Surmodics Reports Fourth Quarter and Fiscal Year 2024 Financial Results
Fourth Quarter Fiscal 2024 Financial Summary
-
Total Revenue of
$33.2 million , an increase of 19% year-over-year -
Total Revenue excluding SurVeil™ drug-coated balloon (“DCB”) license fee revenue(1) of
$31.3 million , an increase of 17% year-over-year -
GAAP net loss of
$(3.4) million , compared to net income of$6.7 million in the prior-year period -
Adjusted EBITDA(2) of
$4.4 million , compared to$1.7 million in the prior-year period
Fiscal 2024 Financial Summary
-
Total Revenue of
$126.1 million , compared to$132.6 million in the prior-year period which included$25.0 million in license fee revenue recognized upon receipt of a$27.0 million milestone payment associated with obtaining FDA premarket approval of the SurVeil DCB -
Total Revenue excluding SurVeil DCB license fee revenue(1) of
$121.0 million , an increase of 17% year-over-year -
GAAP net loss of
$(11.5) million , compared to$(1.5) million in the prior-year period -
Adjusted EBITDA(2) of
$14.7 million , compared to$21.5 million in the prior-year period
Fourth Quarter and Recent Business Highlights
-
On
May 29, 2024 ,Surmodics announced it had entered into a definitive agreement to be acquired by an affiliate ofGTCR LLC (“GTCR”) for$43.00 per share in cash, representing an approximate equity value of$627 million (the “Merger”). The Merger was approved by Surmodics’ shareholders at a special meeting onAugust 13, 2024 . On the same date, the company announced that it and an affiliate of GTCR each received a request for additional information and documentary materials (a “Second Request”) from theU.S. Federal Trade Commission (“FTC”) in connection with the Merger. The Merger remains subject to the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act (“HSR Act”). The company and GTCR currently expect to consummate the Merger in the company’s second fiscal quarter endingMarch 31, 2025 , subject to customary closing conditions, including required regulatory approval. -
On
October 1, 2024 ,Surmodics announced the receipt ofU.S. Food and Drug Administration (“FDA”) 510(k) clearance for its Pounce™ XL Thrombectomy System, which will allow for clot removal in larger peripheral arteries (5.5 mm to 10 mm in diameter), expanding the addressable market and clinical utility of the Pounce Thrombectomy Platform. -
On
October 30, 2024 ,Surmodics announced early results from its PROWL registry study of real-world limb ischemia patients treated with Surmodics’ Pounce Thrombectomy System. Early subset analysis of 60 patients with acute, subacute, or chronic symptoms of limb ischemia demonstrated 96.8% procedural flow restoration, with 81.7% of subjects not receiving additional thromboemboli removal treatment post Pounce System use.
“We are proud to deliver a strong conclusion to fiscal 2024, with total revenue growth in the fourth quarter of 19% year-over-year fueled by impressive performance in our Medical Device segment – including product revenue growth of nearly 40% year-over-year – combined with solid contributions from our IVD segment,” said
“I want to thank the Surmodics’ team for their extraordinary dedication and focus in delivering strong quarterly and full-year operating results while we work to substantially comply with the FTC’s Second Request.”
