Surmodics Q2 Profit Falls, Narrows FY17 Earnings View

(RTTNews) - Surmodics Inc. (SRDX) reported second quarter net income of $506 million, down from $821 million a year ago. On a per share basis, earnings declined to $0.04 from $0.06 last year. On an adjusted basis, earnings were $0.05 per share. The quarterly results were impacted higher expenses.

On average, two analysts polled by Thomson Reuters expected the company to earn $0.07 per share. Analysts estimates usually exclude special items.

Revenue for the quarter climbed to $17.503 million from $16.699 million a year ago. Wall Street was looking for $16.23 million.

Looking ahead to the fiscal 2017, the company narrowed its earnings outlook and now expects loss of $0.02 per share to earnings of $0.08 per share, while its previous outlook was for loss of $0.07 per share to earnings of $0.08 per share. On an adjusted basis, guidance is in a range of $0.15 to $0.25 per share, while the prior view was in a range of $0.18 to $0.33 per share. Revenue expectations for the fiscal year is now in a range of $65 to $68 million, up from prior range of $64 to $68 million.