SurModics (SRDX) reported quarterly earnings results on Thursday, Jul-28-2016. The company said it had a profit of $0.37 Earnings per Share for the quarter. The results exceeded Wall Street expectations beating the analyst consensus estimate by $0.25. Analysts had a consensus of $0.12. The company posted revenue of $19.97 million in the period, compared to analysts expectations of $16.31 million. The company’s revenue was up 25.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.30 EPS.
Many Wall Street Analysts have commented on SurModics. Company shares were Reiterated by Barrington Research on May 3, 2016 to “Outperform”, Firm has raised the Price Target to $ 30 from a previous price target of $27 .
SurModics opened for trading at $25.25 and hit $26.84 on the upside on Thursday, eventually ending the session at $25.85, with a gain of 2.66% or 0.67 points. The heightened volatility saw the trading volume jump to 1,02,376 shares. Company has a market cap of $336 M.
In a different news, on Jun 16, 2016, Bryan K Phillips (SVP, Gen Counsel & Secretary) sold 1,816 shares at $23.44 per share price. According to the SEC, on Jun 14, 2016, Joseph J. Stich (VP, Bus Ops & GM, IVD) sold 1,000 shares at $23.33 per share price. On Jun 2, 2016, Susan E Knight (director) sold 2,330 shares at $22.35 per share price, according to the Form-4 filing with the securities and exchange commission.
SurModics Inc. is a provider of surface modification and in vitro diagnostic technologies to the healthcare industry. The Company operates in two reportable segments: the Medical Device unit which is comprised of surface modification coating technologies to improve access deliverability and predictable deployment of medical devices as well as drug delivery coating technologies to provide site-specific drug delivery from the surface of a medical device with end markets that include coronary peripheral and neurovascular and urology among others and the In Vitro Diagnostics unit which consists of component products and technologies for diagnostic immunoassay and molecular tests and biomedical research applications with products that include protein stabilization reagents substrates antigens and surface coatings.