Surmodics, Inc. (Nasdaq: SRDX), a leading provider of medical
device and in vitro diagnostic technologies to the healthcare
industry, today reported financial results for its third quarter
ended June 30, 2023, and updated its financial guidance for its
fiscal year ending September 30, 2023.
Third Quarter Fiscal 2023 Financial Summary
- Total Revenue of $52.5 million, an increase of 111%
year-over-year
- Recognized $24.6 million in license fee revenue upon receipt of
a $27.0 million milestone payment associated with obtaining FDA
premarket approval of the SurVeil™ DCB under the company’s
Development and Distribution Agreement with Abbott
- GAAP Diluted EPS of $0.52, compared to $(0.41) in the
prior-year period
- Non-GAAP Diluted EPS of $0.52, compared to $(0.34) in the
prior-year period
Third Quarter and Recent Business Highlights
- On April 19, 2023, Surmodics announced the first successful
patient use of the Sublime™ radial access microcatheter, the
industry’s first suite of torqueable peripheral microcatheters,
designed for navigating tortuosity and crossing complex lesions and
available for both transradial and transfemoral procedures.
- On April 20, 2023, Surmodics announced enrollment of the first
patient in PROWL, the Pounce™ Thrombectomy System Retrospective
Registry, to collect real-world efficacy and safety outcomes data
for endovascular interventions using the Pounce system for the
non-surgical removal of emboli and thrombi in the peripheral
arterial vasculature.
- On June 14, 2023, Surmodics announced the receipt of U.S. Food
and Drug Administration (FDA) 510(k) clearance for its Pounce LP
(Low Profile) Thrombectomy System, which will allow for efficient
clot removal in below-the-knee peripheral arteries (2 mm to 4 mm in
diameter), expanding the addressable market for the Pounce
platform.
- On June 20, 2023, Surmodics announced the receipt of FDA
premarket approval for its SurVeil™ drug-coated balloon (DCB). The
SurVeil DCB may now be marketed and sold in the U.S. by the
company’s exclusive distribution partner, Abbott Vascular, Inc.
(Abbott). The SurVeil DCB is a next-generation device that utilizes
best-in-class technology in the treatment of peripheral artery
disease, includes a proprietary drug-excipient formulation for a
durable balloon coating, and is manufactured using an innovative
process to improve coating uniformity.
“Our third quarter was marked by a combination of strong
financial performance – including total revenue growth of 111%
year-over-year – and notable progress with respect to our key
strategic objectives for fiscal 2023,” said Gary Maharaj, President
and CEO of Surmodics, Inc. “Most importantly, we obtained FDA
premarket approval for the SurVeil DCB, our next-generation
drug-coated balloon, secured a related $27 million milestone
payment to strengthen our balance sheet, and made progress in
preparing to support its commercial launch. In addition, we
expanded the commercial adoption and utilization of our Pounce
arterial thrombectomy and Sublime radial access platforms, while
advancing our pipeline of additional vascular intervention
technologies: secured FDA 510(k) clearance for our Pounce LP
Thrombectomy System, initiated the limited market evaluation of our
Sublime radial access microcatheter, and continued the limited
market evaluation of our Pounce Venous Thrombectomy System.”
Mr. Maharaj continued, “Our impressive total revenue performance
in the quarter was driven by 163% growth year-over-year in our
Medical Device segment, which benefited from the aforementioned
milestone payment, along with strong underlying performance –
including product sales growth of 38% year-over-year fueled
primarily by sales of our Pounce and Sublime products. Lastly, we
made notable year-over-year improvements in our profitability
profile from an operating income and adjusted EBITDA standpoint,
while continuing to control our expenses and manage our cash use.
Our increased guidance reflects our impressive financial and
operational performance in the third quarter and latest
expectations for the balance of the year. Looking ahead, we remain
focused on bringing fiscal 2023 to a strong conclusion by
continuing to execute against our stated strategic objectives,
laying the groundwork for further growth and value creation in the
years to come.”
Third Quarter Fiscal 2023 Financial Results
Three Months Ended June
30,
Increase (Decrease)
2023
2022
$
%
Revenue:
Medical Device
$
46,014
$
17,528
$
28,486
163
%
In Vitro Diagnostics
6,469
7,326
(857
)
(12
)%
Total revenue
$
52,483
$
24,854
$
27,629
111
%
Total revenue increased $27.6 million, or 111%, to $52.5
million, compared to $24.9 million in the third quarter of fiscal
2022.
