Buoyed by sequential revenue increases in all business segments in its second fiscal quarter, SurModics, which produces drug-delivery and surface-modification technologies for medical devices, announced that the company was increasing its guidance.
However, the Eden Prairie-based company’s year-on-year revenue dropped slightly. In the quarter ended March 31, revenue fell to $17.5 million from $18.4 million in the same period in 2010. The company reported a profit of $2.5 million or 14 cents per diluted share, compared with a loss of $427,000 or 2 cents per share in the same year-ago period.
Of the three business segments, revenue increased the most dramatically in the company’s pharmaceutical business segment, which was up 56 percent to $4.2 million from the first fiscal quarter. Medical devices saw a 2 percent increase to $10 million, while the In Vitro Diagnostics segment saw a jump of 25 percent to $3.3 million from the previous quarter.
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“All three business units generated sequential revenue growth, even as we carefully managed expenses. As a result of this strong performance across the company, we are updating our guidance for the fiscal year,” said Gary Maharaj, SurModics’ president and CEO in a statement about this current business news.
The company now expects to garner $63 million to $68 million in fiscal 2011, up from the previous range of $55 million to $63 million. Earnings per share guidance also improved with projected loss narrowing to 8 cents to 21 cents, compared with the previous projected loss per share of 33 cents to 53 cents.
