Surmodics, Inc. (SRDX) 10-Year Financial Performance & Capital Metrics

SRDX • • Industrial / General

HealthcareMedical DevicesCardiovascular DevicesVascular & Aortic Devices

AboutSurmodics, 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). The Medical Device segment engages in the provision of surface modification coating technologies to enhance access, deliverability, and predictable deployment of medical devices; and drug-delivery coating technologies to provide site-specific drug-delivery from the surface of a medical device for coronary, peripheral, neuro-vascular and structural heart, and other markets, as well as design, development, and manufacturing of interventional medical devices, primarily balloons and catheters, including drug-coated balloons for peripheral arterial disease treatment and other applications. The IVD segment designs, develops, and manufactures component products and technologies for diagnostic immunoassay, as well as molecular test and biomedical research applications. This segment offers protein stabilization reagents, substrates, surface coatings, and antigens. The company was founded in 1979 and is headquartered in Eden Prairie, Minnesota.Show more

Revenue $126M -4.9%
EBITDA $3M -78.7%
Net Income -$12M -651.4%
EPS (Diluted) -0.82 -645.5%
Gross Margin 73.81% +60.4%
EBITDA Margin 2.42% -77.6%
Operating Margin -4.48% -215.3%
Net Margin -9.15% -690.2%
ROE -9.67% -618.4%
ROIC -3.72% -203.9%
Debt/Equity 0.28 +0.8%
Interest Coverage -1.59 -208.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 89 (top 11%)
✓Trading near 52-week high

✗Weaknesses

✗Negative free cash flow

Price & Volume

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Growth Metrics

Revenue CAGR

10Y8.18%

5Y4.73%

3Y6.24%

TTM-0.02%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-1159.97%

EPS CAGR

10Y-

5Y-

3Y-

TTM-1151.27%

ROCE

10Y Avg2.68%

5Y Avg-2.35%

3Y Avg-5.05%

Latest-3.53%

Peer Comparison

Vascular & Aortic Devices

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
PENPenumbra, Inc.	13.73B	350.49	973.58	12.86%	12.3%	12.07%	1.07%	0.19
NVNOenVVeno Medical Corporation	6.35M	0.31	-0.25			-74.59%		0.03
NUWENuwellis, Inc.	2.14M	2.37	-0.30	-1.4%	-202.83%	-423.93%		0.08
NSPRInspireMD, Inc.	67.79M	1.60	-2.11	12.96%	-5.94%	-72.06%		0.06
OMOutset Medical, Inc.	95.49M	5.26	-2.14	-12.8%	-73.12%	-61.67%		7.53
SRDXSurmodics, Inc.	614.51M	42.98	-52.41	-4.91%	-14.59%	-15.84%		0.28
AORTArtivion, Inc.	2.05B	43.29	-135.28	9.75%	-2.16%	-2.08%	0.54%	1.31

