The Eden Prairie, Minn.-based company posted profits of $2.3 million, or 17¢ per share, on sales of $17.8 million for the 3 months ended Dec. 31, for bottom-line loss of -13.3% on sales growth of 7.9% compared with the same period last year.
Adjusted to exclude 1-time items, earnings per share were 19¢, ahead of consensus on The Street, where analysts were looking for sales of $15.8 million.
“The Surmodics team made meaningful investments in our whole-product strategy while delivering top-line growth in the first quarter of fiscal 2017,” president & CEO Gary Maharaj said in prepared remarks. “We believe that we are well-positioned for future growth as we remain on track to continue the clinical evaluation of our SurVeil drug-coated balloon and prepare for regulatory submission of several proprietary products in the next few months.”
“We continue to build on our platform to accelerate future growth, achieving solid financial performance, delivering innovation and service in our core businesses, and executing according to plan. We have a number of initiatives we are pursuing in fiscal 2017 centered on making Surmodics more relevant to our medical device customers by developing complete product solutions for them. This, we believe, will drive long-term shareholder value.”
Surmodics said it expects to post adjusted EPS of 19¢ to 33¢ on sales of $64 million to $68 million for the full year.
SRDX shares were trading at $25.45 apiece today in mid-morning trading, up 2.41%.
In April last year, Surmodics enrolled the 1st patient in an early feasibility trial of its SurVeil drug-coated balloon for treating peripheral artery disease.
The FDA granted investigational device exemption for the trial in 2014. The 1st-in-human study is slated to enroll 15 patients to examine the safety & usability of the SurVeil device before the design is finalized, SurModics said.