Surmodics (SRDX) Q4 2024 earnings summary

Executive summary

• Fourth quarter revenue grew 19% year-over-year to $33.2 million, with Medical Device product sales up 39% and IVD revenue up 8%.

• Fiscal 2024 revenue was $126.1 million, down 5% due to prior-year SurVeil DCB milestone, but up 17% excluding that item.

• GAAP net loss for Q4 was $(3.4) million versus $6.7 million net income last year; fiscal year net loss was $(11.5) million.

• Adjusted EBITDA improved to $4.4 million in Q4 and was $14.7 million for the year.

• Pending $627 million acquisition by GTCR, expected to close by March 2025, subject to regulatory approval.

Financial highlights

• Q4 Medical Device revenue rose 22% to $25.8 million; IVD revenue increased 8% to $7.5 million.

• Excluding SurVeil DCB license fees, Q4 revenue was $31.3 million, up 17% year-over-year.

• Fiscal 2024 Medical Device product sales grew 34% to $45.6 million; IVD product sales up 6%.

• Product gross margin in Q4 was 54.6%, up from 54.2% last year.

• Q4 non-GAAP net loss was $(1.8) million; fiscal year non-GAAP net loss was $(4.6) million.

Outlook and guidance

• No financial guidance for fiscal 2025 due to the pending GTCR acquisition.