Surmodics’ acquisition hits earnings bottom line

Surmodics (NSDQ:SRDX) today posted earnings that beat expectations on Wall Street and adjusted its guidance for the remaining year.

The Eden Prairie, Minn. company took an expected hit to earnings due to its $5 million-plus acquisition of Embolitech’s thrombectomy platform. Surmodics posted a net loss of -$2.68 million compared with a profit of $720 million in the same quarter of 2017. Its medical device business posted a net loss of -$6.2 million for the quarter compared with a gain of $1.4 million for the same period of 2017.

Revenue was $22.2 million, up 25% from the same quarter one year ago, driven by medical device revenue of $16.7 million, which leapt 31%. That included $1.7 million from Abbott, which agreed earlier this year to worldwide commercialization rights to Surmodics’ SurVeil drug-coated balloon to treat the superficial femoral artery.

Get the full story on our sister site, Medical Design & Outsourcing.

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