Profit & Loss

	Sep 2015	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024
Sales/Revenue+	61.9M	71.37M	73.11M	81.34M	100.08M	94.86M	105.14M	99.95M	132.58M	126.08M
Revenue Growth %	0.08%	0.15%	0.02%	0.11%	0.23%	-0.05%	0.11%	-0.05%	0.33%	-0.05%
Cost of Goods Sold+	24.78M	29.41M	43.24M	54.97M	66.52M	65.5M	63.91M	70.95M	71.56M	33.03M
COGS % of Revenue	0.4%	0.41%	0.59%	0.68%	0.66%	0.69%	0.61%	0.71%	0.54%	0.26%
Gross Profit+	37.11M	41.96M	29.87M	26.37M	33.55M	29.36M	41.23M	29M	61.02M	93.05M
Gross Margin %	0.6%	0.59%	0.41%	0.32%	0.34%	0.31%	0.39%	0.29%	0.46%	0.74%
Gross Profit Growth %	0.1%	0.13%	-0.29%	-0.12%	0.27%	-0.12%	0.4%	-0.3%	1.1%	0.52%
Operating Expenses+	18.02M	20.42M	22.9M	26.6M	26.36M	30.61M	80.76M	51.1M	102.47M	98.7M
OpEx % of Revenue	0.29%	0.29%	0.31%	0.33%	0.26%	0.32%	0.77%	0.51%	0.77%	0.78%
Selling, General & Admin	18.02M	18M	20.48M	24.11M	23.95M	28.39M	30.68M	46.95M	51.88M	56.84M
SG&A % of Revenue	0.29%	0.25%	0.28%	0.3%	0.24%	0.3%	0.29%	0.47%	0.39%	0.45%
Research & Development	16.16M	18.5M	31.82M	40.97M	52.88M	50.19M	46.73M	9.08M	9.57M	10M
R&D % of Revenue	0.26%	0.26%	0.44%	0.5%	0.53%	0.53%	0.44%	0.09%	0.07%	0.08%
Other Operating Expenses	496K	89K	-70K	1.27M	-50.48M	-47.97M	3.34M	-4.93M	41.01M	31.86M
Operating Income+	19.09M	16.86M	7.1M	-8.8M	6.47M	-1.25M	6.7M	-22.1M	5.15M	-5.64M
Operating Margin %	0.31%	0.24%	0.1%	-0.11%	0.06%	-0.01%	0.06%	-0.22%	0.04%	-0.04%
Operating Income Growth %	0.03%	-0.12%	-0.58%	-2.24%	1.74%	-1.19%	6.36%	-4.3%	1.23%	-2.1%
EBITDA+	21.89M	21.73M	12.66M	-2.37M	13.78M	6.01M	14.72M	-12.43M	14.32M	3.05M
EBITDA Margin %	0.35%	0.3%	0.17%	-0.03%	0.14%	0.06%	0.14%	-0.12%	0.11%	0.02%
EBITDA Growth %	0.03%	-0.01%	-0.42%	-1.19%	6.82%	-0.56%	1.45%	-1.84%	2.15%	-0.79%
D&A (Non-Cash Add-back)	2.81M	4.87M	5.55M	6.43M	7.31M	7.26M	8.02M	9.67M	9.17M	8.69M
EBIT	19.09M	21.54M	7.38M	-7.53M	6.86M	-1.32M	6.66M	-21.89M	5.98M	-3.97M
Net Interest Income+	0	0	0	0	-152K	-133K	-310K	-598K	-3.49M	-3.54M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	0	0	0	0	152K	133K	310K	598K	3.49M	3.54M
Other Income/Expense	-848K	89K	-70K	1.27M	1.09M	-203K	-357K	-396K	-2.66M	-1.86M
Pretax Income+	19.74M	16.95M	7.03M	-7.53M	7.56M	-1.45M	6.35M	-22.49M	2.49M	-7.51M
Pretax Margin %	0.32%	0.24%	0.1%	-0.09%	0.08%	-0.02%	0.06%	-0.23%	0.02%	-0.06%
Income Tax+	6.29M	6.96M	3.11M	-3.08M	-34K	-2.58M	2.11M	4.78M	4.02M	4.04M
Effective Tax Rate %	0.68%	0.59%	0.56%	0.59%	1%	-0.77%	0.67%	1.21%	-0.62%	1.54%
Net Income+	13.45M	9.98M	3.93M	-4.46M	7.59M	1.12M	4.24M	-27.27M	-1.54M	-11.54M
Net Margin %	0.22%	0.14%	0.05%	-0.05%	0.08%	0.01%	0.04%	-0.27%	-0.01%	-0.09%
Net Income Growth %	0.12%	-0.26%	-0.61%	-2.14%	2.7%	-0.85%	2.77%	-7.44%	0.94%	-6.51%
Net Income (Continuing)	11.95M	9.98M	3.93M	-4.46M	7.59M	1.12M	4.24M	-27.27M	-1.54M	-11.54M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	1.01	0.76	0.29	-0.34	0.55	0.08	0.30	-1.96	-0.11	-0.82
EPS Growth %	0.16%	-0.25%	-0.62%	-2.17%	2.62%	-0.85%	2.69%	-7.53%	0.94%	-6.45%
EPS (Basic)	1.03	0.77	0.30	-0.34	0.57	0.08	0.31	-1.96	-0.11	-0.82
Diluted Shares Outstanding	13.29M	13.22M	13.39M	13.16M	13.78M	13.81M	13.99M	13.92M	14.03M	14.15M
Basic Shares Outstanding	13.03M	13M	13.15M	13.11M	13.39M	13.55M	13.77M	13.92M	14.03M	14.15M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Sep 2015	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024
Total Current Assets+	67.79M	58.56M	60.88M	81.53M	81.42M	86.61M	70.25M	57.59M	86.69M	81.3M
Cash & Short-Term Investments	55.59M	46.94M	48.34M	64.67M	55.29M	61.1M	38.87M	19M	45.35M	40.11M
Cash Only	55.59M	24.99M	16.53M	23.32M	30.36M	30.79M	31.15M	19M	41.42M	36.12M
