Surmodics Q4 Profit Rises; Sees FY17 Earnings Below Estimates - Quick Facts

(RTTNews) - Surmodics Inc. (SRDX) reported an increase in profit for the fourth quarter from last year on higher revenues. Looking ahead, the company forecast earnings for fiscal 2017 below analysts' estimates.

The company's fourth-quarter net income rose to $2.64 million or $0.20 per share from $1.36 million or $0.10 per share in the year-ago period.

Adjusted earnings per share for the quarter were $0.26, compared to $0.34 in the same period last year. On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.09 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue for the quarter rose to $18.15 million from $17.36 million in the year-ago period. The latest quarter's revenue included $1.3 million from Surmodics' fiscal 2016 acquisitions. Analysts had a consensus revenue estimate of $16.09 million.

Looking ahead to fiscal 2017, Surmodics forecast reported earnings in a range of loss of $0.15 per share to earnings of $0.05 per share, adjusted earnings of $0.15 to $0.35 per share, and revenue in a range of $63.0 million to $67.0 million.

The Street expects the company to earn $0.81 per share for the year on revenues of $65.29 million.