SRDX - Surmodics reaches a nine-month low as guidance disappoints

Surmodics (SRDX -10.9%) shares have recorded the biggest-ever one-day loss in more than a year to reach the lowest level since February after the company projected its full-year guidance that lagged Street forecasts. However, the financials for the final quarter of fiscal 2021 – announced before the market open on Wednesday – exceeded the analyst estimates. Surmodics (NASDAQ:SRDX), a provider of medical device and in vitro diagnostic technologies, witnessed its quarterly revenue climb ~6% YoY to $24.0M as Medical Device revenue reached $17.4M with a ~1% YoY rise. Meanwhile, revenue from In Vitro Diagnostics gained ~23% YoY to $6.6. Notably, the net loss contracted ~90% YoY to $289K as R&D expenses dropped ~16% YoY to $10.7M. For fiscal 2022, Surmodics (SRDX) projects $97 – $101M in revenue and $(1.75) – $(1.25) in non-GAAP diluted EPS well short of the current analyst estimates.

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Surmodics reaches a nine-month low as guidance disappoints