Boy this thread is a veritable hotbed of activity.
Anyway, for all those lurkers out there, SRDX just posted really good earnings growth numbers after the bell Thursday. The full press release follows, and it includes lots of good financial data.
This stock has got a lot of potential!
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SurModics, Inc. Reports Second Quarter Results
EDEN PRAIRIE, Minn., April 23 /PRNewswire/ -- SurModics, Inc. (Nasdaq: SRDX - news) today reported its financial results for the second quarter ended March 31, 1998.
Revenue for the quarter increased 38% to a record $2,579,000 from $1,866,000 for the corresponding period of fiscal 1997. This resulted in net income of $376,000 or $.06 per share compared to $68,000 or $.01 per share last year.
For the first six months of fiscal 1998, revenue increased 27% to $4,488,000 from $3,521,000 for the corresponding period of fiscal 1997. This resulted in net income of $527,000 or $.09 per share compared to $94,000 or $.02 per share last year.
''We are pleased to be reporting strong results for our first quarter as a public company, which was led by a healthy 57% increase in royalty revenue,'' said Dale Olseth, President and CEO. ''Royalties generated by our existing PhotoLink(R) licenses increased 47%. This license portfolio continues to expand, as we added two additional PhotoLink licensed applications with existing customers during the quarter. In addition, royalties from the diagnostic licensing was up 65%. This revenue growth has led to an even faster growth in profits. Operating income increased to $288,000 for the second quarter compared to $17,000 during the same period of fiscal 1997.''
SurModics, Inc. is a leading provider of surface modification solutions to medical device manufacturers.
SurModics, Inc.
Statements of Operations
(Unaudited)
(in thousands, except per share data)
Three Months Ended Six Months Ended
March 31, March 31,
1998 1997 1998 1997
Revenues:
Royalties $1,265 $807 $2,207 $1,410
License fees 60 25 60 257
Product sales 735 437 1,232 926
Research & development 519 597 989 928
Total Revenues 2,579 1,866 4,488 3,521
Operating expenses 2,291 1,849 4,099 3,517
Operating profit 288 17 389 4
Other income, net 88 51 138 90
Net income $376 $68 $527 $94
Net income per share
Basic $0.07 $0.01 $0.10 $0.02
Diluted $0.06 $0.01 $0.09 $0.02
Weighted average shares
outstanding
Basic 5,573 4,863 5,236 4,841
Diluted 6,068 5,374 5,711 5,323
SurModics, Inc.
Condensed Balance Sheets
(in thousands)
March 31, September 30,
1998 1997
(Unaudited)
Assets
Current assets:
Cash & investments $18,619 $1,948
Accounts receivable 910 922
Inventories 307 264
Other current assets 259 74
Total Current Assets 20,095 3,208
Property & equipment, net 1,271 1,065
Long-term investments 948 1,874
Other assets 188 303
Total assets $22,502 $6,450
Total Liabilities & Stockholders' Equity
Total current liabilities $1,104 $1,081
Total deferred liabilities 197 267
Total stockholders' equity 21,201 5,102
Total liabilities & stockholders' equity $22,502 $6,450
SOURCE: SurModics, Inc. |
