Surmodics (SRDX) Financials

$27.38 -0.26 (-0.92%)

As of 11:38 AM Eastern

Annual Income Statements for Surmodics

This table shows Surmodics' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024
Period end date	9/30/2021	9/30/2022	9/30/2023	9/30/2024
Net Income / (Loss) Attributable to Common Shareholders	4.24	-27	-1.54	-12
Consolidated Net Income / (Loss)	4.24	-27	-1.54	-12
Net Income / (Loss) Continuing Operations	4.24	-27	-1.54	-12
Total Pre-Tax Income	6.35	-22	2.49	-7.51
Total Operating Income	6.70	-22	5.15	-5.65
Total Gross Profit	88	80	108	93
Total Revenue	105	100	133	126
Operating Revenue	105	100	133	126
Total Cost of Revenue	17	20	25	33
Operating Cost of Revenue	17	20	25	33
Total Operating Expenses	81	102	102	99
Selling, General & Admin Expense	31	47	52	57
Research & Development Expense	47	51	47	38
Amortization Expense	2.79	4.15	3.54	3.50
Other Operating Expenses / (Income)	0.00	0.01	-0.83	0.00
Restructuring Charge	1.05	0.00	1.28	0.00
Total Other Income / (Expense), net	-0.36	-0.40	-2.66	-1.86
Interest Expense	0.31	0.60	3.49	3.54
Interest & Investment Income	0.12	0.10	1.08	1.92
Other Income / (Expense), net	-0.17	0.10	-0.25	-0.24
Income Tax Expense	2.11	4.78	4.02	4.04
Basic Earnings per Share	$0.31	($1.96)	($0.11)	($0.82)
Weighted Average Basic Shares Outstanding	13.77M	13.92M	14.03M	14.15M
Diluted Earnings per Share	$0.30	($1.96)	($0.11)	($0.82)
Weighted Average Diluted Shares Outstanding	13.99M	13.92M	14.03M	14.15M
Weighted Average Basic & Diluted Shares Outstanding	13.91M	14.04M	14.16M	14.33M

This table shows Surmodics' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025
Period end date	6/30/2022	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-5.65	-15	-7.84	-7.73	7.35	6.69	-0.79	0.25	-7.55	-3.65	-5.21
Consolidated Net Income / (Loss)	-5.65	-15	-7.84	-7.73	7.35	6.69	-0.79	0.25	-7.55	-3.65	-5.21
Net Income / (Loss) Continuing Operations	-5.65	-15	-7.84	-7.73	7.35	6.69	-0.79	0.25	-7.55	-3.65	-5.21
Total Pre-Tax Income	-7.18	-6.79	-8.01	-7.37	21	-2.79	-0.72	0.17	-5.81	-2.94	-4.68
Total Operating Income	-7.14	-6.61	-7.23	-6.58	21	-2.45	-0.32	0.66	-5.37	-2.48	-4.01
Total Gross Profit	20	20	20	21	46	21	22	25	22	22	20
Total Revenue	25	26	25	27	52	28	31	32	30	30	28
Operating Revenue	25	26	25	27	52	28	31	32	30	30	28
Total Cost of Revenue	5.14	5.60	5.27	5.74	6.92	7.04	8.80	7.10	8.45	7.43	7.83
Operating Cost of Revenue	5.14	5.60	5.27	5.74	6.92	7.04	8.80	7.10	8.45	7.43	7.83
Total Operating Expenses	27	27	27	28	24	23	22	24	27	25	24
Selling, General & Admin Expense	13	14	13	13	13	13	13	13	17	15	15
Research & Development Expense	13	12	13	13	11	9.70	8.66	10	9.77	8.94	8.37
Amortization Expense	1.02	0.97	0.91	0.87	0.88	0.88	0.87	0.88	0.87	0.86	0.85
