Surmodics Increases 2018 Guidance - Quick Facts

(RTTNews) - Surmodics, Inc. (SRDX) announced the company now expects fiscal 2018 revenue to range from $75.0 million to $79.0 million, up from previous expectations in the range of $72.0 million to $75.0 million. The company expects non-GAAP results between a loss of $0.06 and profit of $0.09 per share as compared with prior guidance of between a loss of $0.20 to profit of $0.05 per share. As a result of revenue performance in the first six months of fiscal 2018 and to reflect the impact of the Abbott transaction, the company increased its fiscal 2018 guidance.

On a non-GAAP basis, in the second quarter of fiscal 2018, earnings per share was $0.07 as compared with $0.05 in the year-ago period. The company said the increase in earnings in the current-quarter period reflects increased revenue, contingent consideration gains, and a favorable income tax benefit partially offset by previously announced increased investments in research and development to support the company's whole-product solutions strategy, including the SurVeil DCB and other proprietary products, as well as increased selling, general and administrative expenses.

Total revenue for the second quarter of fiscal 2018 was $19.1 million, as compared with $17.5 million in the prior-year period. Medical Device revenue was $14.1 million, as compared with $12.7 million in the year-ago period, an increase of 10.4%. In Vitro Diagnostics revenue was $5.0 million as compared with $4.8 million in the same prior-year quarter, an increase of 4.8%.