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SRDX Surmodics

SurModics, Inc. engages in the provision of medical device and in vitro diagnostic technologies to the healthcare industry. It operates through the Medical Device and In Vitro Diagnostics segments. The Medical Device segment designs, develops, and manufactures interventional medical devices, surface modification coating technologies, as well as drug-delivery coating technologies. The In Vitro Diagnostics segment consists of component products and technologies for diagnostic test kits and biomedical research applications. The company was founded in June 1979 and is headquartered in Eden Prairie, MN.

Company profile

Ticker
SRDX
Exchange
CEO
Gary Maharaj
Employees
Incorporated
Location
Fiscal year end
SEC CIK
IRS number
411356149

SRDX stock data

(
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Calendar

9 Feb 21
13 Apr 21
30 Sep 21
Quarter (USD)
Dec 20 Sep 20 Jun 20 Mar 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Sep 20 Sep 19 Sep 18 Sep 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from Surmodics earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 35.75M 35.75M 35.75M 35.75M 35.75M 35.75M
Cash burn (monthly) (positive/no burn) (positive/no burn) 35.33K 121.5K 1.42M (positive/no burn)
Cash used (since last report) n/a n/a 122.14K 420K 4.92M n/a
Cash remaining n/a n/a 35.63M 35.33M 30.83M n/a
Runway (months of cash) n/a n/a 1008.4 290.8 21.7 n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
31 Mar 21 Dantzker David Common Stock Grant Aquire A No No 56.07 334 18.73K 30,139
31 Mar 21 Kalich Ronald B SR Common Stock Grant Aquire A No No 56.07 318 17.83K 21,922
31 Mar 21 Charles W Olson Common Stock Sell Dispose S No Yes 56.75 4,759 270.07K 42,740
1 Mar 21 Maharaj Gary R Common Stock Sell Dispose S No Yes 52.6731 999 52.62K 164,713
1 Mar 21 Maharaj Gary R Common Stock Sell Dispose S No Yes 51.8623 3,001 155.64K 165,712
26 Feb 21 Susan E Knight Common Stock Sell Dispose S No No 52.3593 5,576 291.96K 28,714
26 Feb 21 Susan E Knight Common Stock Option exercise Aquire M No No 21.31 5,576 118.82K 34,290
26 Feb 21 Susan E Knight Stock Option Common Stock Option exercise Dispose M No No 21.31 5,576 118.82K 0

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

98.5% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 140 138 +1.4%
Opened positions 14 15 -6.7%
Closed positions 12 11 +9.1%
Increased positions 42 40 +5.0%
Reduced positions 53 55 -3.6%
13F shares
Current Prev Q Change
Total value 1.97B 2.11B -6.8%
Total shares 13.55M 12.17M +11.4%
Total puts 8.4K 5.8K +44.8%
Total calls 0 0
Total put/call ratio Infinity Infinity NaN%
Largest owners
Shares Value Change
BLK Blackrock 2.22M $96.47M +2.5%
Trigran Investments 1.78M $77.57M +1.0%
Vanguard 923.42K $40.19M +2.4%
Renaissance Technologies 885.84K $38.55M -0.3%
Wellington Management 717.02K $31.2M -0.4%
WELLINGTON TRUST Co N A 700.17K $30.47M NEW
Trigran Investments 639.63K $27.84M NEW
Dimensional Fund Advisors 492.06K $21.41M -2.9%
STT State Street 465.23K $20.25M -4.4%
JHG Janus Henderson 443.1K $19.28M -0.9%
Largest transactions
Shares Bought/sold Change
WELLINGTON TRUST Co N A 700.17K +700.17K NEW
Trigran Investments 639.63K +639.63K NEW
BLK Blackrock 2.22M +54.7K +2.5%
Eversept Partners 41.3K +41.3K NEW
MS Morgan Stanley 72.94K +30.91K +73.6%
Martingale Asset Management L P 6.01K -28.9K -82.8%
Kennedy Capital Management 72.26K -28.21K -28.1%
Wedge Capital Management L L P 59.01K +26.96K +84.1%
Jacobs Levy Equity Management 100.2K -26.91K -21.2%
Vanguard 923.42K +21.77K +2.4%