Short-Term Investments	0	21.95M	31.8M	41.35M	24.93M	30.31M	7.72M	0	3.93M	4M
Accounts Receivable	7.48M	7.57M	7.81M	8.88M	17.76M	16.17M	22.91M	24.2M	23.9M	23.27M
Days Sales Outstanding	44.1	38.7	38.99	39.84	64.78	62.23	79.55	88.37	65.8	67.37
Inventory	2.98M	3.58M	3.52M	4.02M	4.5M	5.97M	6.76M	11.82M	14.84M	15.17M
Days Inventory Outstanding	43.87	44.42	29.68	26.67	24.7	33.24	38.61	60.8	75.69	167.64
Other Current Assets	546K	697K	599K	1.5M	0	1.95M	0	0	0	0
Total Non-Current Assets+	32.42M	74.34M	75.71M	82.61M	78.44M	82.16M	124.34M	100.77M	99.04M	97.26M
Property, Plant & Equipment	12.97M	19.6M	22.94M	30.14M	29.75M	30.1M	30.09M	27.15M	26.03M	27.98M
Fixed Asset Turnover	4.77x	3.64x	3.19x	2.70x	3.36x	3.15x	3.49x	3.68x	5.09x	4.51x
Goodwill	8.01M	26.55M	27.28M	27.03M	26.17M	27.18M	45.61M	40.71M	42.95M	44.64M
Intangible Assets	2.76M	22.52M	20.56M	17.68M	14.23M	13.28M	37.05M	28.14M	26.21M	23.57M
Long-Term Investments	479K	479K	479K	479K	479K	0	2M	0	0	0
Other Non-Current Assets	1.5M	149K	418K	967K	1.65M	4.27M	3.72M	4.77M	1.86M	1.06M
Total Assets+	100.21M	132.89M	136.59M	164.13M	159.87M	168.76M	194.59M	158.36M	185.73M	178.56M
Asset Turnover	0.62x	0.54x	0.54x	0.50x	0.63x	0.56x	0.54x	0.63x	0.71x	0.71x
Asset Growth %	-0.04%	0.33%	0.03%	0.2%	-0.03%	0.06%	0.15%	-0.19%	0.17%	-0.04%
Total Current Liabilities+	4.7M	10.13M	9.8M	35.13M	20.21M	18.89M	29.82M	32.08M	23.95M	20.54M
Accounts Payable	781K	1.62M	2.4M	2.55M	2.08M	1.51M	1.78M	3.14M	2.99M	2.79M
Days Payables Outstanding	11.5	20.13	20.23	16.91	11.44	8.44	10.18	16.13	15.27	30.79
Short-Term Debt	0	0	0	0	0	436K	10M	10M	0	0
Deferred Revenue (Current)	48K	180K	62K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	1.1M	2.92M	3.52M	17.31M	7.99M	4.67M	4.39M	4.89M	5.57M	13.85M
Current Ratio	14.42x	5.78x	6.21x	2.32x	4.03x	4.58x	2.36x	1.80x	3.62x	3.96x
Quick Ratio	13.79x	5.42x	5.85x	2.21x	3.81x	4.27x	2.13x	1.43x	3.00x	3.22x
Cash Conversion Cycle	76.47	62.99	48.44	49.6	78.03	87.03	107.97	133.04	126.22	204.22
Total Non-Current Liabilities+	2.14M	15.93M	15.23M	20.39M	17.14M	18.82M	24.69M	17.89M	41.87M	39.12M
Long-Term Debt	0	0	0	0	0	0	0	0	29.41M	29.55M
Capital Lease Obligations	0	0	0	0	0	3.34M	3.19M	3.84M	2.97M	2.65M
Deferred Tax Liabilities	0	0	0	1.56M	2.32M	2.87M	2.74M	2.03M	2M	1.78M
Other Non-Current Liabilities	1.92M	15.74M	15.23M	9.14M	5.51M	1.81M	8.46M	6.93M	5.09M	1.96M
Total Liabilities	6.84M	26.06M	25.04M	55.52M	37.35M	37.71M	54.51M	49.97M	65.82M	59.66M
Total Debt+	0	0	0	0	0	3.78M	13.71M	14.81M	33.25M	33.24M
Net Debt	-55.59M	-24.99M	-16.53M	-23.32M	-30.36M	-30.35M	-17.45M	-4.19M	-12.01M	-2.87M
Debt / Equity	-	-	-	-	-	0.03x	0.10x	0.14x	0.28x	0.28x
Debt / EBITDA	-	-	-	-	-	0.63x	0.93x	-	2.32x	10.90x
Net Debt / EBITDA	-2.54x	-1.15x	-1.31x	-	-2.20x	-5.05x	-1.19x	-	-0.84x	-0.94x
Interest Coverage	-	-	-	-	42.56x	-9.41x	21.62x	-36.95x	1.48x	-1.59x
Total Equity+	93.37M	106.83M	111.56M	108.61M	122.52M	131.06M	140.09M	108.39M	119.91M	118.9M
Equity Growth %	-0.05%	0.14%	0.04%	-0.03%	0.13%	0.07%	0.07%	-0.23%	0.11%	-0.01%
Book Value per Share	7.03	8.08	8.33	8.25	8.89	9.49	10.01	7.79	8.55	8.40
Total Shareholders' Equity	93.37M	106.83M	111.56M	108.61M	122.52M	131.06M	140.09M	108.39M	119.91M	118.9M
Common Stock	647K	660K	655K	670K	675K	684K	695K	701K	708K	716K
Retained Earnings	88.16M	98.15M	102.07M	97.61M	110.7M	111.83M	116.06M	88.79M	87.25M	75.71M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	5K	1.27M	3.42M	2.72M	396K	3.17M	1.73M	-9.87M	-4.76M	-2.13M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Sep 2015	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024
Cash from Operations+	15.02M	25.17M	14.05M	34.05M	8.04M	14.01M	15.39M	-17.22M	10.51M	248K
