Surmodics (NASDAQ:SRDX) Releases Earnings Results, Beats Expectations By $0.10 EPS

Surmodics (NASDAQ:SRDX – Get Rating) issued its earnings results on Wednesday. The company reported ($0.22) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.32) by $0.10, MarketWatch Earnings reports. Surmodics had a negative net margin of 10.80% and a negative return on equity of 6.22%. During the same period in the previous year, the business earned $0.62 earnings per share.

Shares of SRDX opened at $38.66 on Friday. Surmodics has a 12-month low of $36.24 and a 12-month high of $62.27. The firm has a 50-day moving average price of $42.74 and a 200 day moving average price of $45.83.

In related news, CEO Gary R. Maharaj sold 4,000 shares of the company’s stock in a transaction dated Friday, April 1st. The shares were sold at an average price of $44.99, for a total value of $179,960.00. Following the completion of the sale, the chief executive officer now owns 155,041 shares of the company’s stock, valued at $6,975,294.59. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 6.70% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the business. Invesco Ltd. boosted its stake in Surmodics by 0.5% during the fourth quarter. Invesco Ltd. now owns 74,795 shares of the company’s stock worth $3,601,000 after buying an additional 400 shares during the period. Deutsche Bank AG boosted its stake in Surmodics by 5.4% during the fourth quarter. Deutsche Bank AG now owns 8,817 shares of the company’s stock worth $424,000 after buying an additional 455 shares during the period. California State Teachers Retirement System boosted its stake in Surmodics by 2.7% during the fourth quarter. California State Teachers Retirement System now owns 19,072 shares of the company’s stock worth $918,000 after buying an additional 506 shares during the period. Legal & General Group Plc boosted its stake in Surmodics by 3.2% during the fourth quarter. Legal & General Group Plc now owns 34,599 shares of the company’s stock worth $1,666,000 after buying an additional 1,062 shares during the period. Finally, Cubist Systematic Strategies LLC purchased a new position in Surmodics during the fourth quarter worth about $53,000. 93.50% of the stock is owned by institutional investors.

A number of equities research analysts have recently commented on SRDX shares. Needham & Company LLC reduced their target price on shares of Surmodics from $70.00 to $58.00 and set a “buy” rating for the company in a research report on Friday, February 4th. StockNews.com started coverage on shares of Surmodics in a report on Thursday, March 31st. They issued a “hold” rating for the company.

About Surmodics (Get Rating)

Surmodics, Inc, together with its subsidiaries, provides surface modification technologies for intravascular medical devices, and chemical components for in vitro diagnostic immunoassay tests and microarrays in the United States and internationally. It operates in two segments, Medical Device and In Vitro Diagnostics (IVD).

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