Fourth Quarter Fiscal 2024 Financial Results
|
Three Months Ended |
|
|
Increase |
|
||||||||||
|
2024 |
|
|
2023 |
|
|
$ |
|
|
% |
|
||||
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
||||
Medical Device |
$ |
25,754 |
|
|
$ |
21,044 |
|
|
$ |
4,710 |
|
|
|
22 |
% |
In |
|
7,473 |
|
|
|
6,926 |
|
|
|
547 |
|
|
|
8 |
% |
Total revenue |
$ |
33,227 |
|
|
$ |
27,970 |
|
|
$ |
5,257 |
|
|
|
19 |
% |
Total revenue increased
Medical Device revenue increased
Product gross profit(3) increased
Operating costs and expenses, excluding product costs, increased
GAAP net loss was
Adjusted EBITDA(2) was
Fiscal 2024 Financial Results
|
Fiscal Year Ended |
|
|
Increase (Decrease) |
|
||||||||||
|
2024 |
|
|
2023 |
|
|
$ |
|
|
% |
|
||||
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
||||
Medical Device |
$ |
97,508 |
|
|
$ |
105,783 |
|
|
$ |
(8,275 |
) |
|
|
(8 |
)% |
In |
|
28,570 |
|
|
|
26,801 |
|
|
|
1,769 |
|
|
|
7 |
% |
Total revenue |
$ |
126,078 |
|
|
$ |
132,584 |
|
|
$ |
(6,506 |
) |
|
|
(5 |
)% |
Total revenue decreased
Medical Device revenue decreased
GAAP net loss was
Adjusted EBITDA(2) was
Balance Sheet Summary
As of
Fiscal Year 2025 Financial Guidance
Conference Call
Given the pending acquisition by GTCR,
About the Pending Acquisition of
On
The Merger was approved by Surmodics’ shareholders at a special meeting on
About
Safe Harbor for Forward-looking Statements
This press release, and disclosures related to it, contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not historical or current facts, including statements regarding: the proposed Merger, including anticipated timing of consummating the same, the expected financing of the Merger, and the expectation that the company will be privately held after the Merger; our work to substantially comply with the FTC’s Second Request and to do so as expeditiously as possible; our key growth strategy; our access to additional borrowings under our existing credit agreement; expectations about expanding the addressable market and clinical utility of the Pounce Venous Thrombectomy System, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and important factors could cause actual results to differ materially from those anticipated, including, without limitation: (1) risks related to the consummation of the proposed Merger, including the risks that (a) the Merger may not be consummated within the anticipated time period, or at all, (b) the parties may fail to secure the termination or expiration of any waiting period applicable under the HSR Act, (c) other conditions to the consummation of the Merger under the agreement for the Merger (the “Merger Agreement”) may not be satisfied, (d) all or part of GTCR’s financing may not become available, and (e) the significant limitations on remedies contained in the Merger Agreement may limit or entirely prevent the company from specifically enforcing the buyer’s obligations under the Merger Agreement or recovering damages for any breach by the buyer; (2) the effects that any termination of the Merger Agreement may have on the company or its business, including the risks that (a) the company’s stock price may decline significantly if the Merger is not completed, (b) the Merger Agreement may be terminated in circumstances requiring the company to pay the buyer a termination fee of
