SurModics Inc. (NASDAQ:SRDX) delivered a profit and missed Wall Street’s expectations, AND came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company.
SurModics Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 42.86% to $0.20 in the quarter versus EPS of $0.14 in the year-earlier quarter.
Revenue: Rose 12.2% to $13.7 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: SurModics Inc. reported adjusted EPS income of $0.20 per share. By that measure, the company missed the mean analyst estimate of $0.21. It missed the average revenue estimate of $13.92 million.
Quoting Management: SurModics’ President and Chief Executive Officer, Gary Maharaj said, “I am pleased with our team’s performance in the second quarter. We delivered double-digit gains in both revenue and earnings per share. Our strategy of focusing on SurModics’ core businesses continued to drive strong results in our two businesses. Both our Medical Device and In Vitro Diagnostic segments are executing our strategic initiatives as planned, and both reported solid year-over-year revenue gains.”
Key Stats (on next page)…
Revenue decreased 1.08% from $13.85 million in the previous quarter. EPS decreased 31.03% from $0.29 in the previous quarter.
Looking Forward: Analysts have a neutral outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings is a profit of $0.22 and has not changed. For the current year, the average estimate has moved down from a profit of $0.95 to a profit of $0.94 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)