Total Other Income / (Expense), net	-0.04	-0.18	-0.78	-0.78	-0.76	-0.34	-0.40	-0.49	-0.44	-0.46	-0.67
Interest Expense	0.15	0.19	0.83	0.88	0.88	0.90	0.90	0.88	0.88	0.88	0.86
Interest & Investment Income	0.02	0.03	0.17	0.18	0.18	0.55	0.54	0.46	0.49	0.39	0.25
Other Income / (Expense), net	0.09	-0.02	-0.13	-0.08	-0.06	0.01	-0.05	-0.07	-0.05	0.03	-0.07
Income Tax Expense	-1.53	7.94	-0.17	0.37	13	-9.48	0.06	-0.08	1.74	0.71	0.53
Basic Earnings per Share	($0.41)	($1.06)	($0.56)	($0.55)	$0.52	$0.48	($0.06)	$0.02	($0.53)	($0.26)	($0.36)
Weighted Average Basic Shares Outstanding	13.93M	13.92M	13.98M	14.03M	14.05M	14.03M	14.10M	14.15M	14.17M	14.23M	14.28M
Diluted Earnings per Share	($0.41)	($1.06)	($0.56)	($0.55)	$0.52	$0.48	($0.06)	$0.02	($0.53)	($0.26)	($0.36)
Weighted Average Diluted Shares Outstanding	13.93M	13.92M	13.98M	14.03M	14.07M	14.03M	14.10M	14.18M	14.17M	14.23M	14.28M
Weighted Average Basic & Diluted Shares Outstanding	14.01M	14.04M	14.13M	14.13M	14.13M	14.16M	-	14.26M	14.27M	14.30M	14.30M

This table details how cash moves in and out of Surmodics' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024
Period end date	9/30/2021	9/30/2022	9/30/2023	9/30/2024
Net Change in Cash & Equivalents	0.37	-12	22	-5.30
Net Cash From Operating Activities	15	-17	11	0.25
Net Cash From Continuing Operating Activities	15	-17	11	0.25
Net Income / (Loss) Continuing Operations	4.24	-27	-1.54	-12
Consolidated Net Income / (Loss)	4.24	-27	-1.54	-12
Depreciation Expense	8.02	9.14	8.52	8.69
Amortization Expense	0.05	0.05	0.37	0.30
Non-Cash Adjustments To Reconcile Net Income	3.81	6.34	7.43	3.24
Changes in Operating Assets and Liabilities, net	-0.72	-5.47	-4.27	-0.44
Net Cash From Investing Activities	-25	6.23	-6.82	-2.94
Net Cash From Continuing Investing Activities	-25	6.23	-6.82	-2.94
Purchase of Property, Plant & Equipment	-5.28	-3.37	-2.92	-3.49
Acquisitions	-41	0.00	0.00	0.00
Purchase of Investments	-23	0.00	-3.90	-25
Sale and/or Maturity of Investments	43	9.60	0.00	26
Net Cash From Financing Activities	10	-0.38	18	-2.95
Net Cash From Continuing Financing Activities	10	-0.38	18	-2.95
Repayment of Debt	0.00	0.00	-11	0.00
Issuance of Debt	10	0.00	30	0.00
Issuance of Common Equity	3.13	1.25	1.25	1.22
Other Financing Activities, net	-2.90	-1.62	-1.90	-4.17
Effect of Exchange Rate Changes	-	-0.79	0.32	0.34
Cash Interest Paid	0.07	0.42	2.92	3.05
Cash Income Taxes Paid	0.16	0.42	2.85	2.57

This table details how cash moves in and out of Surmodics' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	6/30/2022	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	-4.64	-1.08	7.43	-7.25	25	-3.16	-18	-8.73	12	-5.97	-0.96