Use of Non-GAAP Financial Information
In addition to reporting financial results in accordance with
Condensed Consolidated Statements of Operations (in thousands, except per share data) (Unaudited)
|
|||||||||||||||
|
Three Months Ended |
|
Fiscal Year Ended |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenue: |
|
|
|
|
|
|
|
||||||||
Product sales |
$ |
19,102 |
|
|
$ |
15,363 |
|
|
$ |
73,590 |
|
|
$ |
60,614 |
|
Royalties and license fees |
|
11,440 |
|
|
|
10,051 |
|
|
|
42,488 |
|
|
|
62,398 |
|
Research, development and other |
|
2,685 |
|
|
|
2,556 |
|
|
|
10,000 |
|
|
|
9,572 |
|
Total revenue |
|
33,227 |
|
|
|
27,970 |
|
|
|
126,078 |
|
|
|
132,584 |
|
Operating costs and expenses: |
|
|
|
|
|
|
|
||||||||
Product costs |
|
8,674 |
|
|
|
7,039 |
|
|
|
33,026 |
|
|
|
24,965 |
|
Research and development |
|
9,702 |
|
|
|
9,696 |
|
|
|
38,360 |
|
|
|
46,595 |
|
Selling, general and administrative |
|
14,579 |
|
|
|
12,807 |
|
|
|
56,836 |
|
|
|
51,884 |
|
Acquired intangible asset amortization |
|
885 |
|
|
|
878 |
|
|
|
3,501 |
|
|
|
3,537 |
|
Restructuring expense |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,282 |
|
Contingent consideration gain |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(829 |
) |
Total operating costs and expenses |
|
33,840 |
|
|
|
30,420 |
|
|
|
131,723 |
|
|
|
127,434 |
|
Operating (loss) income |
|
(613 |
) |
|
|
(2,450 |
) |
|
|
(5,645 |
) |
|
|
5,150 |
|
Other expense, net |
|
(524 |
) |
|
|
(339 |
) |
|
|
(1,861 |
) |
|
|
(2,663 |
) |
(Loss) income before income taxes |
|
(1,137 |
) |
|
|
(2,789 |
) |
|
|
(7,506 |
) |
|
|
2,487 |
|
Income tax (expense) benefit |
|
(2,312 |
) |
|
|
9,483 |
|
|
|
(4,036 |
) |
|
|
(4,023 |
) |
Net (loss) income |
$ |
(3,449 |
) |
|
$ |
6,694 |
|
|
$ |
(11,542 |
) |
|
$ |
(1,536 |
) |
|
|
|
|
|
|
|
|
||||||||
Basic (loss) income per share |
$ |
(0.24 |
) |
|
$ |
0.48 |
|
|
$ |
(0.82 |
) |
|
$ |
(0.11 |
) |
Diluted (loss) income per share |
$ |
(0.24 |
) |
|
$ |
0.47 |
|
|
$ |
(0.82 |
) |
|
$ |
(0.11 |
) |
|
|
|
|
|
|
|
|
||||||||
Weighted average number of shares outstanding: |
|
|
|
|
|
|
|
||||||||
Basic |
|
14,189 |
|
|
|
14,063 |
|
|
|
14,153 |
|
|
|
14,031 |
|
Diluted |
|
14,189 |
|
|
|
14,152 |
|
|
|
14,153 |
|
|
|
14,031 |
|
Condensed Consolidated Balance Sheets (in thousands)
|
|||||||
|
|
||||||
|
|
2024 |
|
|
|
2023 |
|
Assets |
(Unaudited) |
|
(See Note) |
||||
Current Assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
36,115 |
|
$ |
41,419 |
||
Available-for-sale securities |
|
3,997 |
|
|
|
3,933 |
|
Accounts receivable, net |
|
13,292 |
|
|
|
10,850 |
|
Contract assets |
|
9,872 |
|
|
|
7,796 |
|
Inventories |
|
15,168 |
|
|
|
14,839 |
|
Prepaids and other |
|
2,860 |
|
|
|
7,854 |
|
Total Current Assets |
|
81,304 |
|
|
|
86,691 |
|
Property and equipment, net |
|
24,956 |
|
|
|
26,026 |
|
Intangible assets, net |
|
23,569 |
|
|
|
26,206 |
|
|
|
44,640 |
|
|
|
42,946 |
|
Other assets |
|
4,093 |
|
|
|
3,864 |
|
Total Assets |
$ |
178,562 |
|
|
$ |
185,733 |
|
Liabilities and Stockholders’ Equity |
|
|
|
||||
Current Liabilities: |