Operating CF Margin %	0.24%	0.35%	0.19%	0.42%	0.08%	0.15%	0.15%	-0.17%	0.08%	0%
Operating CF Growth %	-0.17%	0.68%	-0.44%	1.42%	-0.76%	0.74%	0.1%	-2.12%	1.61%	-0.98%
Net Income	13.45M	9.98M	3.93M	-4.46M	7.59M	1.12M	4.24M	-27.27M	-1.54M	-11.54M
Depreciation & Amortization	2.81M	4.87M	5.55M	6.43M	7.31M	7.26M	8.02M	9.14M	8.52M	8.69M
Stock-Based Compensation	2.38M	3.84M	3.47M	4.81M	5.08M	5.45M	5.86M	7.06M	7.61M	8.22M
Deferred Taxes	93K	261K	1M	-2.28M	-1.09M	-1.14M	1.65M	5.27M	-181K	-320K
Other Non-Cash Items	-1.23M	1.37M	945K	8.37M	-909K	195K	478K	860K	340K	558K
Working Capital Changes	-2.47M	4.83M	-845K	21.18M	-9.95M	1.11M	-4.86M	-12.28M	-4.24M	-5.36M
Change in Receivables	-2.73M	911K	-528K	-1.77M	-1.63M	3.46M	-3.46M	-1.52M	-977K	-5.24M
Change in Inventory	-162K	-143K	97K	-513K	-543K	-1.38M	-818K	-5.06M	-3.02M	-328K
Change in Payables	373K	3.71M	368K	5.24M	-765K	-483K	264K	1.61M	-183K	-232K
Cash from Investing+	16.69M	-55.47M	-16.19M	-23.5M	9.75M	-9.07M	-25.24M	6.23M	-6.82M	-2.94M
Capital Expenditures	-1.88M	-8.19M	-6.43M	-14.09M	-6.75M	-3.67M	-6.28M	-3.37M	-2.92M	-3.49M
CapEx % of Revenue	0.03%	0.11%	0.09%	0.17%	0.07%	0.04%	0.06%	0.03%	0.02%	0.03%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-3K	89K	-9.76M	-5M	-740K	-9.07M	0	0	0	0
Cash from Financing+	-19.64M	-199K	-6.51M	-3.39M	-11.03M	-4.65M	10.23M	-375K	18.41M	-2.95M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	477K	-305K	-96K	-5.48M	-11.75M	-6.26M	-2.9M	-1.62M	-2.51M	-4.17M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	13.14M	16.97M	7.62M	19.96M	1.29M	10.34M	9.11M	-20.59M	7.6M	-3.24M
FCF Margin %	0.21%	0.24%	0.1%	0.25%	0.01%	0.11%	0.09%	-0.21%	0.06%	-0.03%
FCF Growth %	-0.17%	0.29%	-0.55%	1.62%	-0.94%	7.01%	-0.12%	-3.26%	1.37%	-1.43%
FCF per Share	0.99	1.28	0.57	1.52	0.09	0.75	0.65	-1.48	0.54	-0.23
FCF Conversion (FCF/Net Income)	1.12x	2.52x	3.58x	-7.64x	1.06x	12.48x	3.63x	0.63x	-6.85x	-0.02x
Interest Paid	0	0	0	0	0	0	74K	415K	2.92M	3.04M
Taxes Paid	6.51M	6.71M	2.11M	914K	193K	30K	160K	416K	2.85M	2.57M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	14%	9.97%	3.6%	-4.05%	6.57%	0.89%	3.13%	-21.95%	-1.35%	-9.67%
Return on Invested Capital (ROIC)	30.78%	21.14%	6.02%	-7.32%	5.47%	-0.96%	4.44%	-14.61%	3.58%	-3.72%
Gross Margin	59.96%	58.8%	40.86%	32.42%	33.53%	30.95%	39.21%	29.01%	46.03%	73.81%
Net Margin	21.72%	13.99%	5.37%	-5.48%	7.59%	1.18%	4.03%	-27.29%	-1.16%	-9.15%
Debt / Equity	-	-	-	-	-	0.03x	0.10x	0.14x	0.28x	0.28x
Interest Coverage	-	-	-	-	42.56x	-9.41x	21.62x	-36.95x	1.48x	-1.59x
FCF Conversion	1.12x	2.52x	3.58x	-7.64x	1.06x	12.48x	3.63x	0.63x	-6.85x	-0.02x
Revenue Growth	7.76%	15.3%	2.45%	11.25%	23.04%	-5.21%	10.83%	-4.93%	32.65%	-4.91%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Product	-	-	-	37.95M	40.22M	44.32M	46.48M	54.62M	60.61M	73.59M
Product Growth	-	-	-	-	5.97%	10.19%	4.88%	17.52%	10.97%	21.41%
Royalties	-	-	-	-	-	-	-	-	-	42.49M
Royalties Growth	-	-	-	-	-	-	-	-	-	-
Research Development And Other	-	-	-	-	11.4M	9.91M	11.6M	9.08M	9.57M	10M
Research Development And Other Growth	-	-	-	-	-	-13.04%	17.04%	-21.72%	5.40%	4.47%
Royalty	-	-	-	35.42M	48.46M	40.63M	47.06M	36.25M	62.4M	-
Royalty Growth	-	-	-	-	36.79%	-16.15%	15.80%	-22.97%	72.14%	-
Medical Device	45.94M	53.2M	53.98M	-	-	-	-	-	-	-
Medical Device Growth	-	15.80%	1.47%	-	-	-	-	-	-	-
In Vitro Diagnostics	15.95M	18.16M	19.13M	-	-	-	-	-	-	-
In Vitro Diagnostics Growth	-	13.85%	5.31%	-	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Surmodics, Inc. (SRDX) reported $120.8M in revenue for fiscal year 2024. This represents a 78% increase from $67.8M in 2011.

