Surmodics (NASDAQ:SRDX) Releases Quarterly Earnings Results, Beats Expectations By $0.43 EPS

Surmodics (NASDAQ:SRDX) posted its quarterly earnings data on Wednesday. The company reported $0.07 earnings per share for the quarter, topping the consensus estimate of ($0.36) by $0.43, Zacks reports. The company had revenue of $31.96 million during the quarter, compared to analyst estimates of $28.79 million. Surmodics had a net margin of 3.99% and a return on equity of 8.06%. During the same quarter last year, the business posted ($0.40) earnings per share. Surmodics updated its FY 2024 guidance to -0.670–0.470 EPS.

Surmodics Price Performance

Shares of Surmodics stock traded up $2.06 during midday trading on Thursday, reaching $35.39. The company had a trading volume of 127,087 shares, compared to its average volume of 60,688. The company has a current ratio of 4.84, a quick ratio of 3.97 and a debt-to-equity ratio of 0.24. The company has a market capitalization of $503.95 million, a price-to-earnings ratio of 92.58 and a beta of 1.04. The stock has a fifty day simple moving average of $28.58 and a 200 day simple moving average of $31.63. Surmodics has a 1-year low of $16.79 and a 1-year high of $39.41.

Analysts Set New Price Targets

Several analysts have recently weighed in on SRDX shares. StockNews.com lowered shares of Surmodics from a “strong-buy” rating to a “buy” rating in a report on Wednesday, April 24th. Needham & Company LLC dropped their price objective on shares of Surmodics from $47.00 to $43.00 and set a “buy” rating for the company in a report on Wednesday.

About Surmodics

Surmodics, Inc, together with its subsidiaries, provides performance coating technologies for intravascular medical devices, and chemical and biological components for in vitro diagnostic immunoassay tests and microarrays in the United States and internationally. It operates through two segments, Medical Device and In Vitro Diagnostics (IVD).