|
|
|
||||
Deferred revenue |
|
1,619 |
|
|
|
4,378 |
|
Income tax payable |
|
1,244 |
|
|
|
— |
|
Other current liabilities |
|
17,680 |
|
|
|
19,576 |
|
Total Current Liabilities |
|
20,543 |
|
|
|
23,954 |
|
Long-term debt, net |
|
29,554 |
|
|
|
29,405 |
|
Deferred revenue |
|
— |
|
|
|
2,400 |
|
Other long-term liabilities |
|
9,568 |
|
|
|
10,064 |
|
Total Liabilities |
|
59,665 |
|
|
|
65,823 |
|
Total Stockholders’ Equity |
|
118,897 |
|
|
|
119,910 |
|
Total Liabilities and Stockholders’ Equity |
$ |
178,562 |
|
|
$ |
185,733 |
|
|
|
|
|
||||
Note: Derived from audited financial statements as of the date indicated. |
|||||||
Condensed Consolidated Statements of Cash Flows (in thousands) (Unaudited)
|
|||||||
|
Fiscal Year Ended |
||||||
|
|
2024 |
|
|
|
2023 |
|
Operating Activities: |
|
|
|
||||
Net loss |
$ |
(11,542 |
) |
|
$ |
(1,536 |
) |
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
||||
Depreciation and amortization |
|
8,694 |
|
|
|
8,522 |
|
Stock-based compensation |
|
8,217 |
|
|
|
7,605 |
|
Deferred taxes |
|
(320 |
) |
|
|
(181 |
) |
Other |
|
558 |
|
|
|
340 |
|
Change in operating assets and liabilities: |
|
|
|
||||
Accounts receivable and contract assets |
|
(5,236 |
) |
|
|
(977 |
) |
Inventories |
|
(328 |
) |
|
|
(3,020 |
) |
Prepaids and other |
|
4,902 |
|
|
|
— |
|
Accounts payable |
|
(232 |
) |
|
|
(183 |
) |
Accrued liabilities |
|
(885 |
) |
|
|
(1,024 |
) |
Income taxes |
|
1,579 |
|
|
|
3,438 |
|
Deferred revenue |
|
(5,159 |
) |
|
|
(2,470 |
) |
Net cash provided by operating activities |
|
248 |
|
|
|
10,514 |
|
Investing Activities: |
|
|
|
||||
Purchases of property and equipment |
|
(3,492 |
) |
|
|
(2,918 |
) |
Purchases of available-for-sale securities |
|
(25,445 |
) |
|
|
(3,904 |
) |
Maturities of available-for-sale securities |
|
26,000 |
|
|
|
— |
|
Net cash used in investing activities |
|
(2,937 |
) |
|
|
(6,822 |
) |
Financing Activities: |
|
|
|
||||
Payments on short-term borrowings |
|
— |
|
|
|
(10,000 |
) |
Proceeds from issuance of long-term debt |
|
— |
|
|
|
29,664 |
|
Payment of debt issuance costs |
|
— |
|
|
|
(614 |
) |
Issuance of common stock |
|
1,216 |
|
|
|
1,252 |
|
Payments for taxes related to net share settlement of equity awards |
|
(1,537 |
) |
|
|
(918 |
) |
Payments for acquisition of in-process research and development |
|
(931 |
) |
|
|
(978 |
) |
Payments for acquisition-related deferred consideration |
|
(1,698 |
) |
|
|
— |
|
Net cash (used in) provided by financing activities |
|
(2,950 |
) |
|
|
18,406 |
|
Effect of exchange rate changes on cash |
|
335 |
|
|
|
323 |
|
Net change in cash and cash equivalents |
|
(5,304 |
) |
|
|
22,421 |
|
Cash and Cash Equivalents: |
|
|
|
||||
Beginning of year |
|
41,419 |
|
|
|
18,998 |
|
End of year |
$ |
36,115 |
|
|
$ |
41,419 |
|
Supplemental Revenue Information (in thousands) (Unaudited)
|
|||||||||||||||
|
Three Months Ended |
|
Increase |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
$ |
|
% |
||||
Medical Device Revenue |
|
|
|
|
|
|
|
||||||||
Product sales |
$ |
11,844 |
|
$ |
8,533 |
|
$ |
3,311 |
|
|
39 |
% |
|||
Royalties & license fees – performance coatings |
|
9,553 |
|
|
|
8,959 |
|
|
|
594 |
|
|
|
7 |
% |
