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SRDX

Surmodics, Inc.

SRDX

Surmodics, Inc. • NASDAQ
$42.98 ▲ 0.35% (+0.15)
Market Cap $614.51 M
52w High $43.00
52w Low $25.87
Dividend Yield 0%
P/E -34.66
Volume 5.34M
Outstanding Shares 14.30M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $29.567M ▲ $26.233M ▲ $-5.318M ▼ -17.986% ▲ $-0.37 ▼ $-5.242M ▼
Q2-2025 $28.085M ▼ $24.265M ▼ $-5.209M ▼ -18.547% ▼ $-0.36 ▼ $-4.01M ▼
Q1-2025 $29.922M ▼ $24.978M ▼ $-3.651M ▼ -12.202% ▼ $-0.26 ▼ $21K ▼
Q4-2024 $33.227M ▲ $25.166M ▼ $-3.449M ▲ -10.38% ▲ $-0.24 ▲ $1.002M ▲
Q3-2024 $30.341M $26.392M $-7.554M -24.897% $-0.53 $-2.806M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $32.728M ▲ $169.822M ▲ $58.513M ▲ $111.309M ▲
Q2-2025 $31.148M ▲ $163.214M ▼ $52.968M ▲ $110.246M ▼
Q1-2025 $30.145M ▼ $163.74M ▼ $51.971M ▼ $111.769M ▼
Q4-2024 $40.112M ▲ $178.562M ▲ $59.665M ▲ $118.897M ▲
Q3-2024 $38.175M $177.413M $59.269M $118.144M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-5.318M ▼ $1.405M ▲ $-4.933M ▼ $-29K ▼ $-2.902M ▼ $904K ▲
Q2-2025 $-5.209M ▼ $949K ▲ $-2.28M ▼ $48K ▲ $-962K ▲ $630K ▲
Q1-2025 $-3.651M ▼ $-7.894M ▼ $3.698M ▼ $-1.203M ▲ $-5.97M ▼ $-8.196M ▼
Q4-2024 $-3.449M ▲ $3.658M ▲ $9.458M ▲ $-1.562M ▼ $11.814M ▲ $3.116M ▲
Q3-2024 $-7.554M $-2.033M $-6.722M $66K $-8.729M $-2.992M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Product
Product
 $20.00M ▲$20.00M ▲$10.00M ▼$20.00M ▲
Research Development And Other
Research Development And Other
 $0 ▲$0 ▲$0 ▲$0 ▲
Royalty
Royalty
 $0 ▲$10.00M ▲$10.00M ▲$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been inching up but not in a dramatic way, and the overall scale of the business remains relatively small. Margins have improved over the last few years as the company has shifted toward higher-value products, but profitability is still inconsistent, moving between small profits and modest losses. Earnings per share have been quite volatile, reflecting one-off items and the company’s investment-heavy stage. Overall, the income statement paints a picture of a company with strengthening gross profitability but still working to achieve steady, sustainable bottom-line earnings.

Balance Sheet

Balance Sheet The balance sheet looks fairly conservative. The company holds a meaningful cash cushion relative to its size and has kept debt at modest levels, even though borrowings have crept up a bit. Equity has been broadly stable, suggesting that any losses have been manageable and largely offset by asset growth. There are no obvious signs of financial strain, but it is also not sitting on an excess of resources; it has enough strength to support ongoing development without appearing overleveraged.

Cash Flow

Cash Flow Cash generation has been choppy but generally moving in a healthier direction. Operating cash flow has swung from negative to modestly positive, indicating that the core business can now more often fund itself, at least in normal conditions. Free cash flow has followed a similar pattern, helped by relatively light capital spending. The company is not a cash engine yet, but it also isn’t burning cash at a worrying rate, which is important for a business that is still investing in growth.

Competitive Edge

Competitive Edge Surmodics occupies an attractive niche in medical device coatings and drug-delivery technologies, backed by a long history and a strong patent estate. Its coatings are embedded in many third-party devices, and longstanding relationships with major device makers create some stickiness and recurring revenue potential. Partnerships like the SurVeil drug‑coated balloon deal with Abbott validate its technology and extend its commercial reach. At the same time, it competes with specialized peers and large diversified device companies, and customer concentration and regulatory complexity remain structural risks. The pending acquisition by GTCR and the FTC’s interest underscore how important Surmodics is within its niche, but also introduce strategic uncertainty.

Innovation and R&D

Innovation and R&D Innovation is clearly the core of Surmodics’ story. The company has built deep expertise in hydrophilic coatings, proprietary curing processes, and drug‑coated balloon technology, and it is expanding into complete device platforms such as Pounce thrombectomy and Sublime radial access systems. Its long-standing in‑vitro diagnostics components business adds another stable, technology‑rich leg. The pipeline—especially additional drug‑coated balloons and next‑generation access and thrombectomy tools—offers meaningful upside if clinical and commercial adoption play out as hoped. The trade‑off is that sustained R&D and clinical spending weigh on current profitability, making execution on product launches crucial.

Summary

Surmodics is a specialized medical technology company transitioning from a behind‑the‑scenes coating supplier to a more diversified developer of full vascular devices. Financially, it is close to breakeven with improving margins but still lacks consistent profitability, and cash flows, while not robust, are increasingly self‑supporting. The balance sheet is relatively sound, providing room to keep investing in innovation. Its competitive strength lies in proprietary technologies, deep customer relationships, and validated products like SurVeil, but it faces the usual healthcare risks around regulation, clinical outcomes, and competition, along with added uncertainty from the contested acquisition by GTCR. Overall, the story is one of strong technology and growing commercial potential, offset by execution risk and uneven financial performance during a strategic transition phase.

NEWS

November 17, 2025 · 6:00 AM UTC

Surmodics Announces FTC Does Not Intend to Appeal Denial of Injunction, Order Preventing Closing Set to Expire Today

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November 10, 2025 · 7:00 PM UTC

Surmodics Announces U.S. District Court Denies Request for Preliminary Injunction to Block Proposed Acquisition by GTCR

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November 4, 2025 · 6:15 AM UTC

Surmodics Announces Outcomes from 160 Patients in PROWL Registry Evaluating Pounce™ Thrombectomy Platform in Treatment of Real-World Limb Ischemia Presentations

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November 3, 2025 · 6:15 AM UTC

Surmodics Announces PROWL Registry 160-Patient Data to be Presented in Industry-Sponsored Session at VIVA Conference on November 3

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