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Surmodics Inc. (SRDX+1.34%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing details a decrease in total revenue to $29.9 million from $30.6 million in the same quarter the previous year. This decrease is attributed to a decline in product sales, particularly in the Medical Device segment.
Medical Device segment revenue was $23.3 million, a slight decrease from $23.5 million in the previous year. The decline was primarily due to reduced sales of the SurVeil DCB, offset by growth in the Pounce thrombectomy device platform.
In Vitro Diagnostics segment revenue decreased to $6.6 million from $7.0 million, driven by unfavorable order timing for distributed antigen and diagnostic test chemical components.
Product gross profit decreased to $9.1 million from $10.0 million, with product gross margins increasing to 55.1% from 53.2% due to a favorable product mix.
Research and development expenses were $8.9 million, up from $8.7 million, reflecting increased compensation expenses for medical device development.
Selling, general, and administrative expenses rose to $15.2 million from $12.5 million, primarily due to $2.3 million in merger-related charges.
The company reported a net loss of $3.7 million, compared to a net loss of $0.8 million in the previous year, with an effective tax rate of -24%.
Cash used in operating activities was $7.9 million, compared to $8.8 million in the prior year, with cash and cash equivalents totaling $30.1 million at the end of the period.
The report also discusses the ongoing merger agreement with BCE Parent, LLC, under which Surmodics will be acquired for $43.00 per share in cash, subject to regulatory approval and other closing conditions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Surmodics Inc. quarterly 10-Q report dated January 30, 2025. To report an error, please email earnings@qz.com.