The following is a summary of the Surmodics, Inc. (SRDX) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Surmodics reported Q2 revenue growth of 18% to $32 million, exceeding expectations.

• Medical Device segment's revenue increased by 26% to $24.8 million, and product sales increased by 40%.

• The company reported a substantial improvement in profitability, including an $8 million shift to GAAP net income, and $7.4 million generated in cash flow from operations.

• R&D expense decreased by 21% to $10.2 million, mostly because of lower SurVeil DCB related costs.

• GAAP net income was $250,000 or $0.02 per share, compared to a net loss of $7.7 million in the previous year.

• Non-GAAP net income was $1.1 million or $0.07 per share, compared to a net loss of $5.6 million in the prior year period.

Business Progress:

• Surmodics capitalized on near-term growth catalysts in the vascular interventions portfolio, driven by sales of the SurVeil DCB, Pounce Thrombectomy, and Sublime radial access products.

• Successful limited market evaluations led to the full commercial launch of the Pounce Venous and Pounce LP, and preside hydrophilic coatings have been integrated with customer devices.

• SurVeil's commercial partner, Abbott, has expressed continued demand.

• The company updated FY2024 revenue guidance to $122 million to $124 million, indicating their conservative business approach.

• Surmodics plans to control expenses, manage capital, and deliver sustained improvements in profitability while continuing to grow.

More details: SurModics IR

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