In This Story
Surmodics, Inc. has submitted its 10-K filing for the fiscal year ended September 30, 2024.
The filing details the company's operations, including its focus on performance coating technologies for medical devices and chemical components for in vitro diagnostics. Surmodics is headquartered in Eden Prairie, Minnesota.
For the fiscal year 2024, Surmodics reported a revenue of $126.1 million, a decrease of 5% from the previous year. The decline was primarily due to lower SurVeil DCB license fee revenue, partially offset by growth in product sales and performance coating royalties.
Product sales increased by 21% to $73.6 million, driven by the initial stocking order and subsequent orders for the SurVeil DCB and continued growth from the Pounce thrombectomy device platform.
Research and development expenses were $38.4 million, representing 30% of total revenue, a decrease from the previous year. The decrease was attributed to lower expenses associated with the SurVeil DCB and thrombectomy platform.
Surmodics entered into a merger agreement with BCE Parent, LLC, under which Surmodics will be acquired for $43.00 per share in cash. The merger is subject to regulatory approval and other customary closing conditions.
Significant customers included Abbott (ABT-0.38%) and Medtronic (MDT+1.06%), with Abbott contributing 16% to total revenue. The SurVeil DCB accounted for 10% of total revenue.
The company maintains a secured credit agreement with MidCap, providing a revolving credit facility of up to $25 million and term loans of up to $75 million. As of September 30, 2024, the outstanding balance on the revolving credit facility was $5 million.
Surmodics' reportable segments include Medical Device and In Vitro Diagnostics. The Medical Device segment reported a revenue of $97.5 million, while the In Vitro Diagnostics segment reported $28.6 million.
In fiscal 2024, the company incurred $3.7 million in merger-related charges. The merger agreement includes termination rights and fees, with a termination fee of $20.4 million under specified circumstances.
Surmodics' principal operations are located in Eden Prairie, Minnesota, with additional facilities in Ballinasloe, Ireland. The company had 389 employees as of September 30, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Surmodics Inc. annual 10-K report dated November 20, 2024. To report an error, please email earnings@qz.com.