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SURMODICS REPORTS 23% GROWTH IN NON-CYPHER REVENUE.(Financial report)

Publication: Biotech Financial Reports
Publication Date: 01-MAR-07
Format: Online
Delivery: Immediate Online Access

Article Excerpt
SurModics, Inc. (Nasdaq: SRDX), Eden Prairie, Minn., a leading provider of surface modification and drug delivery technologies to the healthcare industry, has reported financial results for the first quarter ended December 31, 2006.

First Quarter Highlights (GAAP):

Revenue of $16.7 +...

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...million, up 2% year-over-year

Operating income of $8.1 million; operating margin of 48%

Net income of $6.0 million

Diluted EPS of $0.32

Operating cash flow of $11.8 million Non-CYPHER-related revenue increased 23% year-over-year Two new licenses signed with SurModics customers

Four new customer products introduced

Completed the repurchase of $17.5 million of common stock "SurModics is pleased to report 23% growth in non-CYPHER revenue for the first quarter of fiscal year 2007," said Bruce Barclay, president and CEO. "Our overall performance during the period was...

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