Surmodics, Inc. (SRDX) saw revenue decline by 4.9% over the past year.

Surmodics, Inc. (SRDX) reported a net loss of $17.6M for fiscal year 2024.

Dividend & Returns

Surmodics, Inc. (SRDX) has a return on equity (ROE) of -9.7%. Negative ROE indicates the company is unprofitable.

Surmodics, Inc. (SRDX) had negative free cash flow of $3.5M in fiscal year 2024, likely due to heavy capital investments.

US Stock Screener

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Surmodics, Inc. (SRDX) 10-Year Financial Performance & Capital Metrics

SRDX • • Industrial / General

HealthcareMedical DevicesCardiovascular DevicesVascular & Aortic Devices

Revenue $126M -4.9%
EBITDA $3M -78.7%
Net Income -$12M -651.4%
EPS (Diluted) -0.82 -645.5%
Gross Margin 73.81% +60.4%
EBITDA Margin 2.42% -77.6%
Operating Margin -4.48% -215.3%
Net Margin -9.15% -690.2%
ROE -9.67% -618.4%
ROIC -3.72% -203.9%
Debt/Equity 0.28 +0.8%
Interest Coverage -1.59 -208.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Momentum leader: RS Rating 89 (top 11%)
✓Trading near 52-week high

✗Weaknesses

✗Negative free cash flow

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y8.18%

5Y4.73%

3Y6.24%

TTM-0.02%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-1159.97%

EPS CAGR

10Y-

5Y-

3Y-

TTM-1151.27%

ROCE

10Y Avg2.68%

5Y Avg-2.35%

3Y Avg-5.05%

Latest-3.53%

Peer Comparison

Vascular & Aortic Devices

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
PENPenumbra, Inc.	13.73B	350.49	973.58	12.86%	12.3%	12.07%	1.07%	0.19
NVNOenVVeno Medical Corporation	6.35M	0.31	-0.25			-74.59%		0.03
NUWENuwellis, Inc.	2.14M	2.37	-0.30	-1.4%	-202.83%	-423.93%		0.08
NSPRInspireMD, Inc.	67.79M	1.60	-2.11	12.96%	-5.94%	-72.06%		0.06
OMOutset Medical, Inc.	95.49M	5.26	-2.14	-12.8%	-73.12%	-61.67%		7.53
SRDXSurmodics, Inc.	614.51M	42.98	-52.41	-4.91%	-14.59%	-15.84%		0.28
AORTArtivion, Inc.	2.05B	43.29	-135.28	9.75%	-2.16%	-2.08%	0.54%	1.31

