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Surmodics (SRDX) investor relations material
Surmodics Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary8 Aug, 2025
Executive summary
Q3 2025 revenue was $29.6 million, down 3% year-over-year, with a net loss of $5.3 million, improved from $7.6 million last year.
Adjusted EBITDA rose to $3.4 million from $1.6 million year-over-year, reflecting operational improvements.
The company is being acquired for $43.00 per share in cash, pending regulatory approval and litigation resolution.
A cyber incident in June 2025 caused $1.9 million in costs, with $1.7 million expected to be recovered via insurance.
Merger-related charges totaled $5.3 million in Q3 and $10.1 million for the nine months ended June 30, 2025.
Financial highlights
Product sales declined 5% year-over-year in Q3 2025 to $16.8 million; nine-month product sales fell 11% to $48.3 million.
Product gross margin was 48.8% in Q3 2025, down from 51.9% in Q3 2024, due to lower SurVeil DCB sales and production inefficiencies.
Non-GAAP net income was $0.8 million ($0.06 per diluted share), compared to a non-GAAP net loss of $3.9 million ($0.27 per share) last year.
Cash and investments totaled $32.7 million as of June 30, 2025.
Working capital was $56.6 million at quarter end, down from $60.8 million at September 30, 2024.
Outlook and guidance
Fiscal 2025 revenue guidance is $116.5–$118.5 million, a 6–8% decrease from 2024; excluding SurVeil DCB license fees, revenue expected at $115.0–$117.0 million, down 3–5%.
SurVeil DCB product revenue is expected to decline by $7.5 million in fiscal 2025 compared to 2024.
No further SurVeil DCB license fee revenue will be recognized after March 31, 2025.
Product gross profit and margin are expected to decline for the remainder of fiscal 2025 due to lower SurVeil DCB sales and under-absorption.
Guidance assumes $16 million in merger-related charges for fiscal 2025.
What is the status of the FTC litigation?
What is driving the updated FY25 revenue guidance?
How did Preside coatings expand device applications?
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Q4 20255 Nov, 2025
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Frequently asked questions
Surmodics Inc. is a provider of medical device and in vitro diagnostic technologies. The company develops surface modification coatings, drug delivery technologies, and diagnostic components. Its products are used by medical device manufacturers and diagnostic test developers, particularly in cardiovascular and peripheral vascular applications. Surmodics also offers contract research and development services. The company is headquartered in Eden Prairie, Minnesota, and its shares are listed on the NASDAQ.
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