SRDX - Surmodics hits a 52 week low as Q1 revenue miss expectations

Surmodics (SRDX -10.8%) shares crashed to a 52-week low after the medical device maker reported worse than expected revenue for Q1 fiscal 2022, and its guidance missed forecasts. The revenue for the quarter rose ~3% YoY to reach $23.0M falling short of $23.7M in the consensus, while non-GAAP loss per share stood at $0.13 compared to $0.31 loss per share projected by analysts. While In Vitro Diagnostics revenue remained flat at $6.1M, the Medical Device revenue added ~4% YoY to $16.9M, including a $1.2M from a Development and Distribution Agreement with Abbott Vascular. For the full fiscal year, Surmodics (NASDAQ:SRDX) reiterated its guidance to indicate $97M – $101M revenue and $(1.75) – $(1.25) of non-GAAP per-share loss, compared to the $105M revenue and $1.47 loss per share in the current consensus.

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Surmodics hits a 52 week low as Q1 revenue miss expectations