Surmodics (NASDAQ:SRDX) Issues Quarterly Earnings Results

Surmodics (NASDAQ:SRDX) issued its earnings results on Wednesday. The company reported $0.07 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.36) by $0.43, Zacks reports. Surmodics had a return on equity of 8.06% and a net margin of 3.99%. The company had revenue of $31.96 million during the quarter, compared to analysts’ expectations of $28.79 million. During the same period in the prior year, the business earned ($0.40) EPS. Surmodics updated its FY 2024 guidance to -0.670–0.470 EPS.

Surmodics Stock Performance

NASDAQ:SRDX traded up $1.25 during mid-day trading on Thursday, reaching $34.58. 134,562 shares of the stock were exchanged, compared to its average volume of 60,771. The company has a 50 day simple moving average of $28.58 and a 200-day simple moving average of $31.63. The stock has a market capitalization of $492.42 million, a P/E ratio of 92.27 and a beta of 1.04. The company has a quick ratio of 3.97, a current ratio of 4.84 and a debt-to-equity ratio of 0.24. Surmodics has a 1 year low of $16.79 and a 1 year high of $39.41.

Analyst Ratings Changes

A number of research firms have issued reports on SRDX. Needham & Company LLC reduced their price target on Surmodics from $47.00 to $43.00 and set a “buy” rating on the stock in a research report on Wednesday. StockNews.com lowered Surmodics from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, April 24th. Finally, Barrington Research reissued an “outperform” rating and set a $71.00 target price on shares of Surmodics in a research report on Thursday.

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).