Surmodics (NSDQ:SRDX) shares ticked up today on first-quarter results that were mixed compared to the consensus forecast.
The Eden Prairie, Minn.-based company posted losses of $274,000, or -2¢ per share, on sales of $22.3 million for the three months ended Dec. 31, 2020, for a bottom-line slide into the red on a sales decline of -1.4%.
Adjusted to exclude one-time items, earnings per share were 2¢, 11¢ ahead of Wall Street, where analysts were looking for sales of $22.4 million.
The company reached a major milestone in the quarter when 12-month data from its Transcend clinical trial showed that its SurVeil drug-coated balloon is non-inferior to Medtronic’s In.Pact Admiral.
“The entire Surmodics team is wholeheartedly pleased with the results of our Transcend clinical trial, which demonstrates comparable safety and effectiveness of our SurVeil drug-coated balloon using a substantially lower drug dose than the comparative product,” Surmodics presid…