Exhibit 99.1

Surmodics Reports Fourth Quarter Fiscal 2021 Results and Issues Fiscal 2022 Revenue and EPS Guidance

EDEN PRAIRIE, Minn.--(BUSINESS WIRE)--November 10, 2021--Surmodics, Inc. (Nasdaq: SRDX), a leading provider of medical device and in vitro diagnostic technologies to the healthcare industry, today announced results for its fiscal 2021 fourth quarter ended September 30, 2021 and provided its financial outlook for its fiscal 2022.

Summary of Fourth Quarter and Recent Highlights

  • Revenue of $24.0 million, an increase of 6% year-over-year
  • GAAP EPS of $(0.02), non-GAAP EPS of $(0.10)
  • Successful first patient use Sublime™ .018 RX PTA Dilatation Catheter

“We’re extremely pleased to share that the Sublime™ and Pounce™ clinical product evaluations are confirming the meaningful advantages of our radial access and arterial thrombectomy products,” said Gary Maharaj, President and CEO of Surmodics, Inc. “Our fiscal 2022 promises to be an exciting year as we accelerate the commercialization of our innovative radial access, thrombectomy and drug-coated balloon platforms.”

Fourth Quarter Fiscal 2021 Financial Results

Total revenue for the fourth quarter of fiscal 2021 was $24.0 million, compared to $22.5 million in the prior-year period. Medical Device revenue was $17.4 million for the fourth quarter of fiscal 2021, compared to $17.2 million for the prior-year period, an increase of 1%. Medical Device revenue in the fourth quarter of fiscal 2021 includes $1.2 million from our Development and Distribution Agreement with Abbott Vascular, Inc. (“Abbott”) for the SurVeil™ drug-coated balloon, compared to $1.6 million in the prior-year quarter. In Vitro Diagnostics revenue was $6.6 million for the fourth quarter of fiscal 2021, compared to $5.4 million in the same prior-year quarter, an increase of 23%.

Diluted GAAP earnings per share in the fourth quarter of fiscal 2021 was a loss per share of $(0.02), compared to a loss per share of $(0.22) in the prior-year period. On a non-GAAP basis, loss per share in the fourth quarter of fiscal 2021 was $(0.10), compared to a loss per share of $(0.18) in the same prior-year quarter. On a non-GAAP basis, adjusted net loss and adjusted EPS exclude a $2.6 million and $0.19 per share tax-effected benefit, respectively, recorded in the fourth quarter of fiscal 2021 related to the reimbursement of certain expenses under the employee retention credit provisions of the Coronavirus Aid, Relief and Economic Security Act (the "CARES Act").

As of September 30, 2021, Surmodics reported cash and investments totaling $40.9 million and $10 million in outstanding borrowings on its $25 million line of credit. Surmodics reported $0.9 million of cash provided by operating activities and $2.4 million in capital expenditures in the fourth quarter of fiscal 2021. Surmodics completed its acquisition of Vetex Medical Limited during the fourth quarter of fiscal 2021, with the upfront cash payment of $39.9 million funded using cash on hand and $10 million from the Company’s $25 million line of credit.

Fiscal 2022 Guidance

Surmodics has the potential to receive a $30 million milestone payment during fiscal 2022 related to premarket approval of the SurVeil DCB pursuant to the Abbott Development and Distribution Agreement. The potential revenue associated with this milestone payment would be approximately $25 million. As has been the Company’s practice with past guidance, revenue from regulatory-related milestones is not included in guidance until they are achieved.

Surmodics expects fiscal year 2022 revenue to range from $97 million to $101 million. The Company expects fiscal 2022 diluted GAAP EPS to range from a loss per share of $(2.05) to $(1.55), which reflects increased investments to accelerate the Company’s strategy. Non-GAAP diluted EPS for fiscal 2022 is expected to range from a loss per share of $(1.75) to $(1.25).


The following information was filed by Surmodics Inc (SRDX) on Wednesday, November 10, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate Surmodics Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Surmodics Inc.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account