Surmodics raises FY25 EPS view to (35c)-(20c) from (62c)-(42c)

Consensus (55c). Raises FY25 revenue view to $116.5M-$118.5M from $114M-$117M, consensus $115.69M. The company said, “Surmodics (SRDX) is increasing its fiscal 2025 total revenue to a range of $116.5 million to $118.5 million, representing a decrease of 8% to 6% compared to fiscal 2024. Excluding SurVeil DCB license fee revenue, Surmodics now expects fiscal 2025 total revenue to range from $115.0 million to $117.0 million, representing a decrease of 5% to 3% compared to fiscal 2024 . The company’s prior guidance called for fiscal 2025 total revenue of $114 to $117 million, representing a decrease of 10% to 7% compared to fiscal 2024, and total revenue excluding SurVeil DCB license fee revenue of $112.5 million to $115.5 million, representing a decrease of 7% to 5% compared to fiscal 2024. As previously disclosed, the company expects fiscal 2025 financial performance to remain impacted by lower SurVeil DCB license fee and product revenue. Given the completion of the TRANSCEND pivotal clinical trial in the second quarter of fiscal 2025, the company continues to expect SurVeil DCB license fee revenue to decrease by $3.6 million in fiscal 2025, with no further recognition of SurVeil DCB license fee revenue subsequent to March 31, 2025. The company expects SurVeil DCB product revenue to decrease by approximately $7.5 million in fiscal 2025, driven primarily by lower demand for commercial shipments from Abbott, the Company’s exclusive distribution partner for the product.”