Financial report summary

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Risks
  • The COVID-19 pandemic has had an adverse effect on our business and results of operations and is expected to continue to have further adverse effects, which could be material, on our business, results of operations, financial condition, liquidity, and capital investments.
  • The long-term success of our business may suffer if we are unable to expand our licensing base.
  • Our success depends on our ability to effectively develop and market our products against those of our competitors.
  • We may not be successful in implementing our whole-product solutions strategy and related important strategic initiatives.
  • Increases in operating expenses related to the development and commercialization of new technologies and products may adversely affect our operating results and may not be effective.
  • Our failure to expand our management systems and controls to support anticipated growth or integrate acquisitions could seriously harm our operating results and business.
  • Goodwill or other assets on our balance sheet may become impaired, which could have a material adverse effect on our operating results.
  • We recognize revenue in accordance with complex accounting standards, and changes in circumstances or interpretations may lead to accounting adjustments and failure to implement these standards might impact the effectiveness of our internal control over financial reporting or impact the reliability of our financial reporting.
  • A portion of our IVD business relies on distribution agreements and relationships with various third parties, and any adverse change in those relationships could result in a loss of revenue and harm that business.
  • We rely on our customers to accurately report and make payments under our agreements with them.
  • We currently have limited or no redundancy in our manufacturing facilities for certain products, and we may lose revenue and be unable to maintain our customer relationships if we lose our production capacity.
  • Our revenue will be harmed if we cannot purchase sufficient components that we use in our manufacture of reagents.
  • We depend upon key personnel and may not be able to attract qualified personnel in the future.
  • Security breaches and other disruptions could compromise our information and expose us to liability, which would cause our business and reputation to suffer.
  • We may become involved in expensive and unpredictable patent litigation or other intellectual property proceedings which could result in liability for damages, or impair our development and commercialization efforts.
  • If we are unable to keep our trade secrets confidential, our technology and proprietary information may be used by others to compete against us.
  • If we are unable to convince our customers to adopt our advanced generation of hydrophilic coating technologies, our royalty revenue may decrease.
  • If we or any of our licensees breach any of the agreements under which we have in-licensed intellectual property from others, we could be deprived of important intellectual property rights and future revenue.
  • Healthcare policy changes may have a material adverse effect on us.
  • Whole-product solutions medical devices and other products incorporating our technologies are subject to increasing scrutiny and regulations, including extensive approval/clearance processes and manufacturing requirements. Any adverse regulatory and/or enforcement action (for us or our licensees) may materially affect our financial condition and business operations.
  • We may face liability if we mishandle or improperly dispose of the hazardous materials used in some of our research, development and manufacturing processes.
Management Discussion
  • ITEM 7.  MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
  • Surmodics, Inc. and subsidiaries (referred to as “Surmodics,” the “Company,” “we,” “us,” “our” and other like terms) is a leading provider of surface modification technologies for intravascular medical devices and chemical components for in vitro diagnostic (“IVD”) immunoassay tests and microarrays. Surmodics is pursuing development and commercialization of highly differentiated medical devices that are designed to address unmet clinical needs and engineered to the most demanding requirements. This key growth strategy leverages the combination of the Company’s expertise in proprietary surface technologies, along with enhanced device design, development, and manufacturing capabilities. The Company mission remains to improve the detection and treatment of disease.
  • Our business model for our whole-product solutions strategy within our Medical Device segment is to design, develop and manufacture highly differentiated products that incorporate our proprietary catheter, balloon, thrombectomy and/or surface modification coating technologies to improve patient outcomes and reduce procedure costs, while maintaining patient safety. We are focused on developing devices that meet the needs of a spectrum of care settings ranging from hospitals, to ambulatory surgery centers, to office-based interventional labs in order to provide improved care and address unmet needs in the treatment of peripheral artery disease (“PAD”) and other vascular diseases.
Content analysis
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