Profit & Loss

	Sep 2015	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024
Sales/Revenue+	61.9M	71.37M	73.11M	81.34M	100.08M	94.86M	105.14M	99.95M	132.58M	126.08M
Revenue Growth %	0.08%	0.15%	0.02%	0.11%	0.23%	-0.05%	0.11%	-0.05%	0.33%	-0.05%
Cost of Goods Sold+	24.78M	29.41M	43.24M	54.97M	66.52M	65.5M	63.91M	70.95M	71.56M	33.03M
COGS % of Revenue	0.4%	0.41%	0.59%	0.68%	0.66%	0.69%	0.61%	0.71%	0.54%	0.26%
Gross Profit+	37.11M	41.96M	29.87M	26.37M	33.55M	29.36M	41.23M	29M	61.02M	93.05M
Gross Margin %	0.6%	0.59%	0.41%	0.32%	0.34%	0.31%	0.39%	0.29%	0.46%	0.74%
Gross Profit Growth %	0.1%	0.13%	-0.29%	-0.12%	0.27%	-0.12%	0.4%	-0.3%	1.1%	0.52%
Operating Expenses+	18.02M	20.42M	22.9M	26.6M	26.36M	30.61M	80.76M	51.1M	102.47M	98.7M
OpEx % of Revenue	0.29%	0.29%	0.31%	0.33%	0.26%	0.32%	0.77%	0.51%	0.77%	0.78%
Selling, General & Admin	18.02M	18M	20.48M	24.11M	23.95M	28.39M	30.68M	46.95M	51.88M	56.84M
SG&A % of Revenue	0.29%	0.25%	0.28%	0.3%	0.24%	0.3%	0.29%	0.47%	0.39%	0.45%
Research & Development	16.16M	18.5M	31.82M	40.97M	52.88M	50.19M	46.73M	9.08M	9.57M	10M
R&D % of Revenue	0.26%	0.26%	0.44%	0.5%	0.53%	0.53%	0.44%	0.09%	0.07%	0.08%
Other Operating Expenses	496K	89K	-70K	1.27M	-50.48M	-47.97M	3.34M	-4.93M	41.01M	31.86M
Operating Income+	19.09M	16.86M	7.1M	-8.8M	6.47M	-1.25M	6.7M	-22.1M	5.15M	-5.64M
Operating Margin %	0.31%	0.24%	0.1%	-0.11%	0.06%	-0.01%	0.06%	-0.22%	0.04%	-0.04%
Operating Income Growth %	0.03%	-0.12%	-0.58%	-2.24%	1.74%	-1.19%	6.36%	-4.3%	1.23%	-2.1%
EBITDA+	21.89M	21.73M	12.66M	-2.37M	13.78M	6.01M	14.72M	-12.43M	14.32M	3.05M
EBITDA Margin %	0.35%	0.3%	0.17%	-0.03%	0.14%	0.06%	0.14%	-0.12%	0.11%	0.02%
EBITDA Growth %	0.03%	-0.01%	-0.42%	-1.19%	6.82%	-0.56%	1.45%	-1.84%	2.15%	-0.79%
D&A (Non-Cash Add-back)	2.81M	4.87M	5.55M	6.43M	7.31M	7.26M	8.02M	9.67M	9.17M	8.69M
EBIT	19.09M	21.54M	7.38M	-7.53M	6.86M	-1.32M	6.66M	-21.89M	5.98M	-3.97M
Net Interest Income+	0	0	0	0	-152K	-133K	-310K	-598K	-3.49M	-3.54M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	0	0	0	0	152K	133K	310K	598K	3.49M	3.54M
Other Income/Expense	-848K	89K	-70K	1.27M	1.09M	-203K	-357K	-396K	-2.66M	-1.86M
Pretax Income+	19.74M	16.95M	7.03M	-7.53M	7.56M	-1.45M	6.35M	-22.49M	2.49M	-7.51M
Pretax Margin %	0.32%	0.24%	0.1%	-0.09%	0.08%	-0.02%	0.06%	-0.23%	0.02%	-0.06%
Income Tax+	6.29M	6.96M	3.11M	-3.08M	-34K	-2.58M	2.11M	4.78M	4.02M	4.04M
Effective Tax Rate %	0.68%	0.59%	0.56%	0.59%	1%	-0.77%	0.67%	1.21%	-0.62%	1.54%
Net Income+	13.45M	9.98M	3.93M	-4.46M	7.59M	1.12M	4.24M	-27.27M	-1.54M	-11.54M
Net Margin %	0.22%	0.14%	0.05%	-0.05%	0.08%	0.01%	0.04%	-0.27%	-0.01%	-0.09%
Net Income Growth %	0.12%	-0.26%	-0.61%	-2.14%	2.7%	-0.85%	2.77%	-7.44%	0.94%	-6.51%
Net Income (Continuing)	11.95M	9.98M	3.93M	-4.46M	7.59M	1.12M	4.24M	-27.27M	-1.54M	-11.54M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	1.01	0.76	0.29	-0.34	0.55	0.08	0.30	-1.96	-0.11	-0.82
EPS Growth %	0.16%	-0.25%	-0.62%	-2.17%	2.62%	-0.85%	2.69%	-7.53%	0.94%	-6.45%
EPS (Basic)	1.03	0.77	0.30	-0.34	0.57	0.08	0.31	-1.96	-0.11	-0.82
Diluted Shares Outstanding	13.29M	13.22M	13.39M	13.16M	13.78M	13.81M	13.99M	13.92M	14.03M	14.15M
Basic Shares Outstanding	13.03M	13M	13.15M	13.11M	13.39M	13.55M	13.77M	13.92M	14.03M	14.15M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Sep 2015	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024
Total Current Assets+	67.79M	58.56M	60.88M	81.53M	81.42M	86.61M	70.25M	57.59M	86.69M	81.3M
Cash & Short-Term Investments	55.59M	46.94M	48.34M	64.67M	55.29M	61.1M	38.87M	19M	45.35M	40.11M
Cash Only	55.59M	24.99M	16.53M	23.32M	30.36M	30.79M	31.15M	19M	41.42M	36.12M
Short-Term Investments	0	21.95M	31.8M	41.35M	24.93M	30.31M	7.72M	0	3.93M	4M
Accounts Receivable	7.48M	7.57M	7.81M	8.88M	17.76M	16.17M	22.91M	24.2M	23.9M	23.27M
