Surmodics Inc

NASDAQ:SRDXUnited States

Nov 6, 2024

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• -- Earnings Flash (SRDX) SURMODICS Posts Q4 Revenue $33.2M, from 7:04AM ET on Wednesday Nov 06, 2024 by MT Newswires

  7:04AM ET on Wednesday Nov 06, 2024 by MT Newswires
  Companies Mentioned: SRDX
  07:04 AM EST, 11/06/2024 (MT Newswires) -- ...

• -- Earnings Flash (SRDX) SURMODICS Posts Q4 Loss $-0.13 Per Share, from 7:04AM ET on Wednesday Nov 06, 2024 by MT Newswires

  7:04AM ET on Wednesday Nov 06, 2024 by MT Newswires
  Companies Mentioned: SRDX
  07:04 AM EST, 11/06/2024 (MT Newswires) -- ...

• *DJ Surmodics 4Q Loss/Shr 24c >SRDX, from 7:00AM ET on Wednesday Nov 06, 2024 by Dow Jones

  7:00AM ET on Wednesday Nov 06, 2024 by Dow Jones
  Companies Mentioned: SRDX
  expense(6) -- 1,282 (1,282) Contingent consideration fair value adjustment(7) -- (829) 829 ---------- ---------- --- --------- Adjusted EBITDA $ 14,743 $ 21,479 $ (6,736) ========== ========== === ========= Surmodics, Inc. and Subsidiaries GAAP to Non-GAAP Reconciliation: Net (Loss) Income and Diluted EPS (in thousands, except per share data) (Unaudited) For the Three Months Ended September 30, 2024 ------------------------------------------------------- (Loss) Income Operating (Loss) Before Income Net Diluted Income Taxes Loss(9) EPS ------------------ ------------- -------- ---------- GAAP $ (613) (1.8)% $(1,137) $(3,449) $ (0.24) Adjustments: ---------------- Amortization of acquired intangible assets(8) 885 2.7% 885 819 0.05 Merger-related charges(5) 856 2.5% 856 856 0.06 ----- ---- ------ ---- ------ ------ Non-GAAP $1,128 3.4% $ 604 $(1,774) $ (0.13) ===== ==== ====== ==== ====== ====== Diluted weighted average shares outstanding(10) 14,189 For the Three Months Ended September 30, 2023 -------------------------------------------------------- Loss Before Income Net Diluted Operating Loss Taxes Income(9) EPS ------------------- ----------- ----------- --------- GAAP $(2,450) (8.8)% $(2,789) $ 6,694 $ 0.47 Adjustments: ---------------- Amortization of acquired intangible assets(8) 878 3.2% 878 812 0.06 ------ ---- ------ ------- ------ Non-GAAP $(1,572) (5.6)% $(1,911) $ 7,506 $ 0.53 ====== ==== ====== ======= ====== Diluted weighted average shares outstanding(10) 14,152 Fiscal Year Ended September 30, 2024 -------------------------------------------------------- Loss Before Operating (Loss) Income Net Diluted Income Taxes Loss(9) EPS ------------------- ------------ --------- ---------- GAAP $(5,645) (4.5)% $(7,506) $(11,542) $ (0.82) Adjustments: ---------------- Amortization of acquired intangible assets(8) 3,501 2.8% 3,501 3,239 0.23 Merger-related charges(5) 3,720 3.0% 3,720 3,720 0.27 ------ ---- ------ --- ------- ------ Non-GAAP $ 1,576 1.3% $ (285) $ (4,583) $ (0.32) ====== ==== ====== ======= ====== Diluted weighted average shares outstanding(10) 14,153 Fiscal Year Ended September 30, 2023 ------------------------------------------------------- Income Before Income Net (Loss) Diluted Operating Income Taxes Income(9) EPS ----------------- ----------- ----------- ---------- GAAP $5,150 3.9% $2,487 $(1,536) $ (0.11) Adjustments: ---------------- Amortization of acquired intangible assets(8) 3,537 2.6% 3,537 3,279 0.24 Restructuring expense(6) 1,282 1.0% 1,282 1,282 0.09 Contingent consideration fair value adjustment(7) (829) (0.6)% (829) (829) (0.06) ----- ---- ----- ------ ------ Non-GAAP $9,140 6.9% $6,477 $ 2,196 $ 0.16 ===== ==== ===== === ====== ====== Diluted weighted average shares outstanding(10) 14,071 (1) SurVeil DCB license fee revenue represents revenue recognition on milestone payments received under the company's Development and Distribution Agreement with Abbott ("Abbott Agreement"). For further details, refer to Supplemental Revenue Information. (2) For the calculation of Adjusted EBITDA, refer to GAAP to Non-GAAP Reconciliation: EBITDA and Adjusted EBITDA. (3) Product gross profit equals product sales less product costs, as reported on the condensed consolidated statements of operations. Product gross margin equals product gross profit as a percentage of product sales. (4) For the calculation of Non-GAAP net (loss) income and Non-GAAP (loss) income per diluted share (also referred to as Non-GAAP diluted EPS), refer to GAAP to Non-GAAP Reconciliation: Net (Loss) Income and Diluted EPS. (5) Merger-related charges consisted of expenses specifically associated with the proposed acquisition of Surmodics by GTCR, which were reported in selling, general and administrative expense on the condensed consolidated statements of operations. Merger-related charges were not tax deductible. (6) Restructuring expense consisted of severance and related costs specifically associated with a workforce restructuring implemented in the second quarter of fiscal 2023. (7) Contingent consideration fair value adjustment represented accounting adjustments to state acquisition-related contingent consideration liabilities at their estimated fair value as of the period end date related to changes in the timing and/or probability of achieving milestones. (8) Represents amortization of business acquisition-related intangible assets and associated tax impact. A significant portion of the business acquisition-related amortization is not tax deductible. (9) Net (loss) income includes the effect of GAAP to Non-GAAP adjustments on income tax expense, taking into account deferred taxes net of valuation allowances, as well as non-deductible items. Income tax impacts were estimated using the applicable statutory rate (21% in the U.S. and 12.5% in Ireland). (10) Diluted weighted average shares outstanding used in the calculation of EPS was the same for GAAP EPS and Non-GAAP EPS for the three month periods ended September 30, 2024 and 2023 and the fiscal year ended September 30, 2024. For the fiscal year ended September 30, 2023, diluted weighted average shares outstanding used in the calculation of EPS was 14,031 for GAAP EPS due to the net loss in the period, and 14,071 for Non-GAAP EPS corresponding to the Non-GAAP net income in the period.
  