License fees – SurVeil DCB(1) |
|
1,887 |
|
|
|
1,092 |
|
|
|
795 |
|
|
|
73 |
% |
R&D and other |
|
2,470 |
|
|
|
2,460 |
|
|
|
10 |
|
|
|
— |
% |
Medical Device revenue |
|
25,754 |
|
|
|
21,044 |
|
|
|
4,710 |
|
|
|
22 |
% |
|
|
|
|
|
|
|
|
||||||||
In Vitro Diagnostics Revenue |
|
|
|
|
|
|
|
||||||||
Product sales |
|
7,258 |
|
|
|
6,830 |
|
|
|
428 |
|
|
|
6 |
% |
R&D and other |
|
215 |
|
|
|
96 |
|
|
|
119 |
|
|
|
124 |
% |
In |
|
7,473 |
|
|
|
6,926 |
|
|
|
547 |
|
|
|
8 |
% |
Total Revenue |
$ |
33,227 |
|
|
$ |
27,970 |
|
|
$ |
5,257 |
|
|
|
19 |
% |
|
|
|
|
|
|
|
|
||||||||
Medical Device Revenue, excluding
|
$ |
23,867 |
|
|
$ |
19,952 |
|
|
$ |
3,915 |
|
|
|
20 |
% |
Total Revenue, excluding
|
$ |
31,340 |
|
|
$ |
26,878 |
|
|
$ |
4,462 |
|
|
|
17 |
% |
|
Fiscal Year Ended |
|
Increase (Decrease) |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
$ |
|
% |
||||
Medical Device Revenue |
|
|
|
|
|
|
|
||||||||
Product sales |
$ |
45,620 |
|
$ |
34,126 |
|
$ |
11,494 |
|
|
|
34 |
% |
||
Royalties & license fees – performance coatings |
|
37,408 |
|
|
|
32,812 |
|
|
|
4,596 |
|
|
|
14 |
% |
License fees – SurVeil DCB(1) |
|
5,080 |
|
|
|
29,586 |
|
|
|
(24,506 |
) |
|
|
(83 |
)% |
R&D and other |
|
9,400 |
|
|
|
9,259 |
|
|
|
141 |
|
|
|
2 |
% |
Medical Device revenue |
|
97,508 |
|
|
|
105,783 |
|
|
|
(8,275 |
) |
|
|
(8 |
)% |
|
|
|
|
|
|
|
|
||||||||
In Vitro Diagnostics Revenue |
|
|
|
|
|
|
|
||||||||
Product sales |
|
27,970 |
|
|
|
26,488 |
|
|
|
1,482 |
|
|
|
6 |
% |
R&D and other |
|
600 |
|
|
|
313 |
|
|
|
287 |
|
|
|
92 |
% |
In |
|
28,570 |
|
|
|
26,801 |
|
|
|
1,769 |
|
|
|
7 |
% |
Total Revenue |
$ |
126,078 |
|
|
$ |
132,584 |
|
|
$ |
(6,506 |
) |
|
|
(5 |
)% |
|
|
|
|
|
|
|
|
||||||||
Medical Device Revenue, excluding
|
$ |
92,428 |
|
|
$ |
76,197 |
|
|
$ |
16,231 |
|
|
|
21 |
% |
Total Revenue, excluding
|
$ |
120,998 |
|
|
$ |
102,998 |
|
|
$ |
18,000 |
|
|
|
17 |
% |
Supplemental Segment Information (in thousands) (Unaudited)
|
|||||||||||
|
Three Months Ended |
|
Increase (Decrease) |
||||||||
|
|
2024 |
|
|
|
2023 |
|
|
$ |
||
Operating Loss: |
|
|
|
|
|
||||||
Medical Device |
$ |
(29 |
) |
|
$ |
(2,399 |
) |
|
$ |
2,370 |
|
In |
|
3,468 |
|
|
|
3,187 |
|
|
|
281 |
|
Total segment operating income |
|
3,439 |
|
|
|
788 |
|
|
|
2,651 |
|
Corporate |
|
(4,052 |
) |
|
|
(3,238 |
) |
|
|
(814 |
) |
Total Operating Loss |
$ |
(613 |
) |
|
$ |
(2,450 |
) |
|
$ |
1,837 |
|
|
Fiscal Year Ended |
|
Increase (Decrease) |
||||||||
|
|
2024 |
|
|
|
2023 |
|
|
$ |
||
Operating (Loss) Income: |
|
|
|
|
|
||||||
Medical Device |
$ |
(2,239 |
) |
|
$ |
5,084 |
|
|
$ |
(7,323 |
) |
In |
|
13,101 |
|
|
|
12,637 |
|
|
|
464 |
|
Total segment operating income |
|
10,862 |
|
|
|
17,721 |
|
|
|
(6,859 |
) |
Corporate |
|
(16,507 |
) |
|
|
(12,571 |
) |
|
|
(3,936 |
) |
Total Operating (Loss) Income |
$ |
(5,645 |
) |
|
$ |
5,150 |
|
|
$ |
(10,795 |
) |
GAAP to Non-GAAP Reconciliation: EBITDA and Adjusted EBITDA (in thousands) (Unaudited)
|
|||||||||||
|
Three Months Ended |
|
Increase (Decrease) |
||||||||
|
|
2024 |
|
|
|
2023 |
|
|
$ |
||
Net (loss) income |
$ |
(3,449 |
) |
|
$ |
6,694 |
|
|
$ |
(10,143 |
) |
Income tax expense (benefit) |