Medical Device revenue increased $28.5 million, or 163%, to
$46.0 million, compared to $17.5 million in the third quarter of
fiscal 2022. Medical Device revenue in the third quarter of fiscal
2023 included a total of $25.9 million in license fee revenue from
the company’s Development and Distribution Agreement with Abbott
for the SurVeil DCB – of which $24.6 million was revenue recognized
on the $27.0 million milestone payment received in the period
associated with obtaining FDA approval of the SurVeil DCB –
compared to $1.0 million of total license fee revenue in the
prior-year period. Medical Device revenue growth was broad-based,
including significant contributions from Pounce thrombectomy and
Sublime radial access device platforms, as well as increased sales
of performance coating reagents. In Vitro Diagnostics (“IVD”)
revenue decreased $0.9 million, or 12%, to $6.5 million, compared
to $7.3 million in the third quarter of fiscal 2022, driven
primarily by active management of inventory levels by certain
customers.
Product gross profit (defined as product sales less product
costs) was $8.7 million and was unchanged compared to the third
quarter of fiscal 2022. Product gross margin (defined as product
gross profit as a percentage of product sales) was 55.8%, compared
to 63.1% in the third quarter of fiscal 2022. The decline in
product gross margin was primarily driven by the adverse mix impact
from increased device product sales, which have lower product gross
margins due to low production volumes during the scale-up phase
following initial commercialization.
Operating costs and expenses, excluding product costs, decreased
$2.7 million, or 10%, to $24.2 million, compared to $26.9 million
in the third quarter of fiscal 2022. The decrease was driven
primarily by lower research and development expenses as the result
of the spending reduction plan implemented in the second quarter of
fiscal 2023. In addition, operating costs and expenses in the third
quarter of fiscal 2023 included a $0.8 million gain from the fair
value adjustment of acquisition-related contingent
consideration.
GAAP net income was $7.3 million, or $0.52 per diluted share,
compared to GAAP net loss of $(5.7) million, or $(0.41) per diluted
share in the third quarter of fiscal 2022. Non-GAAP net income was
$7.3 million, or $0.52 per diluted share, compared to Non-GAAP net
loss of $(4.7) million, or $(0.34) per diluted share in the third
quarter of fiscal 2022.
Adjusted EBITDA was $24.6 million, compared to Adjusted EBITDA
loss of $(3.1) million in the third quarter of fiscal 2022.
Balance Sheet Summary
As of June 30, 2023, Surmodics reported $44.6 million in cash
and cash equivalents, $5.0 million in outstanding borrowings on its
$25.0 million revolving credit facility, and $25.0 million in
outstanding borrowings on its term loan facility. Additional draws
on the term loan facility may be made in $10.0 million minimum
increments, up to a total of $75.0 million through December 31,
2024. A third tranche of up to $25.0 million on the term loan
facility may be available through December 31, 2024 at the lender’s
option. Surmodics reported $25.9 million of cash provided by
operating activities and $0.5 million in capital expenditures in
the third quarter of fiscal 2023.
Fiscal Year 2023 Financial Guidance
Surmodics now expects fiscal year 2023 total revenue to range
from $130 million to $132 million, representing an increase of 30%
to 32% compared to the prior year. The company’s prior guidance
called for fiscal year 2023 total revenue of $103 million to $106
million, representing an increase of 3% to 6% compared to the prior
year.
The company now expects fiscal 2023 GAAP diluted loss per share
to range from $(0.55) to $(0.40). The company’s prior guidance
called for fiscal 2023 GAAP diluted loss per share of $(2.30) to
$(2.00).
Non-GAAP diluted loss per share in fiscal 2023 is expected to
range from $(0.29) to $(0.14). The company’s prior guidance called
for fiscal 2023 Non-GAAP diluted loss per share of $(1.98) to
$(1.68).
Conference Call Today at 7:00 a.m. CT (8:00 a.m. ET)
Surmodics is hosting a live webcast at 7:00 a.m. CT (8:00 a.m.
ET) today to discuss third quarter of fiscal 2023 financial results
and accomplishments, and to host a question-and-answer session. To
access the webcast, please go to “Events & Presentations” under
the “Investors” section of the company’s website at
https://surmodics.gcs-web.com/events-and-presentations, and click
on the webcast icon under “Upcoming Events.” To listen to the live
teleconference, dial 877-407-8293 (international callers may dial
201-689-8349) and provide access ID: 13739898.