Net Cash From Operating Activities	-3.50	-2.50	-11	-5.83	26	1.25	-8.79	-2.03	3.66	-7.89	0.95
Net Cash From Continuing Operating Activities	-3.50	-2.50	-11	-5.83	26	1.25	-8.79	-2.03	3.66	-7.89	0.95
Net Income / (Loss) Continuing Operations	-5.65	-15	-7.84	-7.73	7.35	6.69	-0.79	-7.55	-3.45	-3.65	-5.21
Consolidated Net Income / (Loss)	-5.65	-15	-7.84	-7.73	7.35	6.69	-0.79	-7.55	-3.45	-3.65	-5.21
Depreciation Expense	2.21	2.24	2.12	2.09	2.15	2.16	2.33	2.13	2.14	2.08	2.14
Amortization Expense	0.01	0.01	0.08	0.10	0.09	0.09	0.08	0.08	0.08	0.08	0.08
Non-Cash Adjustments To Reconcile Net Income	3.25	1.39	2.81	-0.86	2.66	2.82	-1.40	0.86	2.46	2.47	3.12
Changes in Operating Assets and Liabilities, net	-3.31	8.58	-7.97	0.57	14	-11	-9.02	2.45	2.43	-8.87	0.82
Net Cash From Investing Activities	-0.86	1.43	-0.98	-0.72	-0.47	-4.65	-8.47	-6.72	9.46	3.70	-2.28
Net Cash From Continuing Investing Activities	-0.86	1.43	-0.98	-0.72	-0.47	-4.65	-8.47	-6.72	9.46	3.70	-2.28
Purchase of Property, Plant & Equipment	-0.86	-0.57	-0.98	-0.72	-0.47	-0.75	-0.72	-0.96	-0.54	-0.30	-0.32
Purchase of Investments	-	-	-	-	-	-3.90	-9.75	-12	-	0.00	-1.96
Net Cash From Financing Activities	-0.01	0.30	19	-0.79	-0.02	0.42	-1.05	0.07	-1.56	-1.20	0.05
Net Cash From Continuing Financing Activities	-0.01	0.30	19	-0.79	-0.02	0.42	-1.05	0.07	-1.56	-1.20	0.05
Issuance of Common Equity	0.02	0.48	0.35	0.46	-	0.45	0.04	0.09	0.55	0.11	0.06
Other Financing Activities, net	-0.04	-0.19	-0.86	-0.99	-0.02	-0.03	-1.09	-0.03	-2.12	-1.31	-0.02
Effect of Exchange Rate Changes	-0.27	-0.30	0.41	0.09	-	-	0.25	-	-	-0.57	0.32
Cash Interest Paid	0.09	0.16	0.66	0.73	0.76	0.76	0.78	0.77	0.76	0.79	0.69
Cash Income Taxes Paid	0.00	0.02	0.01	0.01	0.24	2.60	0.00	1.34	0.89	0.00	2.33

This table presents Surmodics' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024
Period end date	9/30/2021	9/30/2022	9/30/2023	9/30/2024
Total Assets	195	158	186	179
Total Current Assets	70	58	87	81
Cash & Equivalents	31	19	41	36
Short-Term Investments	7.72	0.00	3.93	4.00
Accounts Receivable	9.17	10	11	13
Inventories, net	6.76	12	15	15
Prepaid Expenses	6.45	6.76	7.36	2.86
Other Current Assets	7.09	7.12	7.80	9.87
Plant, Property, & Equipment, net	30	27	26	25
Total Noncurrent Assets	94	74	73	72
Goodwill	46	41	43	45
Intangible Assets	37	28	26	24
Other Noncurrent Operating Assets	3.72	4.77	3.86	4.09
Total Liabilities & Shareholders' Equity	195	158	186	179
Total Liabilities	55	50	66	60
Total Current Liabilities	30	32	24	21
Short-Term Debt	10	10	-	0.00
Accounts Payable	1.78	3.14	2.99	2.79
Accrued Expenses	4.91	5.85	6.44	3.80
Current Deferred Revenue	4.65	4.16	4.38	1.62
Current Deferred & Payable Income Tax Liabilities	-	-	0.00	1.24
Current Employee Benefit Liabilities	8.48	8.93	10	11
