Surmodics (NASDAQ:SRDX) Issues FY 2022 Earnings Guidance

Surmodics (NASDAQ:SRDX) issued an update on its FY 2022 earnings guidance on Wednesday morning. The company provided EPS guidance of $-1.750-$-1.250 for the period, compared to the Thomson Reuters consensus EPS estimate of $0.920. The company issued revenue guidance of $97 million-$101 million, compared to the consensus revenue estimate of $118.12 million.

Surmodics stock traded up $0.10 during mid-day trading on Thursday, reaching $47.85. The company had a trading volume of 25,126 shares, compared to its average volume of 46,367. Surmodics has a 1 year low of $37.03 and a 1 year high of $62.27. The company has a market cap of $663.78 million, a P/E ratio of 159.51 and a beta of 0.96. The business’s 50-day simple moving average is $54.47.

Surmodics (NASDAQ:SRDX) last issued its earnings results on Wednesday, November 10th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.25) by $0.15. Surmodics had a net margin of 4.03% and a return on equity of 3.76%. During the same period in the previous year, the firm earned ($0.18) earnings per share. Sell-side analysts anticipate that Surmodics will post -1.5 EPS for the current year.

Separately, Needham & Company LLC lowered their price target on shares of Surmodics from $76.00 to $70.00 and set a buy rating on the stock in a research report on Wednesday, November 10th.

In other news, CEO Gary R. Maharaj sold 6,000 shares of the firm’s stock in a transaction on Wednesday, September 15th. The shares were sold at an average price of $57.23, for a total value of $343,380.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Charles W. Olson sold 1,292 shares of Surmodics stock in a transaction on Tuesday, August 31st. The stock was sold at an average price of $59.75, for a total transaction of $77,197.00. Following the sale, the vice president now directly owns 39,292 shares in the company, valued at approximately $2,347,697. The disclosure for this sale can be found here. Insiders sold 13,292 shares of company stock worth $748,477 over the last quarter. Company insiders own 7.10% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Morgan Stanley grew its position in Surmodics by 24.2% during the second quarter. Morgan Stanley now owns 53,611 shares of the company’s stock valued at $2,909,000 after purchasing an additional 10,429 shares in the last quarter. BNP Paribas Arbitrage SA grew its position in Surmodics by 170.8% in the third quarter. BNP Paribas Arbitrage SA now owns 13,336 shares of the company’s stock worth $741,000 after acquiring an additional 8,412 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Surmodics by 6.6% during the 3rd quarter. Bank of New York Mellon Corp now owns 134,560 shares of the company’s stock worth $7,481,000 after buying an additional 8,330 shares during the period. Institutional investors and hedge funds own 89.86% of the company’s stock.

About Surmodics

SurModics, Inc engages in the provision of surface modification technologies for intravascular medical devices and chemical components for in vitro diagnostic immunoassay tests and microarrays. It also develops and commercializes medical devices that are designed to address unmet clinical needs and engineered to the most demanding requirements.

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Earnings History and Estimates for Surmodics (NASDAQ:SRDX)

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