An audio replay of the conference call will be available
beginning at 11:00 a.m. CT today, until 11:00 a.m. CT on Wednesday,
August 16, and can be accessed by dialing 877-660-6853
(international callers may dial 201-612-7415) and entering access
ID: 13739898. In addition, the webcast and transcript will be
archived on the company’s website following the call.
About Surmodics, Inc.
Surmodics, Inc. is a leading provider of performance coating
technologies for intravascular medical devices and chemical and
biological components for in vitro diagnostic immunoassay tests and
microarrays. Surmodics also develops and commercializes highly
differentiated vascular intervention medical devices that are
designed to address unmet clinical needs and engineered to the most
demanding requirements. This key growth strategy leverages the
combination of the company’s expertise in proprietary surface
modification and drug-delivery coating technologies, along with its
device design, development and manufacturing capabilities. The
company’s mission is to improve the detection and treatment of
disease. Surmodics is headquartered in Eden Prairie, Minnesota.
Safe Harbor for Forward-looking Statements
This press release, and disclosures related to it, contain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Statements that are not
historical or current facts, including statements regarding:
expectations of the timing of an initial stocking order for SurVeil
DCB products and of Abbott’s commercialization of the product;
being well positioned to support Abbott’s commercial launch of the
SurVeil DCB; our belief that the SurVeil DCB will complement and
enhance Abbott’s existing product portfolio; our expectation about
working with the FDA to update the SurVeil DCB product labeling to
reflect currently available paclitaxel data; our future prospects;
the expected customer base for our Sublime radial and Pounce
arterial thrombectomy platforms by year end and their expected
year-over-year growth rate for full fiscal 2023; our expectations
regarding expanding the addressable market for our Pounce arterial
thrombectomy system with the addition of new products and clinical
indications; expectations regarding the conduct and timing of
limited market introductions of certain products and of
commercialization of products; our expectations related to the
PROWL U.S. registry study and expectation of sharing interim data
therefrom; our fiscal 2023 financial guidance and related
assumptions, including assumptions in our revenue guidance provided
for modeling purposes, expected revenue growth rates, expected
license fee revenue related to the SurVeil DCB, expected product
gross margins for the remainder of fiscal 2023 and factors that we
expect to impact product gross margins, expected operating
expenses, expected interest expense, and expected tax (expense)
benefit; expected cash use for the fourth quarter of fiscal 2023;
our expected cash balance at the end of fiscal 2023; our fiscal
2023 strategic objectives; and further and future growth and value
creation in the years to come, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties, and important factors could cause actual results to
differ materially from those anticipated, including, without
limitation: (1) our ability to successfully develop and
commercialize our SurVeil DCB (including realization of the full
potential benefits of our agreement with Abbott), Avess™ DCB,
Sundance™ DCB, and other proprietary products; (2) our reliance on
third parties (including our customers and licensees) and their
failure to successfully develop, obtain regulatory approval for,
market, and sell products incorporating our technologies; (3)
possible adverse market conditions and possible adverse impacts on
our cash flows; (4) our ability to successfully and profitably
commercialize our vascular intervention products; (5) supply chain
constraints; (6) whether our operating expenses are effective in
generating profitable revenues; (7) disruptions to our business
from our plan to reduce our use of cash announced in the second
quarter of fiscal 2023, the failure of such plan to achieve its
objectives, or cost and expenses associated with such plan; and (8)
the factors identified under “Risk Factors” in Part I, Item 1A of
our Annual Report on Form 10-K for the fiscal year ended September
30, 2022 and subsequent SEC filings. These reports are available in
the Investors section of our website at
https://surmodics.gcs-web.com and at the SEC website at
www.sec.gov. Forward-looking statements speak only as of the date
they are made, and we undertake no obligation to update them in
light of new information or future events.
Use of Non-GAAP Financial Information
In addition to reporting financial results in accordance with
U.S. generally accepted accounting principles, or GAAP, Surmodics
is reporting non-GAAP financial results including EBITDA and
Adjusted EBITDA, non-GAAP operating income (loss), non-GAAP
operating income (loss) percentage, non-GAAP income (loss) before
income taxes, non-GAAP net income (loss), and non-GAAP income
(loss) per diluted share. We believe that these non-GAAP measures,
when read in conjunction with the company’s GAAP financial
statements, provide meaningful insight into our operating
performance excluding certain event-specific matters, and provide
an alternative perspective of our results of operations. We use
non-GAAP measures, including those set forth in this release, to
assess our operating performance and to determine payouts under our
executive compensation programs. We also are providing guidance on
a range of non-GAAP loss per diluted share for fiscal 2023. We
believe that presentation of certain non-GAAP measures allows
investors to review our results of operations from the same
perspective as management and our board of directors and
facilitates comparisons of our current results of operations. The
method we use to produce non-GAAP results is not in accordance with
GAAP and may differ from the methods used by other companies.
