SurModics Inc. (NASDAQ:SRDX) delivered a profit and beat Wall Street’s expectations, BUT came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company.
SurModics Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 29.41% to $0.22 in the quarter versus EPS of $0.17 in the year-earlier quarter.
Revenue: Rose 2.36% to $14.29 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: SurModics Inc. reported adjusted EPS income of $0.22 per share. By that measure, the company beat the mean analyst estimate of $0.21. It missed the average revenue estimate of $15.03 million.
Quoting Management: Commenting on the results, SurModics’ President and Chief Executive Officer, Gary Maharaj, said, “The third quarter was marked by strong earnings. On the revenue side, given the current sluggish medical device industry dynamics, the business performed in-line with our expectations. Although coronary revenues were lower than anticipated, we are encouraged that diversification into other market segments is gaining traction.”
Key Stats (on next page)…