Total Noncurrent Liabilities	25	18	42	39
Long-Term Debt	-	0.00	29	30
Noncurrent Deferred & Payable Income Tax Liabilities	2.74	2.03	2.00	1.79
Other Noncurrent Operating Liabilities	12	11	8.06	7.78
Commitments & Contingencies	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	140	108	120	119
Total Preferred & Common Equity	140	108	120	119
Preferred Stock	0.00	0.00	0.00	0.00
Total Common Equity	140	108	120	119
Common Stock	22	29	37	45
Retained Earnings	116	89	87	76
Accumulated Other Comprehensive Income / (Loss)	1.73	-9.87	-4.76	-2.13

This table presents Surmodics' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q2 2024	Q3 2024	Q1 2025	Q2 2025
Period end date	6/30/2022	12/31/2022	3/31/2023	6/30/2023	3/31/2024	6/30/2024	12/31/2024	3/31/2025
Total Assets	176	170	166	189	183	177	164	163
Total Current Assets	60	64	61	86	84	80	72	72
Cash & Equivalents	20	26	19	45	33	24	30	29
Short-Term Investments	2.01	-	-	-	7.91	14	0.00	1.97
Accounts Receivable	9.38	10	12	12	12	13	13	12
Inventories, net	11	13	14	15	15	15	15	16
Prepaid Expenses	7.65	8.07	8.31	7.23	4.20	3.37	4.01	3.25
Other Current Assets	7.58	7.05	7.87	7.68	11	10	9.88	9.70
Plant, Property, & Equipment, net	28	28	28	27	26	25	24	23
Total Noncurrent Assets	87	78	77	76	73	72	68	68
Goodwill	43	43	44	44	44	43	42	44
Intangible Assets	31	29	29	28	25	24	21	21
Other Noncurrent Operating Assets	5.51	5.01	4.76	4.84	4.46	4.68	4.41	3.44
Total Liabilities & Shareholders' Equity	176	170	166	189	183	177	164	163
Total Liabilities	51	62	64	76	59	59	52	53
Total Current Liabilities	29	17	19	32	19	20	13	14
Accounts Payable	1.93	2.04	3.79	2.48	3.19	3.19	2.56	3.39
Accrued Expenses	5.86	7.05	6.46	5.45	5.02	5.43	3.58	3.97
Current Deferred Revenue	4.01	3.77	3.35	4.33	4.75	3.68	0.27	0.34
Current Deferred & Payable Income Tax Liabilities	-	-	-	12	0.00	0.04	1.89	0.00
Current Employee Benefit Liabilities	7.60	4.41	5.53	7.83	6.25	7.86	4.88	6.26
Total Noncurrent Liabilities	21	45	44	44	40	39	39	39
Long-Term Debt	-	29	29	29	29	30	30	30
Noncurrent Deferred & Payable Income Tax Liabilities	2.23	2.10	2.03	2.06	1.86	1.77	1.60	1.61
Other Noncurrent Operating Liabilities	12	9.52	9.74	9.54	8.32	7.79	7.60	7.78
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	125	107	103	112	124	118	112	110
Total Preferred & Common Equity	125	107	103	112	124	118	112	110
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	125	107	103	112	124	118	112	110
Common Stock	27	31	33	35	41	43	46	47
Retained Earnings	104	81	73	81	87	79	72	67
Accumulated Other Comprehensive Income / (Loss)	-5.72	-4.62	-3.81	-3.20	-3.75	-4.11	-6.14	-3.87

This table displays calculated financial ratios and metrics derived from Surmodics' official financial filings.

