The potential revenueĪssociated with this milestone payment would be approximately $25 million. Surmodics has the potential to receive a $30 million milestone payment during fiscal 2022 related to premarket approval of the SurVeil DCB pursuant to the Abbott Development and Distribution Agreement. Million funded using cash on hand and $10 million from the Company’s $25 million line of credit. Surmodics completed its acquisition of Vetex Medical Limited during the fourth quarter of fiscal 2021, with the upfront cash payment of $39.9 Surmodics reported $0.9 million of cash provided by operatingĪctivities and $2.4 million in capital expenditures in the fourth quarter of fiscal 2021. Recorded in the fourth quarter of fiscal 2021 related to the reimbursement of certain expenses under the employee retention credit provisions of the Coronavirus Aid, Relief and Economic Security Act (the "CARES Act").Īs of September 30, 2021, Surmodics reported cash and investments totaling $40.9 million and $10 million in outstanding borrowings on its $25 million line of credit. On a non-GAAP basis, adjusted net loss and adjusted EPS exclude a $2.6 million and $0.19 per share tax-effected benefit, respectively, On a non-GAAP basis, loss per share in the fourth quarter ofįiscal 2021 was $(0.10), compared to a loss per share of $(0.18) in the same prior-year quarter. In Vitro Diagnostics revenue was $6.6 million for the fourth quarter of fiscal 2021, compared to $5.4 million in the same prior-year quarter, an increase of 23%.ĭiluted GAAP earnings per share in the fourth quarter of fiscal 2021 was a loss per share of $(0.02), compared to a loss per share of $(0.22) in the prior-year period. (“Abbott”) for the SurVeil™ĭrug-coated balloon, compared to $1.6 million in the prior-year quarter. Medical Device revenue in the fourth quarter of fiscal 2021 includes $1.2 million from our Development and Distribution Agreement with Abbott Vascular, Inc. The prior-year period, an increase of 1%. Medical Device revenue was $17.4 million for the fourth quarter of fiscal 2021, compared to $17.2 million for Total revenue for the fourth quarter of fiscal 2021 was $24.0 million, compared to $22.5 million in the prior-year period.
“Our fiscal 2022 promises to be an exciting year as we accelerate the commercialization of our innovative radial access, thrombectomy and drug-coated balloon platforms.”įourth Quarter Fiscal 2021 Financial Results “We’re extremely pleased to share that the Sublime™ and Pounce™ clinical product evaluations are confirming the meaningful advantages of our radial access and arterial thrombectomy products,” said Gary Maharaj, President and CEO of Successful first patient use Sublime™.Revenue of $24.0 million, an increase of 6% year-over-year.Summary of Fourth Quarter and Recent Highlights
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