5/9/2023 0 Comments Srdx qtr date![]() The company registered robust revenues from its IVD segment, as well as from Product sales. Surmodics exited the second quarter of fiscal 2022 with better-than-expected results. The Zacks Consensus Estimate for the same is currently pegged at a loss of $1.10 per share. The Zacks Consensus Estimate for the same is currently pegged at $99 million.Īdjusted diluted loss per share for fiscal 2022 is now expected within the range of $1.42-$1.07, compared with the earlier-provided projection of a loss of $1.75-$1.25. The company now projects current fiscal year revenues to be within the range of $98 million-$101 million, narrowed down from the earlier-projected range of $97 million-$101 million. Surmodics has revised its full-year financial outlook. The company ended the quarter with no debt on its balance sheet.Ĭumulative net cash used in operating activities at the end of the fiscal second quarter was $11.2 million against net cash provided by operating activities of $11.7 million a year ago. Surmodics exited the fiscal 2022 second quarter with cash and cash equivalents of $24.7 million compared with $26.7 million at the end of fiscal 2022 first quarter. ![]() Adjusted operating expenses of $24.8 million rose 19.5% year over year.Īdjusted operating loss totaled $3.8 million against the prior-year quarter’s adjusted operating income of $10 million. Research and development expenses went up 6.5% year over year to $13.7 million. Selling, general & administrative expenses rose 40.6% to $11.1 million. Research, development and other revenues were $2.3 million, down 27.3% year over year. Royalties and license fees revenues totaled $9.8 million, down 50.9% from the prior-year quarter. ![]() In the quarter under review, Product sales were $13.9 million, up 18.5% from the prior-year quarter. The company also derives revenues from three primary sources - Product sales, Royalties and license fees, and Research, development and other fees. In the quarter under review, IVD sales improved by 7.9% to $ 7.7 million on the back of broad-based year-over-year growth across its entire portfolio of product offerings. Per management, despite the year-over-year fall in revenues, it exceeded Surmodics expectations due to the strength of its product and royalty revenue performance. In the reported quarter, sales at the Medical Device segment summed $18.5 million, down 33.9% from the year-ago quarter. Surmodics operates via two reportable segments - Medical Device and IVD. The top line was boosted by solid year-over-year product sales growth from both the Medical Device and In-Vitro Diagnostics (“IVD”) businesses. On a sequential basis, the top line improved 13%. The figure surpassed the Zacks Consensus Estimate by 6.9%. Surmodics registered revenues of $26.1 million in the fiscal second quarter, down 25.4% year over year.
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