Surmodics (NASDAQ:SRDX) Updates FY 2022 Earnings Guidance

Surmodics (NASDAQ:SRDX) issued an update on its FY 2022 earnings guidance on Wednesday morning. The company provided earnings per share guidance of $-1.750-$-1.250 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $0.920. The company issued revenue guidance of $97 million-$101 million, compared to the consensus revenue estimate of $118.12 million.

Separately, Needham & Company LLC lowered their target price on Surmodics from $76.00 to $70.00 and set a buy rating on the stock in a report on Wednesday, November 10th.

Shares of Surmodics stock traded up $0.10 on Thursday, hitting $47.85. 25,126 shares of the company were exchanged, compared to its average volume of 46,367. The stock has a market cap of $663.78 million, a PE ratio of 159.51 and a beta of 0.96. The stock’s 50-day moving average is $54.47. Surmodics has a 1-year low of $37.03 and a 1-year high of $62.27.

Surmodics (NASDAQ:SRDX) last released its quarterly earnings results on Wednesday, November 10th. The company reported ($0.10) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.25) by $0.15. Surmodics had a net margin of 4.03% and a return on equity of 3.76%. During the same quarter last year, the firm posted ($0.18) EPS. As a group, research analysts anticipate that Surmodics will post -1.5 EPS for the current year.

In other Surmodics news, CEO Gary R. Maharaj sold 6,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 15th. The stock was sold at an average price of $57.23, for a total value of $343,380.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Charles W. Olson sold 1,292 shares of the business’s stock in a transaction that occurred on Tuesday, August 31st. The shares were sold at an average price of $59.75, for a total value of $77,197.00. Following the completion of the sale, the vice president now directly owns 39,292 shares in the company, valued at approximately $2,347,697. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 13,292 shares of company stock worth $748,477. Corporate insiders own 7.10% of the company’s stock.

Several institutional investors have recently bought and sold shares of the company. Bank of New York Mellon Corp increased its position in shares of Surmodics by 6.6% during the third quarter. Bank of New York Mellon Corp now owns 134,560 shares of the company’s stock worth $7,481,000 after acquiring an additional 8,330 shares during the period. BNP Paribas Arbitrage SA grew its stake in shares of Surmodics by 170.8% during the third quarter. BNP Paribas Arbitrage SA now owns 13,336 shares of the company’s stock worth $741,000 after purchasing an additional 8,412 shares in the last quarter. Finally, Morgan Stanley grew its stake in shares of Surmodics by 24.2% during the second quarter. Morgan Stanley now owns 53,611 shares of the company’s stock worth $2,909,000 after purchasing an additional 10,429 shares in the last quarter. 89.86% of the stock is currently owned by institutional investors and hedge funds.

Surmodics Company Profile

SurModics, Inc engages in the provision of surface modification technologies for intravascular medical devices and chemical components for in vitro diagnostic immunoassay tests and microarrays. It also develops and commercializes medical devices that are designed to address unmet clinical needs and engineered to the most demanding requirements.

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Earnings History and Estimates for Surmodics (NASDAQ:SRDX)

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