• Surmodics Reports Fourth Quarter and Fiscal Year 2024 Financial Results, from 7:00AM ET on Wednesday Nov 06, 2024 by Dow Jones

  7:00AM ET on Wednesday Nov 06, 2024 by Dow Jones
  Companies Mentioned: SRDX
  expense(6) -- 1,282 (1,282) Contingent consideration fair value adjustment(7) -- (829) 829 ---------- ---------- --- --------- Adjusted EBITDA $ 14,743 $ 21,479 $ (6,736) ========== ========== === ========= Surmodics, Inc. and Subsidiaries GAAP to Non-GAAP Reconciliation: Net (Loss) Income and Diluted EPS (in thousands, except per share data) (Unaudited) For the Three Months Ended September 30, 2024 ------------------------------------------------------- (Loss) Income Operating (Loss) Before Income Net Diluted Income Taxes Loss(9) EPS ------------------ ------------- -------- ---------- GAAP $ (613) (1.8)% $(1,137) $(3,449) $ (0.24) Adjustments: ---------------- Amortization of acquired intangible assets(8) 885 2.7% 885 819 0.05 Merger-related charges(5) 856 2.5% 856 856 0.06 ----- ---- ------ ---- ------ ------ Non-GAAP $1,128 3.4% $ 604 $(1,774) $ (0.13) ===== ==== ====== ==== ====== ====== Diluted weighted average shares outstanding(10) 14,189 For the Three Months Ended September 30, 2023 -------------------------------------------------------- Loss Before Income Net Diluted Operating Loss Taxes Income(9) EPS ------------------- ----------- ----------- --------- GAAP $(2,450) (8.8)% $(2,789) $ 6,694 $ 0.47 Adjustments: ---------------- Amortization of acquired intangible assets(8) 878 3.2% 878 812 0.06 ------ ---- ------ ------- ------ Non-GAAP $(1,572) (5.6)% $(1,911) $ 7,506 $ 0.53 ====== ==== ====== ======= ====== Diluted weighted average shares outstanding(10) 14,152 Fiscal Year Ended September 30, 2024 -------------------------------------------------------- Loss Before Operating (Loss) Income Net Diluted Income Taxes Loss(9) EPS ------------------- ------------ --------- ---------- GAAP $(5,645) (4.5)% $(7,506) $(11,542) $ (0.82) Adjustments: ---------------- Amortization of acquired intangible assets(8) 3,501 2.8% 3,501 3,239 0.23 Merger-related charges(5) 3,720 3.0% 3,720 3,720 0.27 ------ ---- ------ --- ------- ------ Non-GAAP $ 1,576 1.3% $ (285) $ (4,583) $ (0.32) ====== ==== ====== ======= ====== Diluted weighted average shares outstanding(10) 14,153 Fiscal Year Ended September 30, 2023 ------------------------------------------------------- Income Before Income Net (Loss) Diluted Operating Income Taxes Income(9) EPS ----------------- ----------- ----------- ---------- GAAP $5,150 3.9% $2,487 $(1,536) $ (0.11) Adjustments: ---------------- Amortization of acquired intangible assets(8) 3,537 2.6% 3,537 3,279 0.24 Restructuring expense(6) 1,282 1.0% 1,282 1,282 0.09 Contingent consideration fair value adjustment(7) (829) (0.6)% (829) (829) (0.06) ----- ---- ----- ------ ------ Non-GAAP $9,140 6.9% $6,477 $ 2,196 $ 0.16 ===== ==== ===== === ====== ====== Diluted weighted average shares outstanding(10) 14,071 (1) SurVeil DCB license fee revenue represents revenue recognition on milestone payments received under the company's Development and Distribution Agreement with Abbott ("Abbott Agreement"). For further details, refer to Supplemental Revenue Information. (2) For the calculation of Adjusted EBITDA, refer to GAAP to Non-GAAP Reconciliation: EBITDA and Adjusted EBITDA. (3) Product gross profit equals product sales less product costs, as reported on the condensed consolidated statements of operations. Product gross margin equals product gross profit as a percentage of product sales. (4) For the calculation of Non-GAAP net (loss) income and Non-GAAP (loss) income per diluted share (also referred to as Non-GAAP diluted EPS), refer to GAAP to Non-GAAP Reconciliation: Net (Loss) Income and Diluted EPS. (5) Merger-related charges consisted of expenses specifically associated with the proposed acquisition of Surmodics by GTCR, which were reported in selling, general and administrative expense on the condensed consolidated statements of operations. Merger-related charges were not tax deductible. (6) Restructuring expense consisted of severance and related costs specifically associated with a workforce restructuring implemented in the second quarter of fiscal 2023. (7) Contingent consideration fair value adjustment represented accounting adjustments to state acquisition-related contingent consideration liabilities at their estimated fair value as of the period end date related to changes in the timing and/or probability of achieving milestones. (8) Represents amortization of business acquisition-related intangible assets and associated tax impact. A significant portion of the business acquisition-related amortization is not tax deductible. (9) Net (loss) income includes the effect of GAAP to Non-GAAP adjustments on income tax expense, taking into account deferred taxes net of valuation allowances, as well as non-deductible items. Income tax impacts were estimated using the applicable statutory rate (21% in the U.S. and 12.5% in Ireland). (10) Diluted weighted average shares outstanding used in the calculation of EPS was the same for GAAP EPS and Non-GAAP EPS for the three month periods ended September 30, 2024 and 2023 and the fiscal year ended September 30, 2024. For the fiscal year ended September 30, 2023, diluted weighted average shares outstanding used in the calculation of EPS was 14,031 for GAAP EPS due to the net loss in the period, and 14,071 for Non-GAAP EPS corresponding to the Non-GAAP net income in the period.