) fourth quarter fiscal 2013 (ended Sept 30, 2013) adjusted
earnings of 24 cents per share beat the Zacks Consensus Estimate
of 22 cents. The fourth quarter fiscal 2013 earnings increased
20% from the year-ago period. The year-over-year growth was
primarily attributable to higher revenues.
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Revenues climbed 3% year over year to $14.3 million. The Zacks
Consensus Estimate was $15 million. Increased sales of vitro
diagnostics offerings and hydrophilic coatings were the primary
reasons behind the year-over-year improvement.
For the reported quarter, royalties and license fees accounted
for approximately 52.3% of total revenues with product sales and
research & development accounting for 40.7% and 7%,
SurModics' revenues from the Medical Devices segment came in at
approximately $10.3 million, up 3%. Bulk of the segmental
revenues came from the sales of hydrophilic coatings, which
climbed 1% from the year-ago period. Revenues from the In Vitro
Diagnostics unit increased 4% to $4 million in the fourth quarter
of fiscal 2013. This was the12th consecutive quarter in which
segmental product revenues surged.
For fiscal 2013, SurModics reported earnings of 85 cents per
share short of the Zacks Consensus Estimate by 2 cents. Fiscal
2013 earnings were approximately 29% higher than the fiscal 2012
Revenues in fiscal 2013 climbed 8% to $56.1 million primarily on
the back of impressive hydrophilic coating royalty revenues.
Revenues were marginally short of the Zacks Consensus Estimate of
Fiscal 2014 Projection
Apart from announcing its earnings results, SurModics also
provided guidance for fiscal 2014. SurModics expects fiscal 2014
revenues in the range of $58-$62 million. Earnings are expected
in the range of 80 cents-92 cents per share. The Zacks Consensus
Estimate currently hints at earnings of 95 cents per share on
revenues of $63 million for fiscal 2014. The company forecasts
fiscal 2014 capital expenditure in the range of $2.2-$2.5
In a separate development, SurModics inked a $20 million line of
credit three year agreement with
SurModics currently carries a Zacks Rank #4 (Sell). Companies
AMAG Pharmaceuticals, Inc.
) appear to be well placed with a Zacks Rank #1 (Strong Buy).