Days Sales Outstanding	44.1	38.7	38.99	39.84	64.78	62.23	79.55	88.37	65.8	67.37
Inventory	2.98M	3.58M	3.52M	4.02M	4.5M	5.97M	6.76M	11.82M	14.84M	15.17M
Days Inventory Outstanding	43.87	44.42	29.68	26.67	24.7	33.24	38.61	60.8	75.69	167.64
Other Current Assets	546K	697K	599K	1.5M	0	1.95M	0	0	0	0
Total Non-Current Assets+	32.42M	74.34M	75.71M	82.61M	78.44M	82.16M	124.34M	100.77M	99.04M	97.26M
Property, Plant & Equipment	12.97M	19.6M	22.94M	30.14M	29.75M	30.1M	30.09M	27.15M	26.03M	27.98M
Fixed Asset Turnover	4.77x	3.64x	3.19x	2.70x	3.36x	3.15x	3.49x	3.68x	5.09x	4.51x
Goodwill	8.01M	26.55M	27.28M	27.03M	26.17M	27.18M	45.61M	40.71M	42.95M	44.64M
Intangible Assets	2.76M	22.52M	20.56M	17.68M	14.23M	13.28M	37.05M	28.14M	26.21M	23.57M
Long-Term Investments	479K	479K	479K	479K	479K	0	2M	0	0	0
Other Non-Current Assets	1.5M	149K	418K	967K	1.65M	4.27M	3.72M	4.77M	1.86M	1.06M
Total Assets+	100.21M	132.89M	136.59M	164.13M	159.87M	168.76M	194.59M	158.36M	185.73M	178.56M
Asset Turnover	0.62x	0.54x	0.54x	0.50x	0.63x	0.56x	0.54x	0.63x	0.71x	0.71x
Asset Growth %	-0.04%	0.33%	0.03%	0.2%	-0.03%	0.06%	0.15%	-0.19%	0.17%	-0.04%
Total Current Liabilities+	4.7M	10.13M	9.8M	35.13M	20.21M	18.89M	29.82M	32.08M	23.95M	20.54M
Accounts Payable	781K	1.62M	2.4M	2.55M	2.08M	1.51M	1.78M	3.14M	2.99M	2.79M
Days Payables Outstanding	11.5	20.13	20.23	16.91	11.44	8.44	10.18	16.13	15.27	30.79
Short-Term Debt	0	0	0	0	0	436K	10M	10M	0	0
Deferred Revenue (Current)	48K	180K	62K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	1.1M	2.92M	3.52M	17.31M	7.99M	4.67M	4.39M	4.89M	5.57M	13.85M
Current Ratio	14.42x	5.78x	6.21x	2.32x	4.03x	4.58x	2.36x	1.80x	3.62x	3.96x
Quick Ratio	13.79x	5.42x	5.85x	2.21x	3.81x	4.27x	2.13x	1.43x	3.00x	3.22x
Cash Conversion Cycle	76.47	62.99	48.44	49.6	78.03	87.03	107.97	133.04	126.22	204.22
Total Non-Current Liabilities+	2.14M	15.93M	15.23M	20.39M	17.14M	18.82M	24.69M	17.89M	41.87M	39.12M
Long-Term Debt	0	0	0	0	0	0	0	0	29.41M	29.55M
Capital Lease Obligations	0	0	0	0	0	3.34M	3.19M	3.84M	2.97M	2.65M
Deferred Tax Liabilities	0	0	0	1.56M	2.32M	2.87M	2.74M	2.03M	2M	1.78M
Other Non-Current Liabilities	1.92M	15.74M	15.23M	9.14M	5.51M	1.81M	8.46M	6.93M	5.09M	1.96M
Total Liabilities	6.84M	26.06M	25.04M	55.52M	37.35M	37.71M	54.51M	49.97M	65.82M	59.66M
Total Debt+	0	0	0	0	0	3.78M	13.71M	14.81M	33.25M	33.24M
Net Debt	-55.59M	-24.99M	-16.53M	-23.32M	-30.36M	-30.35M	-17.45M	-4.19M	-12.01M	-2.87M
Debt / Equity	-	-	-	-	-	0.03x	0.10x	0.14x	0.28x	0.28x
Debt / EBITDA	-	-	-	-	-	0.63x	0.93x	-	2.32x	10.90x
Net Debt / EBITDA	-2.54x	-1.15x	-1.31x	-	-2.20x	-5.05x	-1.19x	-	-0.84x	-0.94x
Interest Coverage	-	-	-	-	42.56x	-9.41x	21.62x	-36.95x	1.48x	-1.59x
Total Equity+	93.37M	106.83M	111.56M	108.61M	122.52M	131.06M	140.09M	108.39M	119.91M	118.9M
Equity Growth %	-0.05%	0.14%	0.04%	-0.03%	0.13%	0.07%	0.07%	-0.23%	0.11%	-0.01%
Book Value per Share	7.03	8.08	8.33	8.25	8.89	9.49	10.01	7.79	8.55	8.40
Total Shareholders' Equity	93.37M	106.83M	111.56M	108.61M	122.52M	131.06M	140.09M	108.39M	119.91M	118.9M
Common Stock	647K	660K	655K	670K	675K	684K	695K	701K	708K	716K
Retained Earnings	88.16M	98.15M	102.07M	97.61M	110.7M	111.83M	116.06M	88.79M	87.25M	75.71M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	5K	1.27M	3.42M	2.72M	396K	3.17M	1.73M	-9.87M	-4.76M	-2.13M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Sep 2015	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024
Cash from Operations+	15.02M	25.17M	14.05M	34.05M	8.04M	14.01M	15.39M	-17.22M	10.51M	248K
Operating CF Margin %	0.24%	0.35%	0.19%	0.42%	0.08%	0.15%	0.15%	-0.17%	0.08%	0%
Operating CF Growth %	-0.17%	0.68%	-0.44%	1.42%	-0.76%	0.74%	0.1%	-2.12%	1.61%	-0.98%
Net Income	13.45M	9.98M	3.93M	-4.46M	7.59M	1.12M	4.24M	-27.27M	-1.54M	-11.54M
