Surmodics (NASDAQ:SRDX) Releases FY 2024 Earnings Guidance

Surmodics (NASDAQ:SRDX) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of -0.670–0.470 for the period, compared to the consensus earnings per share estimate of -0.940. The company issued revenue guidance of $118.0 million-$120.0 million, compared to the consensus revenue estimate of $119.7 million.

Surmodics Stock Down 6.0 %

SRDX traded down $2.06 during trading on Friday, hitting $32.49. 90,444 shares of the company’s stock were exchanged, compared to its average volume of 134,803. Surmodics has a fifty-two week low of $16.79 and a fifty-two week high of $39.41. The stock has a market cap of $463.31 million, a P/E ratio of 34.20 and a beta of 1.04. The business’s 50 day moving average is $28.63 and its two-hundred day moving average is $31.66. The company has a quick ratio of 3.97, a current ratio of 4.39 and a debt-to-equity ratio of 0.24.

Surmodics (NASDAQ:SRDX) last posted its earnings results on Wednesday, May 1st. The company reported $0.07 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.36) by $0.43. The company had revenue of $31.96 million for the quarter, compared to analyst estimates of $28.79 million. Surmodics had a net margin of 9.44% and a return on equity of 13.30%. During the same quarter in the prior year, the business posted ($0.40) EPS. As a group, equities analysts expect that Surmodics will post -0.57 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

SRDX has been the subject of several recent research reports. Needham & Company LLC decreased their price target on Surmodics from $47.00 to $43.00 and set a buy rating for the company in a report on Wednesday. Barrington Research reaffirmed an outperform rating and set a $71.00 price objective on shares of Surmodics in a report on Thursday. Finally, StockNews.com downgraded shares of Surmodics from a strong-buy rating to a buy rating in a report on Wednesday, April 24th.

About Surmodics

Surmodics, Inc, together with its subsidiaries, provides performance coating technologies for intravascular medical devices, and chemical and biological components for in vitro diagnostic immunoassay tests and microarrays in the United States and internationally. It operates through two segments, Medical Device and In Vitro Diagnostics (IVD).