Surmodics (NASDAQ:SRDX) Updates FY 2024 Earnings Guidance

Surmodics (NASDAQ:SRDX) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of -0.670–0.470 for the period, compared to the consensus earnings per share estimate of -0.940. The company issued revenue guidance of $118.0 million-$120.0 million, compared to the consensus revenue estimate of $119.7 million.

Analyst Ratings Changes

Several equities research analysts have recently commented on SRDX shares. StockNews.com lowered Surmodics from a strong-buy rating to a buy rating in a research note on Wednesday, April 24th. Needham & Company LLC reduced their price target on Surmodics from $47.00 to $43.00 and set a buy rating for the company in a research report on Wednesday. Finally, Barrington Research reaffirmed an outperform rating and set a $71.00 price objective on shares of Surmodics in a research report on Thursday.

Surmodics Price Performance

Shares of SRDX stock traded down $2.06 on Friday, hitting $32.49. 90,444 shares of the stock traded hands, compared to its average volume of 134,803. The company has a debt-to-equity ratio of 0.24, a current ratio of 4.39 and a quick ratio of 3.97. Surmodics has a 52 week low of $16.79 and a 52 week high of $39.41. The firm has a 50 day simple moving average of $28.63 and a two-hundred day simple moving average of $31.66. The firm has a market cap of $463.31 million, a price-to-earnings ratio of 34.20 and a beta of 1.04.

Surmodics (NASDAQ:SRDX) last posted its quarterly earnings results on Wednesday, May 1st. The company reported $0.07 EPS for the quarter, beating analysts’ consensus estimates of ($0.36) by $0.43. The business had revenue of $31.96 million for the quarter, compared to analysts’ expectations of $28.79 million. Surmodics had a return on equity of 13.30% and a net margin of 9.44%. During the same period last year, the firm earned ($0.40) earnings per share. As a group, equities research analysts predict that Surmodics will post -0.57 earnings per share for the current fiscal year.

Surmodics Company Profile

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).