Metric	2022	2023	2024
Period end date	9/30/2022	9/30/2023	9/30/2024
Growth Metrics	-	-	-
Revenue Growth	-4.93%	32.65%	-4.91%
EBITDA Growth	-187.74%	207.65%	-77.45%
EBIT Growth	-436.66%	122.27%	-220.19%
NOPAT Growth	-445.62%	79.44%	-24.23%
Net Income Growth	-743.71%	94.37%	-651.43%
EPS Growth	-753.33%	94.39%	-645.45%
Operating Cash Flow Growth	-211.92%	161.05%	-97.64%
Free Cash Flow Firm Growth	83.76%	-37.19%	-7.46%
Invested Capital Growth	-8.99%	4.60%	4.21%
Revenue Q/Q Growth	2.06%	1.52%	0.00%
EBITDA Q/Q Growth	-92.40%	43.60%	0.00%
EBIT Q/Q Growth	-39.01%	590.97%	0.00%
NOPAT Q/Q Growth	-38.34%	-560.37%	0.00%
Net Income Q/Q Growth	-112.50%	93.31%	0.00%
EPS Q/Q Growth	-113.04%	93.33%	0.00%
Operating Cash Flow Q/Q Growth	-24.50%	55.44%	111.48%
Free Cash Flow Firm Q/Q Growth	89.79%	-146.88%	0.00%
Invested Capital Q/Q Growth	-12.06%	6.97%	0.00%
Profitability Metrics	-	-	-
Gross Margin	79.65%	81.17%	73.81%
EBITDA Margin	-12.81%	10.40%	2.47%
Operating Margin	-22.11%	3.88%	-4.48%
EBIT Margin	-22.00%	3.70%	-4.67%
Profit (Net Income) Margin	-27.29%	-1.16%	-9.15%
Tax Burden Percent	121.26%	-61.76%	153.77%
Interest Burden Percent	102.27%	50.77%	127.48%
Effective Tax Rate	0.00%	161.76%	0.00%
Return on Invested Capital (ROIC)	-14.83%	-3.13%	-3.72%
ROIC Less NNEP Spread (ROIC-NNEP)	44.39%	-16.31%	53.55%
Return on Net Nonoperating Assets (RNNOA)	-7.12%	1.78%	-5.94%
Return on Equity (ROE)	-21.95%	-1.35%	-9.67%
Cash Return on Invested Capital (CROIC)	-5.42%	-7.62%	-7.85%
Operating Return on Assets (OROA)	-12.46%	2.85%	-3.23%
Return on Assets (ROA)	-15.45%	-0.89%	-6.34%
Return on Common Equity (ROCE)	-21.95%	-1.35%	-9.67%
Return on Equity Simple (ROE_SIMPLE)	-25.16%	-1.28%	-9.71%
Net Operating Profit after Tax (NOPAT)	-15	-3.18	-3.95
NOPAT Margin	-15.48%	-2.40%	-3.13%
Net Nonoperating Expense Percent (NNEP)	-59.22%	13.19%	-57.28%
Cost of Revenue to Revenue	20.35%	18.83%	26.19%
SG&A Expenses to Revenue	46.96%	39.13%	45.08%
R&D to Revenue	50.63%	35.14%	30.43%
Operating Expenses to Revenue	101.76%	77.29%	78.28%
Earnings before Interest and Taxes (EBIT)	-22	4.90	-5.89
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-13	14	3.11
Valuation Ratios	-	-	-
Price to Book Value (P/BV)	3.93	3.78	4.65
Price to Tangible Book Value (P/TBV)	10.77	8.94	10.92
Price to Revenue (P/Rev)	4.26	3.42	4.39
Price to Earnings (P/E)	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	4.19	4.21	5.01
Enterprise Value to Revenue (EV/Rev)	4.17	3.30	4.30
Enterprise Value to EBITDA (EV/EBITDA)	0.00	31.74	174.56
Enterprise Value to EBIT (EV/EBIT)	0.00	89.33	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	41.62	2,188.37
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00
Leverage & Solvency	-	-	-
Debt to Equity	0.09	0.25	0.25
Long-Term Debt to Equity	0.00	0.25	0.25
Financial Leverage	-0.16	-0.11	-0.11
Leverage Ratio	1.42	1.51	1.53
Compound Leverage Factor	1.45	0.77	1.94
Debt to Total Capital	8.45%	19.69%	19.91%
Short-Term Debt to Total Capital	8.45%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	19.69%	19.91%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%
