SurModics Inc.

Surmodics (Nasdaq:SRDX) announced today that it entered into a new five-year credit agreement with MidCap Financial worth $125 million.

Eden Prairie, Minnesota-based Surmodics’ agreement includes up to $100 million in term loans and a $25 million revolving credit facility. Surmodics has pioneered lubricious, hemocompatible, and drug-delivery coatings for major medical device companies.

“We are pleased to significantly improve our access to capital on favorable, non-dilutive terms with credit facilities that provide increased borrowing capacity and financial flexibility,” said Gary Maharaj, president and CEO of Surmodics. “Our initial borrowings, coupled with the expected milestone payment from our partner, Abbott, following the anticipated premarket approval from the Food and Drug Administration for our SurVeil drug-coated balloon, will provide important capital to strengthen our balance sheet and support our long-term growth strategy.”

Surmodics d…

Surmodics (NSDQ:SRDX) shares were unmoved before hours today on third-quarter results that were mixed compared to the consensus forecast.

The Eden Prairie, Minnesota-based vitro technology developer posted losses of $5.7 million, or 41¢ per share, on sales of $24.9 million for the three months ended June 30, 2022, for a bottom-line slide deeper into the red on sales growth of 4.1%.

Adjusted to exclude one-time items, losses per share were 34¢, 4¢ ahead of Wall Street, where analysts were looking for sales of $25.2 million.

Surmodics posted $17.5 million in medical device revenue, compared to $16.8 million in the prior-year period for a 5% increase year-over-year. Medical device revenue included $1 million from a development and distribution agreement with Abbott for the SurVeil drug-coated balloon for the third quarters of both 2021 and 2022.

The company added $7.3 million in sales through its in vitro diagnostics business, compared to $7.1 millio…

Surmodics (NSDQ:SRDX) shares ticked up today on second-quarter results that were mixed compared to the consensus forecast.

The Eden Prairie, Minn.-based company posted profits of $8.1 million, or 58¢ per share, on sales of $35 million for the three months ended March 31, 2021, for a massive bottom-line gain from $1.5 million profits a year ago on sales growth of 53.3%.

Adjusted to exclude one-time items, earnings per share were 62¢, 1¢ behind Wall Street, where analysts were looking for sales of $33 million.

“We are pleased with our second-quarter results which exceeded expectations, with record revenue performance in our in vitro diagnostics business and a return to growth in our medical device coatings royalty revenue,” Surmodics president & CEO Gary Maharaj said in a news release. “In addition, we have received valuable initial feedback from physicians who have participated in our clinical product evaluations of both our Sublime .014 RX PTA dilata…

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%.

Get the full story at our sister site, Drug Delivery Business News.