MedTech 100 roundup: Industry continues climb

One week after hitting an all-time best mark, the medtech industry has done it again, reaching new heights on Wall Street.

MassDevice‘s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — continued its rise, finishing the week (July 9) at 114.79 points, a rise of 0.2% from the 114.59-point mark registered a week prior on July 2.

The new high comes in was just 0.21 points ahead of the 114.58-point mark set in April — the industry’s all-time best performance before last week beat it by one point.

Medtech’s performance continues to reflect an overall rebound from the struggles brought on by the COVID-19 pandemic, too. The industry has registered a 24.3% rise from the pre-pandemic high of 92.32 (set on Feb. 19, 2020), plus an 84.6% increase from the mid-pandemic low of 62.13 (March 23, 2020).

The positive movement in medtech aligns with an uptick in the overall markets this past week, as the S&P 500 Index ri…

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Surmodics acquires Vetex Medical and its mechanical thrombectomy catheter

Surmodics (NSDQ:SRDX) announced that it acquired Vetex Medical, a developer and manufacturer of venous clot removal solutions.

Galway, Ireland-based Vetex Medical offers Surmodics a second FDA-cleared device for its thrombectomy portfolio with the ReVene thrombectomy catheter. Vetex designed ReVene to remove large, mixed-morphology blood clots commonly found with venous thromboembolism (VTE).

Get the full story at our sister site, Medical Tubing & Extrusion.

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Surmodics slightly up on mixed bag Q2

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…

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Surmodics rises on mixed-bag Q1

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.

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Surmodics’ DCB shown non-inferior to Medtronic’s In.Pact Admiral

Surmodics (NSDQ:SRDX) announced data showing that its SurVeil drug-coated balloon is non-inferior to Medtronic’s In.Pact Admiral.

Eden Prairie, Minn.-based Surmodics’ 12-month data from the Transcend clinical trial, presented at the Leipzig Interventional Course 2021 virtual event, revealed primary results that found the SurVeil DCB is non-inferior to In.Pact Admiral in both safety and efficacy while delivering a “substantially lower” drug dose, according to a news release.

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

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Surmodics wins CE Mark for drug-coated balloon

Surmodics (NSDQ:SRDX) announced today that it received CE Mark approval in Europe for its SurVeil drug-coated balloon (DCB).

SurVeil is a next-generation DCB designed for treating peripheral artery disease (PAD) with a proprietary drug-excipient formulation for a durable balloon coating. Pre-clinical data shows a more evenly distributed and durable drug effect and lower incidence of downstream drug particles compared to control DCBs, according to a news release.

In February 2018, Abbott (NYSE:ABT) paid $25 million up front for the global commercialization rights to the SurVeil device. The deal put another $67 million in milestones on the table, the first of which was triggered when Surmodics closed enrollment for its Transcend pivotal trial in August 2019.

Obtaining CE Mark approval clinches another milestone payment in the agreement, as Surmodics is now set to receive $10.8 million. The company said it will recognize approximately $6.5 million as revenu…

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