Depreciation & Amortization	2.81M	4.87M	5.55M	6.43M	7.31M	7.26M	8.02M	9.14M	8.52M	8.69M
Stock-Based Compensation	2.38M	3.84M	3.47M	4.81M	5.08M	5.45M	5.86M	7.06M	7.61M	8.22M
Deferred Taxes	93K	261K	1M	-2.28M	-1.09M	-1.14M	1.65M	5.27M	-181K	-320K
Other Non-Cash Items	-1.23M	1.37M	945K	8.37M	-909K	195K	478K	860K	340K	558K
Working Capital Changes	-2.47M	4.83M	-845K	21.18M	-9.95M	1.11M	-4.86M	-12.28M	-4.24M	-5.36M
Change in Receivables	-2.73M	911K	-528K	-1.77M	-1.63M	3.46M	-3.46M	-1.52M	-977K	-5.24M
Change in Inventory	-162K	-143K	97K	-513K	-543K	-1.38M	-818K	-5.06M	-3.02M	-328K
Change in Payables	373K	3.71M	368K	5.24M	-765K	-483K	264K	1.61M	-183K	-232K
Cash from Investing+	16.69M	-55.47M	-16.19M	-23.5M	9.75M	-9.07M	-25.24M	6.23M	-6.82M	-2.94M
Capital Expenditures	-1.88M	-8.19M	-6.43M	-14.09M	-6.75M	-3.67M	-6.28M	-3.37M	-2.92M	-3.49M
CapEx % of Revenue	0.03%	0.11%	0.09%	0.17%	0.07%	0.04%	0.06%	0.03%	0.02%	0.03%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-3K	89K	-9.76M	-5M	-740K	-9.07M	0	0	0	0
Cash from Financing+	-19.64M	-199K	-6.51M	-3.39M	-11.03M	-4.65M	10.23M	-375K	18.41M	-2.95M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	477K	-305K	-96K	-5.48M	-11.75M	-6.26M	-2.9M	-1.62M	-2.51M	-4.17M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	13.14M	16.97M	7.62M	19.96M	1.29M	10.34M	9.11M	-20.59M	7.6M	-3.24M
FCF Margin %	0.21%	0.24%	0.1%	0.25%	0.01%	0.11%	0.09%	-0.21%	0.06%	-0.03%
FCF Growth %	-0.17%	0.29%	-0.55%	1.62%	-0.94%	7.01%	-0.12%	-3.26%	1.37%	-1.43%
FCF per Share	0.99	1.28	0.57	1.52	0.09	0.75	0.65	-1.48	0.54	-0.23
FCF Conversion (FCF/Net Income)	1.12x	2.52x	3.58x	-7.64x	1.06x	12.48x	3.63x	0.63x	-6.85x	-0.02x
Interest Paid	0	0	0	0	0	0	74K	415K	2.92M	3.04M
Taxes Paid	6.51M	6.71M	2.11M	914K	193K	30K	160K	416K	2.85M	2.57M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	14%	9.97%	3.6%	-4.05%	6.57%	0.89%	3.13%	-21.95%	-1.35%	-9.67%
Return on Invested Capital (ROIC)	30.78%	21.14%	6.02%	-7.32%	5.47%	-0.96%	4.44%	-14.61%	3.58%	-3.72%
Gross Margin	59.96%	58.8%	40.86%	32.42%	33.53%	30.95%	39.21%	29.01%	46.03%	73.81%
Net Margin	21.72%	13.99%	5.37%	-5.48%	7.59%	1.18%	4.03%	-27.29%	-1.16%	-9.15%
Debt / Equity	-	-	-	-	-	0.03x	0.10x	0.14x	0.28x	0.28x
Interest Coverage	-	-	-	-	42.56x	-9.41x	21.62x	-36.95x	1.48x	-1.59x
FCF Conversion	1.12x	2.52x	3.58x	-7.64x	1.06x	12.48x	3.63x	0.63x	-6.85x	-0.02x
Revenue Growth	7.76%	15.3%	2.45%	11.25%	23.04%	-5.21%	10.83%	-4.93%	32.65%	-4.91%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Product	-	-	-	37.95M	40.22M	44.32M	46.48M	54.62M	60.61M	73.59M
Product Growth	-	-	-	-	5.97%	10.19%	4.88%	17.52%	10.97%	21.41%
Royalties	-	-	-	-	-	-	-	-	-	42.49M
Royalties Growth	-	-	-	-	-	-	-	-	-	-
Research Development And Other	-	-	-	-	11.4M	9.91M	11.6M	9.08M	9.57M	10M
Research Development And Other Growth	-	-	-	-	-	-13.04%	17.04%	-21.72%	5.40%	4.47%
Royalty	-	-	-	35.42M	48.46M	40.63M	47.06M	36.25M	62.4M	-
Royalty Growth	-	-	-	-	36.79%	-16.15%	15.80%	-22.97%	72.14%	-
Medical Device	45.94M	53.2M	53.98M	-	-	-	-	-	-	-
Medical Device Growth	-	15.80%	1.47%	-	-	-	-	-	-	-
In Vitro Diagnostics	15.95M	18.16M	19.13M	-	-	-	-	-	-	-
In Vitro Diagnostics Growth	-	13.85%	5.31%	-	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Surmodics, Inc. (SRDX) reported $120.8M in revenue for fiscal year 2024. This represents a 78% increase from $67.8M in 2011.

Surmodics, Inc. (SRDX) saw revenue decline by 4.9% over the past year.

Surmodics, Inc. (SRDX) reported a net loss of $17.6M for fiscal year 2024.

Dividend & Returns

Surmodics, Inc. (SRDX) has a return on equity (ROE) of -9.7%. Negative ROE indicates the company is unprofitable.

Surmodics, Inc. (SRDX) had negative free cash flow of $3.5M in fiscal year 2024, likely due to heavy capital investments.