Common Equity to Total Capital	91.55%	80.31%	80.09%
Debt to EBITDA	-0.78	2.13	9.51
Net Debt to EBITDA	0.70	-1.16	-3.40
Long-Term Debt to EBITDA	0.00	2.13	9.51
Debt to NOPAT	-0.65	-9.24	-7.48
Net Debt to NOPAT	0.58	5.01	2.67
Long-Term Debt to NOPAT	0.00	-9.24	-7.48
Altman Z-Score	6.26	6.00	7.16
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-
Current Ratio	1.80	3.62	3.96
Quick Ratio	0.92	2.35	2.60
Cash Flow Metrics	-	-	-
Free Cash Flow to Firm (FCFF)	-5.65	-7.75	-8.33
Operating Cash Flow to CapEx	-511.07%	360.32%	7.10%
Free Cash Flow to Firm to Interest Expense	-9.45	-2.22	-2.35
Operating Cash Flow to Interest Expense	-28.80	3.01	0.07
Operating Cash Flow Less CapEx to Interest Expense	-34.44	2.18	-0.92
Efficiency Ratios	-	-	-
Asset Turnover	0.57	0.77	0.69
Accounts Receivable Turnover	10.19	12.45	10.44
Inventory Turnover	2.19	1.87	2.20
Fixed Asset Turnover	3.49	4.99	4.95
Accounts Payable Turnover	8.27	8.15	11.43
Days Sales Outstanding (DSO)	35.83	29.32	34.95
Days Inventory Outstanding (DIO)	166.68	194.88	165.82
Days Payable Outstanding (DPO)	44.13	44.80	31.93
Cash Conversion Cycle (CCC)	158.38	179.39	168.83
Capital & Investment Metrics	-	-	-
Invested Capital	99	104	108
Invested Capital Turnover	0.96	1.30	1.19
Increase / (Decrease) in Invested Capital	-9.82	4.57	4.38
Enterprise Value (EV)	417	438	543
Market Capitalization	426	454	553
Book Value per Share	$7.74	$8.48	$8.33
Tangible Book Value per Share	$2.82	$3.59	$3.55
Total Capital	118	149	148
Total Debt	10	29	30
Total Long-Term Debt	0.00	29	30
Net Debt	-9.00	-16	-11
Capital Expenditures (CapEx)	3.37	2.92	3.49
Debt-free, Cash-free Net Working Capital (DFCFNWC)	17	17	21
Debt-free Net Working Capital (DFNWC)	36	63	61
Net Working Capital (NWC)	26	63	61
Net Nonoperating Expense (NNE)	12	-1.64	7.59
Net Nonoperating Obligations (NNO)	-9.00	-16	-11
Total Depreciation and Amortization (D&A)	9.19	8.89	9.00
Debt-free, Cash-free Net Working Capital to Revenue	16.52%	13.11%	16.38%
Debt-free Net Working Capital to Revenue	35.53%	47.32%	48.19%
Net Working Capital to Revenue	25.52%	47.32%	48.19%
Earnings Adjustments	-	-	-
Adjusted Basic Earnings per Share	($1.96)	($0.11)	($0.82)
Adjusted Weighted Average Basic Shares Outstanding	13.92M	14.03M	14.15M
Adjusted Diluted Earnings per Share	($1.96)	($0.11)	($0.82)
Adjusted Weighted Average Diluted Shares Outstanding	13.92M	14.03M	14.15M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	14.04M	14.16M	14.33M
Normalized Net Operating Profit after Tax (NOPAT)	-15	4.50	-3.95
Normalized NOPAT Margin	-15.48%	3.40%	-3.13%
Pre Tax Income Margin	-22.50%	1.88%	-5.95%
Debt Service Ratios	-	-	-
EBIT to Interest Expense	-36.78	1.40	-1.66
NOPAT to Interest Expense	-25.87	-0.91	-1.12
EBIT Less CapEx to Interest Expense	-42.41	0.57	-2.65
NOPAT Less CapEx to Interest Expense	-31.50	-1.75	-2.10
Payout Ratios	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Surmodics' official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025
