SURMODICS INC

surmodics.com

No Longer Reporting

The company has not filed an annual or quarterly report since its Q3 FY2025 10-Q, filed Aug 8, 2025. Its latest SEC filing is a 15-12G from Dec 1, 2025.

The sections below describe the company as of the FY2024 annual report.

What Did They Do?

Makes and licenses coatings for medical device makers, develops blood-vessel treatment devices for healthcare providers, and sells test components to diagnostic and biomedical research companies.

How Did They Make Money?

Customers pay for diagnostic components, medical devices and coating chemicals, generally 30-45 days after shipment. Medical-device makers also pay royalties on sales of coated products, usually within 45 days after quarter-end, and development fees as work is provided; SurVeil license fees include upfront and milestone payments and are earned as clinical and regulatory work progresses.

FY2024 revenue

Who Were Their Customers?

Medical-device manufacturers license coatings and buy coating reagents and development services; vascular devices go through OEM suppliers and distributors or directly to healthcare providers, while Abbott distributes SurVeil. Diagnostic and biomedical research companies buy components for tests.

Customers above 10% of revenue, FY2024

of revenue from two customers (16%, 12%)

FY2022: 24% from two customers

Did Revenues Turn Into Profits?

No. It lost $11.5M in FY2024.

Operating income, FY2024

−4% of revenue

▼ Now a loss vs FY2023 ($5.2M, 4%)

Net income, FY2024

−9% of revenue

▲ +651% (Loss) vs FY2023 (−$1.5M, −1%)

Free cash flow, FY2024

−3% of revenue

▼ Now a loss vs FY2023 ($7.6M, 6%)

How Were They Changing?

Since the FY2024 annual report

Latest quarter: Q3 FY2025, the three months to Jun 30, 2025

Revenue: ▼ −3%; vs $30.3M in Q3 FY2024
Net income: ▼ −30% (Loss); vs −$7.6M in Q3 FY2024

Nov 19, 2025 Surmodics was acquired and became a wholly owned subsidiary The company requested Nasdaq delist its common stock and deregister it.
Aug 8, 2025 Surmodics raised its fiscal 2025 financial guidance

Grew. Revenue grew 33% in 4 years, from $94.9M in FY2020 to $126.1M in FY2024, about 7% a year.

Direct sales to providers The older report describes vascular-device sales through original equipment manufacturers and distributors; the latest report also describes a direct sales team selling thrombectomy and radial access devices to healthcare providers.

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