Surmodics Raises FY18 Revenue Guidance

(RTTNews) - Surmodics Inc. (SRDX) raised its fiscal 2018 revenue and non-GAAP earnings guidance, while narrowed its GAAP earnings guidance. It expects fiscal year 2018 revenue to range from $79.0 million to $81.0 million, up from previous expectations in the range of $75.0 million to $79.0 million. The company expects loss in the range of $0.25 to $0.30 per share as compared with the prior guidance of $0.20 to $0.35 per share. Non-GAAP earnings guidance now ranges from $0.39 to $0.44 per share as compared with prior guidance of loss $0.06 to earnings of $0.09 per share.

Wall Street currently is looking for fiscal year 2018 loss of $0.16 per share on annual revenues of $76.8 million.

The company reported that its net loss was $2.68 million, compared to net income of $720 thousand in the prior year. GAAP loss per share in the third quarter of fiscal 2018 was $0.20 as compared with GAAP earnings per share of $0.05 in the year-ago period.

On a non-GAAP basis, earnings per share were $0.27 in the third quarter of fiscal 2018, as compared with $0.09 in the year-ago period. GAAP results were negatively affected by the latest-quarter acquisition of in-process research and development assets from Embolitech, which resulted in a $0.47 charge in the period, after tax.

Total revenue for the third quarter of fiscal 2018 was $22.2 million, as compared with $17.8 million in the prior-year period. Medical Device revenue was $16.7 million in the third quarter of fiscal 2018, as compared with $12.8 million in the year-ago period, an increase of 30.7%, and includes $1.7 million from our SurVeil agreement with Abbott. In Vitro Diagnostics revenue was $5.5 million for the third quarter of fiscal 2018 as compared with $5.0 million in the same prior-year quarter, an increase of 10.3%.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.24 per share and revenues of $19.38 million for the third-quarter. Analysts' estimates typically exclude special items.