SurModics, Inc.’s SRDX reported adjusted earnings of 26 cents per share in the third-quarter of fiscal 2015 (ended Jun 30, 2015), surpassing the Zacks Consensus Estimate of 20 cents but falling short of the year-ago figure of 27 cents.
Revenues in the quarter increased 8.9% to $15.9 million marginally above the Zacks Consensus Estimate of $15 million.
Quarter in Detail
SurModics reports revenues in segments – In Vitro Diagnostics (IVD) and Medical Device.
Revenues from the Medical Device segment, which contributes approximately three-quarters to total revenues, came in at $11.6 million, up 8% from the year-ago period. Hydrophilic coating royalty revenues increased 6% year over year to $7.7 million. The company reported that reagent product sales returned to growth during the quarter.
Revenues from the IVD business unit climbed 13% to $4.3 million. The segment benefited from strong sales of the immunoassay reagents as well as molecular diagnostics product line.
Products sales rose 8.5% to $6.6 million from the year-ago period, reflecting increased shipments at the IVD business unit.
Meanwhile, the company informed that it now expects to start patient enrolment in the GLP study on the SurVeil Drug Coated Balloon product in the first quarter of fiscal 2016 instead of the previously provided timeline of Sep 2015.
SurModics now expects revenues in the range of $58 million – $60 million as compared to the previous guidance of $57 million – $60 million.
SurModics carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the health care sector include Ligand Pharmaceuticals Incorporated LGND, Agios Pharmaceuticals, Inc. AGIO and AMAG Pharmaceuticals, Inc. AMAG each sporting a Zacks Rank #1 (Strong Buy).
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