Revenues totaled $91.5 million, surpassing the consensus estimate by 2.9%. The stock has a Zacks Rank #2.ĪngioDynamics’ fiscal second-quarter adjusted EPS of 22 cents beat the Zacks Consensus Estimate by a penny. Revenues of $741 million outpaced the consensus mark of $717.9 million. Varian’s fiscal first-quarter adjusted EPS of $1.06 was in line with the Zacks Consensus Estimate. Other top-ranked MedTech stocks which posted solid results this earnings season are Varian Medical Systems (NYSE: VAR) and AngioDynamics (NASDAQ: ANGO). Surmodics’ drug-coated balloons face stiff competition in the niche space.Įarnings of Other MedTech Majors at a Glance Additionally, unfavorable foreign currency movement impacted the company’s bottom line in the fiscal first quarter. On the flip side, surging operating expenses is a concern.
A strong guidance for fiscal 2019 buoys optimism. Additionally, the company expects a CE mark for SurVeil in Europe in the near future. Management is also optimistic about the ongoing TRANSCEND enrollment. Strong sales of the company’s clinical components drove the IVD segment. In fact, management expects the segment to see double-digit revenues growth in fiscal 2019. The company continues to gain from its core Medical Devices unit which saw significant contribution from the SurVeil agreement with Abbott in the quarter. Surmodics exited the fiscal first quarter on a strong note, with EPS and revenues outpacing estimates.
The Zacks Consensus Estimate is pinned at EPS of 8 cents, within the guided range. The Zacks Consensus Estimate is pegged at $93.3 million, below the guided range.Īdjusted EPS is projected between 2 cents and 22 cents, compared with the previous projection of a loss of 7 cents to EPS of 23 cents. Surmodics raised the low end of its fiscal 2019 revenue expectation to $94 million from $92 million, while the high end is maintained at $97 million. Total operating costs and expenses in the quarter were $21.5 million, up 22% year over year. Selling, general and administrative expenditures were almost $5.9 million, up 14.7% from the prior-year quarter. The company had research and development costs of $11.5 million, up 46.7% year over year. Surmodics registered Product costs of $3.5 million in the quarter, up 21.9% year over year. Operating income at the segment was $2.5 million in the reported quarter, up 47% from the year-ago quarter’s level. In the quarter under review, sales increased 17.6% to $5 million, reflecting strong growth in sales of the company’s clinical components used in diagnostic tests and microarray slides slide. The Medical Device business unit also reported $0.4 million of operating income in the first quarter against an operating loss of $0.4 million a year ago. Per management, the uptick can be attributed to an increase in balloon catheter unit volume as a result of recent product launches. In the reported quarter, sales at the segment rose 35.1% to $17.3 million, which includes $2.4 million from the SurVeil agreement with Abbott (NYSE: ABT). Price, Consensus and EPS Surprise | Surmodics, Inc.
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Additionally, the enrollment under Surmodics’ TRANSCEND clinical trial continued in the quarter. In the reported quarter, first patient was treated for the first study of the Avess arteriovenous (AV) access drug coated balloon (DCB). Research, development and other revenues were $2.4 million, up 29.5% year over year.
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Royalty and license fee revenues totaled $10.1 million, up 42.7% from the year-ago quarter. In the quarter under review, Product sales were $9.8 million, up 20.6% year over year. Meanwhile, over the past year, shares of the Zacks Rank #2 (Buy) company have rallied 77.5% against the industry’s 6.3% and the S&P 500 index’s 6.5% declines. Revenues in the quarter increased 30.7% to $22.2 million, which outpaced the Zacks Consensus Estimate by 17.7%. Earnings rose 20% from the year-ago quarter’s figure. (NASDAQ: SRDX) reported adjusted earnings per share (EPS) of 12 cents in first-quarter fiscal 2019, comparing favorably with the Zacks Consensus Estimate of a loss of a penny.
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