Surmodics, Inc. has recently released its 10-K report, providing a detailed insight into the company's financial condition and operations. Surmodics, Inc. is a leading provider of performance coating technologies for intravascular medical devices and chemical and biological components for in vitro diagnostic (“IVD”) immunoassay tests and microarrays. The company operates through two segments, Medical Device and In Vitro Diagnostics (IVD).
The 10-K report discusses the company's financial performance in fiscal years 2024, 2023, and 2022. In fiscal 2024, Surmodics reported a revenue of $126.1 million, representing a 5% decrease from the previous year. The Medical Device segment revenue was $97.5 million, an 8% decrease from the prior year, driven by lower SurVeil DCB license fee revenue, partly offset by growth in product sales and performance coating royalties and license fee revenue.
The report also highlights the company's merger agreement with BCE Parent, LLC, a Delaware limited liability company, and BCE Merger Sub, Inc., a Minnesota corporation, for an acquisition at $43.00 per share in cash. The Merger was approved by Surmodics’ shareholders at a special meeting on August 13, 2024, and the company and an affiliate of Parent received a request for additional information and documentary materials from the U.S. Federal Trade Commission in connection with the Merger.
Furthermore, the report provides an overview of Surmodics' vascular intervention medical device platforms, including drug-coated balloon, thrombectomy systems, and radial access platform. The company's fiscal 2024 revenue was driven by the fulfillment of the initial stocking order and subsequent orders for the SurVeil DCB from Abbott, the exclusive distribution partner for the product, and continued sales growth from the Pounce thrombectomy device platform.
The market has reacted to these announcements by moving the company's shares -0.1% to a price of $39.15. If you want to know more, read the company's complete 10-K report here.