Non-GAAP results should not be regarded as a substitute for
corresponding GAAP measures but instead should be utilized as a
supplemental measure of operating performance in evaluating our
business. Non-GAAP measures do have limitations in that they do not
reflect certain items that may have a material impact on our
reported financial results. As such, these non-GAAP measures should
be viewed in conjunction with both our financial statements
prepared in accordance with GAAP and the reconciliation of the
supplemental non-GAAP financial measures to the comparable GAAP
results provided for the specific periods presented, which are
attached to this release.
Surmodics, Inc. and
Subsidiaries
Condensed Consolidated
Statements of Operations
(in thousands, except per share
data)
(Unaudited)
Three Months Ended June
30,
Nine Months Ended June
30,
2023
2022
2023
2022
Revenue:
Product sales
$
15,667
$
13,919
$
45,251
$
40,227
Royalties and license fees
34,153
8,795
52,347
26,738
Research, development and other
2,663
2,140
7,016
6,998
Total revenue
52,483
24,854
104,614
73,963
Operating costs and expenses:
Product costs
6,921
5,141
17,926
14,745
Research and development
11,232
12,975
36,899
38,350
Selling, general and administrative
12,874
12,854
39,077
33,159
Acquired intangible asset amortization
879
1,024
2,659
3,184
Restructuring expense
—
—
1,282
—
Contingent consideration (gain)
expense
(835
)
3
(829
)
9
Total operating costs and expenses
31,071
31,997
97,014
89,447
Operating income (loss)
21,412
(7,143
)
7,600
(15,484
)
Other expense, net
(763
)
(38
)
(2,324
)
(217
)
Income (loss) before income taxes
20,649
(7,181
)
5,276
(15,701
)
Income tax (expense) benefit
(13,303
)
1,530
(13,506
)
3,155
Net income (loss)
$
7,346
$
(5,651
)
$
(8,230
)
$
(12,546
)
Basic net income (loss) per share
$
0.52
$
(0.41
)
$
(0.59
)
$
(0.90
)
Diluted net income (loss) per share
$
0.52
$
(0.41
)
$
(0.59
)
$
(0.90
)
Weighted average number of shares
outstanding:
Basic
14,050
13,929
14,020
13,907
Diluted
14,072
13,929
14,020
13,907
Surmodics, Inc. and
Subsidiaries
Condensed Consolidated Balance
Sheets
(in thousands)
June 30,
September 30,
2023
2022
Assets
(Unaudited)
(See Note)
Current Assets:
Cash and cash equivalents
$
44,579
$
18,998
Accounts receivable, net
11,752
10,452
Contract assets — royalties and license
fees
7,678
7,116
Inventories, net
14,610
11,819
Prepaids and other
7,231
9,202
Total Current Assets
85,850
57,587
Property and equipment, net
26,571
27,148
Intangible assets, net
27,798
28,145
Goodwill
43,844
40,710
Other assets
4,838
4,769
Total Assets
$
188,901
$
158,359
Liabilities and Stockholders’
Equity
Current Liabilities:
Short-term borrowings
$
—
$
10,000
Deferred revenue
4,328
4,160
Income tax payable
11,953
—
Other current liabilities
15,767
17,919
Total Current Liabilities
32,048
32,079
Long-term debt, net
29,353
—
Deferred revenue
3,492
5,088
Other long-term liabilities
11,596
12,800
Total Liabilities
76,489
49,967
Total Stockholders’ Equity
112,412
108,392
Total Liabilities and Stockholders’
Equity
$
188,901
$
158,359
Note: Derived from audited financial
statements as of the date indicated.
