SurModics Inc ( (SRDX) ) has released its Q4 earnings. Here is a breakdown of the information SurModics Inc presented to its investors.
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Surmodics, Inc. is a leading provider of medical device and in vitro diagnostic technologies, specializing in performance coating technologies for intravascular medical devices and components for diagnostic tests.
Surmodics has reported its financial results for the fourth quarter and the fiscal year 2024, highlighting a 19% increase in total revenue for the quarter. Despite these revenue gains, the company experienced a GAAP net loss, contrasting with a net income in the previous year.
Key financial metrics show total revenue for the quarter at $33.2 million and $126.1 million for the fiscal year. While the medical device segment saw growth in product sales, the company reported a GAAP net loss of $3.4 million for the quarter and $11.5 million for the year, with adjusted EBITDA improving to $4.4 million in the fourth quarter.
Strategically, Surmodics announced a significant acquisition agreement with GTCR and received FDA clearance for its Pounce XL Thrombectomy System. The merger with GTCR aims to be completed by the second fiscal quarter of 2025, subject to regulatory approvals.
Looking ahead, Surmodics is not offering financial guidance for fiscal 2025 due to the pending acquisition by GTCR, but it continues to focus on its strategic growth initiatives, leveraging technology advancements and regulatory approvals.