|
2,312 |
|
|
|
(9,483 |
) |
|
|
11,795 |
|
Depreciation and amortization |
|
2,139 |
|
|
|
2,157 |
|
|
|
(18 |
) |
Interest expense, net |
|
884 |
|
|
|
895 |
|
|
|
(11 |
) |
Investment income, net |
|
(435 |
) |
|
|
(546 |
) |
|
|
111 |
|
EBITDA |
|
1,451 |
|
|
|
(283 |
) |
|
|
1,734 |
|
|
|
|
|
|
|
||||||
Adjustments: |
|
|
|
|
|
||||||
Stock-based compensation expense |
|
2,079 |
|
|
|
1,943 |
|
|
|
136 |
|
Merger-related charges(5) |
|
856 |
|
|
|
— |
|
|
|
856 |
|
Adjusted EBITDA |
$ |
4,386 |
|
|
$ |
1,660 |
|
|
$ |
2,726 |
|
|
Fiscal Year Ended |
|
Increase (Decrease) |
||||||||
|
|
2024 |
|
|
|
2023 |
|
|
$ |
||
Net loss |
$ |
(11,542 |
) |
|
$ |
(1,536 |
) |
|
$ |
(10,006 |
) |
Income tax expense |
|
4,036 |
|
|
|
4,023 |
|
|
|
13 |
|
Depreciation and amortization |
|
8,694 |
|
|
|
8,522 |
|
|
|
172 |
|
Interest expense, net |
|
3,540 |
|
|
|
3,489 |
|
|
|
51 |
|
Investment income, net |
|
(1,922 |
) |
|
|
(1,077 |
) |
|
|
(845 |
) |
EBITDA |
|
2,806 |
|
|
|
13,421 |
|
|
|
(10,615 |
) |
|
|
|
|
|
|
||||||
Adjustments: |
|
|
|
|
|
||||||
Stock-based compensation expense |
|
8,217 |
|
|
|
7,605 |
|
|
|
612 |
|
Merger-related charges(5) |
|
3,720 |
|
|
|
— |
|
|
|
3,720 |
|
Restructuring expense(6) |
|
— |
|
|
|
1,282 |
|
|
|
(1,282 |
) |
Contingent consideration fair value adjustment(7) |
|
— |
|
|
|
(829 |
) |
|
|
829 |
|
Adjusted EBITDA |
$ |
14,743 |
|
|
$ |
21,479 |
|
|
$ |
(6,736 |
) |
GAAP to Non-GAAP Reconciliation: Net (Loss) Income and Diluted EPS (in thousands, except per share data) (Unaudited)
|
|||||||||||||||||||
|
For the Three Months Ended |
||||||||||||||||||
|
Operating (Loss) Income |
|
(Loss) Income Before Income Taxes |
|
Net Loss (9) |
|
Diluted EPS |
||||||||||||
GAAP |
$ |
(613 |
) |
|
|
(1.8 |
)% |
|
$ |
(1,137 |
) |
|
$ |
(3,449 |
) |
|
$ |
(0.24 |
) |
Adjustments: |
|
|
|
|
|
|
|
|
|
||||||||||
Amortization of acquired intangible assets(8) |
|
885 |
|
|
|
2.7 |
% |
|
|
885 |
|
|
|
819 |
|
|
|
0.05 |
|
Merger-related charges(5) |
|
856 |
|
|
|
2.5 |
% |
|
|
856 |
|
|
|
856 |
|
|
|
0.06 |
|
Non-GAAP |
$ |
1,128 |
|
|
|
3.4 |
% |
|
$ |
604 |
|
|
$ |
(1,774 |
) |
|
$ |
(0.13 |
) |
Diluted weighted average shares outstanding(10) |
|
|
|
|
|
|
|
|
|
14,189 |
|
||||||||
|
For the Three Months Ended |
||||||||||||||||||
|
Operating Loss |
|
Loss Before Income Taxes |
|
Net Income (9) |
|
Diluted EPS |
||||||||||||
GAAP |
$ |
(2,450 |
) |
|
|
(8.8 |
)% |
|
$ |
(2,789 |
) |
|
$ |
6,694 |
|
$ |
0.47 |
||
Adjustments: |
|
|
|
|
|
|
|
|
|
||||||||||
Amortization of acquired intangible assets(8) |
|
878 |
|
|
|
3.2 |
% |
|
|
878 |
|
|
|
812 |
|
|
|
0.06 |
|
Non-GAAP |
$ |
(1,572 |
) |
|
|
(5.6 |
)% |
|
$ |
(1,911 |
) |
|
$ |
7,506 |
|
|
$ |
0.53 |
|
Diluted weighted average shares outstanding(10) |
|
|
|
|
|
|
|
|
|
14,152 |
|
||||||||
|
Fiscal Year Ended |
||||||||||||||||||
|
Operating (Loss) Income |
|
Loss Before Income Taxes |
|
Net Loss (9) |
|
Diluted EPS |
||||||||||||
GAAP |
$ |
(5,645 |
) |
|
|
(4.5 |
)% |
|
$ |
(7,506 |
) |
|
$ |
(11,542 |
) |
|
$ |
(0.82 |
) |
Adjustments: |
|
|
|
|
|
|
|
|
|
||||||||||
Amortization of acquired intangible assets(8) |
|
3,501 |
|
|
|
2.8 |
% |
|
|
3,501 |
|
|
|
3,239 |
|
|
|
0.23 |
|