Surmodics, Inc. and
Subsidiaries
Condensed Consolidated
Statements of Cash Flows
(in thousands)
(Unaudited)
Nine Months Ended June
30,
2023
2022
Operating Activities:
Net loss
$
(8,230
)
$
(12,546
)
Adjustments to reconcile net loss to net
cash provided by (used in) operating activities:
Depreciation and amortization
6,365
6,902
Stock-based compensation
5,662
5,198
Deferred taxes
(187
)
(2,996
)
Other
217
636
Change in operating assets and
liabilities:
Accounts receivable and contract
assets
(1,825
)
(847
)
Inventories
(2,790
)
(4,167
)
Prepaids and other
(961
)
(1,998
)
Accounts payable
(669
)
349
Accrued liabilities
(2,474
)
(1,039
)
Income taxes
15,583
(676
)
Deferred revenue
(1,427
)
(3,539
)
Net cash provided by (used in) operating
activities
9,264
(14,723
)
Investing Activities:
Purchases of property and equipment
(2,170
)
(2,798
)
Maturities of available-for-sale
securities
—
7,600
Net cash (used in) provided by investing
activities
(2,170
)
4,802
Financing Activities:
Payments of short-term borrowings
(10,000
)
—
Proceeds from issuance of long-term
debt
29,664
—
Payments of debt issuance costs
(614
)
—
Issuance of common stock
803
763
Payments for taxes related to net share
settlement of equity awards
(888
)
(936
)
Payments for acquisition of in-process
research and development
(978
)
(500
)
Net cash provided by (used in) financing
activities
17,987
(673
)
Effect of exchange rate changes on
cash
500
(485
)
Net change in cash and cash
equivalents
25,581
(11,079
)
Cash and Cash Equivalents:
Beginning of period
18,998
31,153
End of period
$
44,579
$
20,074
Surmodics, Inc. and
Subsidiaries
Supplemental Segment
Information
(in thousands)
(Unaudited)
Three Months Ended June
30,
Nine Months Ended June
30,
2023
2022
2023
2022
Medical Device Revenue
Product sales
$
9,299
$
6,741
$
25,593
$
19,970
Royalties
8,220
7,771
23,702
23,015
License fees
25,933
1,024
28,645
3,723
Research, development and other
2,562
1,992
6,799
6,181
Medical Device revenue
46,014
17,528
84,739
52,889
In Vitro Diagnostics Revenue
Product sales
6,368
7,178
19,658
20,257
Research, development and other
101
148
217
817
In Vitro Diagnostics revenue
6,469
7,326
19,875
21,074
Total Revenue
$
52,483
$
24,854
$
104,614
$
73,963
Three Months Ended June
30,
Nine Months Ended June
30,
2023
2022
2023
2022
Operating income (loss):
Medical Device
$
21,777
$
(7,308
)
$
7,483
$
(16,712
)
In Vitro Diagnostics
2,866
3,387
9,450
10,262
Total segment operating income (loss)
24,643
(3,921
)
16,933
(6,450
)
Corporate
(3,231
)
(3,222
)
(9,333
)
(9,034
)
Total operating income (loss)
$
21,412
$
(7,143
)
$
7,600
$
(15,484
)
Surmodics, Inc. and
Subsidiaries
Reconciliation of GAAP
Measures to Non-GAAP Amounts
Schedule of EBITDA and
Adjusted EBITDA
(in thousands)
(Unaudited)
Three Months Ended June
30,
Nine Months Ended June
30,
2023
2022
2023
2022
Net income (loss)
$
7,346
$
(5,651
)
$
(8,230
)
$
(12,546
)
Income tax expense (benefit)
13,303
(1,530
)
13,506
(3,155
)
Depreciation and amortization
2,151
2,206
6,365
6,902
Interest expense, net
884
145
2,594
410
Investment income, net
(182
)
(22
)
(531
)
(73
)
EBITDA
23,502
(4,852
)
13,704
(8,462
)
Adjustments:
Stock-based compensation expense
1,915
1,799
5,662
5,198
Restructuring expense (1)
—
—
1,282
—
Contingent consideration fair value
adjustment (2)
(829
)
—
(829
)
—
Adjusted EBITDA
$
24,588
$
(3,053
)
$
19,819
$
(3,264
)
Surmodics, Inc. and
Subsidiaries
Guidance Reconciliation:
Estimated Non-GAAP Diluted EPS
For the Fiscal Year Ending
September 30, 2023
(Unaudited)
Fiscal 2023 Full-Year
Estimate
Low
High
GAAP Diluted EPS
$
(0.55
)
$
(0.40
)
