SRDX - Surmodics Non-GAAP EPS of -$0.26 beats by $0.19 revenue of $25.99M beats by $1.9M

• Surmodics press release ( NASDAQ: SRDX ): Q4 Non-GAAP EPS of -$0.26 beats by $0.19 .
• Revenue of $25.99M (+8.4% Y/Y) beats by $1.9M .
• Guidance: Surmodics expects fiscal year 2023 total revenue to range from $103 million to $107 million, representing an increase of 3% to 7% compared to the prior year.
• The Company expects fiscal 2023 GAAP diluted loss per share to range from $(2.80) to $(2.40). Non-GAAP diluted loss per share in fiscal 2023 is expected to range from $(2.54) to $(2.14), which reflects continued investment to support the commercialization of the Company’s Pounce thrombectomy and Sublime radial access products.

• Surmodics has the potential to receive up to a $30 million milestone payment during fiscal 2023 pursuant to the Abbott Development and Distribution Agreement related to premarket approval (“PMA”) by the U.S. Food and Drug Administration (“FDA”) of the SurVeil DCB. The milestone payment is reduced to $27 million if PMA is received after December 31, 2022, but before June 30, 2023, and to $24 million if PMA is received on or after June 30, 2023. The Company does not expect to receive the PMA prior to January 1, 2023. The potential revenue during fiscal 2023 associated with the $30 million, $27 million or $24 million milestone payment would be approximately $27 million, $25 million or $22 million, respectively. As has been the Company’s practice with past guidance, revenue from regulatory-related milestones is not included in guidance until after they are achieved.

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