, a decrease of 3% year-over-year
- GAAP net loss of $(3.7) million, compared to $(0.8) million in the prior-year period
- Adjusted EBITDA(2) of $3.6 million, compared to $3.9 million in the prior-year period
First Quarter and Recent Business Highlights
- On May 29, 2024, Surmodics announced it had entered into a definitive agreement to be acquired by an affiliate of GTCR LLC (“GTCR”) for $43.00 per share in cash, representing an approximate equity value of $627 million (the “Merger”).
- On October 1, 2024, Surmodics announced the receipt of U.S. Food and Drug Administration (“FDA”) 510(k) clearance for its Pounce™ XL Thrombectomy System.
- On October 30, 2024, Surmodics announced early results from its PROWL registry study of real-world limb ischemia patients treated with Surmodics’ Pounce Thrombectomy System.
“We were pleased with the efforts of our team during the first quarter of fiscal 2025, which enabled Surmodics to deliver strong growth in revenue from both our medical device performance coatings royalties and sales of our Pounce thrombectomy platforms,” said Gary Maharaj, President and CEO of Surmodics, Inc.
Mr. Maharaj continued, “I would like to recognize the efforts of the entire Surmodics team this past quarter. Their commitment to execution and dedication to serving the needs of both our customers and their patients, made our financial performance and operational progress possible.”
First Quarter Fiscal 2025 Financial Results
| Three Months Ended December 31 | |||||||||||||||
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| Revenue: | 2024 | 2023 | Increase (Decrease) | ||||||||||||
| Medical Device | $ | $ | $ | ||||||||||||
| Total revenue | $ | $ | $ | ||||||||||||
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Total revenue decreased $0.6 million, or 2%, to $29.9 million, compared to $30.6 million in the first quarter of fiscal 2024. |
Medical Device revenue decreased $0.3 million, or 1%, to $23.3 million, compared to $23.5 million in the first quarter of fiscal 2024. |
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Cash and Cash Equivalents: |
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