Merger-related charges(5) |
|
3,720 |
|
|
|
3.0 |
% |
|
|
3,720 |
|
|
|
3,720 |
|
|
|
0.27 |
|
Non-GAAP |
$ |
1,576 |
|
|
|
1.3 |
% |
|
$ |
(285 |
) |
|
$ |
(4,583 |
) |
|
$ |
(0.32 |
) |
Diluted weighted average shares outstanding(10) |
|
|
|
|
|
|
|
|
|
14,153 |
|
||||||||
|
Fiscal Year Ended |
||||||||||||||||||
|
Operating Income |
|
Income Before Income Taxes |
|
Net (Loss) Income (9) |
|
Diluted EPS |
||||||||||||
GAAP |
$ |
5,150 |
|
|
|
3.9 |
% |
|
$ |
2,487 |
|
|
$ |
(1,536 |
) |
|
$ |
(0.11 |
) |
Adjustments: |
|
|
|
|
|
|
|
|
|
||||||||||
Amortization of acquired intangible assets(8) |
|
3,537 |
|
|
|
2.6 |
% |
|
|
3,537 |
|
|
|
3,279 |
|
|
|
0.24 |
|
Restructuring expense(6) |
|
1,282 |
|
|
|
1.0 |
% |
|
|
1,282 |
|
|
|
1,282 |
|
|
|
0.09 |
|
Contingent consideration fair value adjustment(7) |
|
(829 |
) |
|
|
(0.6 |
)% |
|
|
(829 |
) |
|
|
(829 |
) |
|
|
(0.06 |
) |
Non-GAAP |
$ |
9,140 |
|
|
|
6.9 |
% |
|
$ |
6,477 |
|
|
$ |
2,196 |
|
|
$ |
0.16 |
|
Diluted weighted average shares outstanding(10) |
|
|
|
|
|
|
|
|
|
14,071 |
|
||||||||
(1) |
SurVeil DCB license fee revenue represents revenue recognition on milestone payments received under the company’s Development and Distribution Agreement with Abbott (“Abbott Agreement”). For further details, refer to Supplemental Revenue Information. |
(2) |
For the calculation of Adjusted EBITDA, refer to GAAP to Non-GAAP Reconciliation: EBITDA and Adjusted EBITDA. |
(3) |
Product gross profit equals product sales less product costs, as reported on the condensed consolidated statements of operations. Product gross margin equals product gross profit as a percentage of product sales. |
(4) |
For the calculation of Non-GAAP net (loss) income and Non-GAAP (loss) income per diluted share (also referred to as Non-GAAP diluted EPS), refer to GAAP to Non-GAAP Reconciliation: Net (Loss) Income and Diluted EPS. |
(5) |
Merger-related charges consisted of expenses specifically associated with the proposed acquisition of |
(6) |
Restructuring expense consisted of severance and related costs specifically associated with a workforce restructuring implemented in the second quarter of fiscal 2023. |
(7) |
Contingent consideration fair value adjustment represented accounting adjustments to state acquisition-related contingent consideration liabilities at their estimated fair value as of the period end date related to changes in the timing and/or probability of achieving milestones. |
(8) |
Represents amortization of business acquisition-related intangible assets and associated tax impact. A significant portion of the business acquisition-related amortization is not tax deductible. |
(9) |
Net (loss) income includes the effect of GAAP to Non-GAAP adjustments on income tax expense, taking into account deferred taxes net of valuation allowances, as well as non-deductible items. Income tax impacts were estimated using the applicable statutory rate (21% in the |
(10) |
Diluted weighted average shares outstanding used in the calculation of EPS was the same for GAAP EPS and Non-GAAP EPS for the three month periods ended |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241106326294/en/
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