Per diluted share:
Amortization of acquired intangible assets
(3)
0.23
0.23
Restructuring expense (1)
0.09
0.09
Contingent consideration fair value
adjustment (2)
(0.06
)
(0.06
)
Non-GAAP Diluted EPS
$
(0.29
)
$
(0.14
)
Diluted weighted average shares
outstanding
14,030
Surmodics, Inc. and
Subsidiaries
Net Income (Loss) and Diluted
EPS GAAP to Non-GAAP Reconciliation
(in thousands, except per share
data)
(Unaudited)
Three Months Ended June 30,
2023
Revenue
Operating Income
Income Before Income
Taxes
Net Income (4)
Diluted EPS
GAAP
$
52,483
$
21,412
40.8
%
$
20,649
$
7,346
$
0.52
Adjustments:
Amortization of acquired intangible assets
(3)
—
879
1.7
%
879
813
0.06
Contingent consideration fair value
adjustment (2)
—
(829
)
(1.6
)%
(829
)
(829
)
(0.06
)
Non-GAAP
$
52,483
$
21,462
40.9
%
$
20,699
$
7,330
$
0.52
Diluted weighted average shares
outstanding (5)
14,072
Three Months Ended June 30,
2022
Revenue
Operating Loss
Loss Before Income
Taxes
Net Loss (4)
Diluted EPS
GAAP
$
24,854
$
(7,143
)
(28.7
)%
$
(7,181
)
$
(5,651
)
$
(0.41
)
Adjustments:
Amortization of acquired intangible assets
(3)
—
1,024
4.1
%
1,024
930
0.07
Non-GAAP
$
24,854
$
(6,119
)
(24.6
)%
$
(6,157
)
$
(4,721
)
$
(0.34
)
Diluted weighted average shares
outstanding (5)
13,929
Nine Months Ended June 30,
2023
Revenue
Operating Income
Income Before Income
Taxes
Net Loss (4)
Diluted EPS
GAAP
$
104,614
$
7,600
7.3
%
$
5,276
$
(8,230
)
$
(0.59
)
Adjustments:
Amortization of acquired intangible assets
(3)
—
2,659
2.5
%
2,659
2,467
0.18
Restructuring expense (1)
—
1,282
1.2
%
1,282
1,282
0.09
Contingent consideration fair value
adjustment (2)
—
(829
)
(0.8
)%
(829
)
(829
)
(0.06
)
Non-GAAP
$
104,614
$
10,712
10.2
%
$
8,388
$
(5,310
)
$
(0.38
)
Diluted weighted average shares
outstanding (5)
14,020
Nine Months Ended June 30,
2022
Revenue
Operating Loss
Loss Before Income
Taxes
Net Loss (4)
Diluted EPS
GAAP
$
73,963
$
(15,484
)
(20.9
)%
$
(15,701
)
$
(12,546
)
$
(0.90
)
Adjustments:
Amortization of acquired intangible assets
(3)
—
3,184
4.3
%
3,184
2,893
0.21
Non-GAAP
$
73,963
$
(12,300
)
(16.6
)%
$
(12,517
)
$
(9,653
)
$
(0.69
)
Diluted weighted average shares
outstanding (5)
13,907
(1)
Restructuring expense consists of
severance and related costs specifically associated with a
workforce restructuring implemented in the second quarter of fiscal
2023.
(2)
Represents accounting adjustments to state
acquisition-related contingent consideration liabilities at their
estimated fair value as of the period end date, including
adjustments to the liabilities’ fair values related to changes in
the timing and/or probability of achieving milestones and accretion
expense for the passage of time.
(3)
Represents amortization of business
acquisition-related intangible assets and associated tax impact. A
significant portion of the business acquisition-related
amortization is not tax deductible.
(4)
Net income (loss) includes the effect of
the above adjustments on income tax (expense) benefit, taking into
account deferred taxes net of valuation allowances, as well as
non-deductible items. Income tax impacts were estimated using the
applicable statutory rate (21% in the U.S. and 12.5% in
Ireland).
(5)
Diluted weighted average shares
outstanding used in the calculation of EPS was the same for GAAP
EPS and Non-GAAP EPS.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230802023507/en/
Surmodics Investor Inquiries Jack Powell, Investor Relations
ir@surmodics.com
SurModics (NASDAQ:SRDX)
Historical Stock Chart
From Apr 2024 to May 2024
SurModics (NASDAQ:SRDX)
Historical Stock Chart
From May 2023 to May 2024