Period end date	6/30/2022	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	4.11%	8.41%	8.39%	4.18%	111.17%	7.63%	22.54%	17.50%	-42.19%	-2.06%	-12.12%
EBITDA Growth	-769.12%	-347.07%	-404.80%	-73.89%	587.38%	95.61%	139.62%	132.79%	-113.61%	-114.20%	-167.83%
EBIT Growth	-184.83%	-1,347.60%	-115.79%	-35.93%	402.51%	63.20%	95.01%	108.82%	-125.39%	-567.30%	-795.06%
NOPAT Growth	-199.62%	-1,252.35%	-110.08%	-34.35%	252.35%	62.95%	95.55%	121.28%	-149.34%	-670.50%	-386.26%
Net Income Growth	-71.92%	-4,996.19%	-178.91%	-89.40%	229.99%	145.45%	89.98%	103.19%	-202.83%	-364.50%	-2,208.91%
EPS Growth	-70.83%	-5,200.00%	-180.00%	-89.66%	226.83%	145.28%	89.29%	103.64%	-201.92%	-333.33%	-1,900.00%
Operating Cash Flow Growth	-226.93%	-381.21%	-53.74%	-38.69%	840.38%	150.00%	18.61%	0.00%	-107.85%	10.21%	-87.20%
Free Cash Flow Firm Growth	-9,468.33%	113.11%	116.51%	98.45%	147.71%	-221.08%	1,355.45%	257.41%	-168.46%	-202.59%	-17.88%
Invested Capital Growth	64.13%	-8.99%	-10.27%	-3.32%	-14.01%	4.60%	0.00%	-0.17%	12.66%	0.00%	-3.35%
Revenue Q/Q Growth	-4.80%	4.56%	-4.06%	9.08%	92.97%	-46.71%	9.23%	0.00%	-5.06%	0.00%	-6.14%
EBITDA Q/Q Growth	-88.66%	9.56%	-17.73%	13.43%	628.78%	-100.81%	1,163.54%	0.00%	-319.48%	0.00%	-543.45%
EBIT Q/Q Growth	-44.10%	6.06%	-10.92%	9.46%	420.68%	-111.43%	84.96%	0.00%	-1,023.34%	0.00%	-66.60%
NOPAT Q/Q Growth	-45.78%	7.42%	-9.32%	8.94%	265.31%	-122.51%	86.86%	0.00%	-483.28%	0.00%	-61.63%
Net Income Q/Q Growth	-38.40%	-160.63%	46.75%	1.40%	195.00%	-8.88%	-111.74%	0.00%	-3,158.30%	0.00%	-42.67%
EPS Q/Q Growth	-41.38%	-158.54%	47.17%	1.79%	194.55%	-7.69%	-112.50%	0.00%	-2,750.00%	0.00%	-38.46%
Operating Cash Flow Q/Q Growth	16.74%	28.51%	-332.08%	46.07%	544.48%	-95.17%	-803.36%	0.00%	0.00%	-315.80%	112.02%
Free Cash Flow Firm Q/Q Growth	-2.60%	110.56%	45.76%	-109.80%	3,265.22%	-126.79%	1,852.08%	0.00%	-1,476.55%	0.00%	100.85%
Invested Capital Q/Q Growth	-3.02%	-12.06%	11.00%	2.13%	-13.75%	6.97%	-100.00%	0.00%	-2.67%	0.00%	-2.24%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	79.32%	78.46%	78.88%	78.90%	86.81%	74.83%	71.19%	77.78%	72.16%	75.19%	72.12%
EBITDA Margin	-19.48%	-16.85%	-20.67%	-16.41%	44.96%	-0.69%	6.68%	4.58%	-10.58%	-0.97%	-6.64%
Operating Margin	-28.74%	-25.45%	-28.99%	-24.20%	40.80%	-8.76%	-1.05%	2.06%	-17.70%	-8.29%	-14.28%
EBIT Margin	-28.40%	-25.51%	-29.50%	-24.48%	40.68%	-8.72%	-1.20%	1.84%	-17.86%	-8.18%	-14.53%
Profit (Net Income) Margin	-22.74%	-56.67%	-31.46%	-28.43%	14.00%	23.93%	-2.57%	0.77%	-24.90%	-12.20%	-18.55%
Tax Burden Percent	78.69%	216.84%	97.94%	105.00%	35.58%	-240.01%	108.56%	148.80%	129.99%	124.01%	111.26%
Interest Burden Percent	101.74%	102.44%	108.89%	110.62%	96.71%	114.30%	197.28%	28.28%	107.21%	120.21%	114.75%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	64.42%	0.00%	0.00%	-48.80%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-21.66%	-17.07%	-17.73%	-15.22%	18.03%	-8.00%	0.00%	0.00%	0.00%	-13.09%	-10.99%
ROIC Less NNEP Spread (ROIC-NNEP)	-20.12%	33.59%	34.51%	79.53%	20.02%	-75.42%	0.00%	0.00%	0.00%	677.99%	26.03%
Return on Net Nonoperating Assets (RNNOA)	6.36%	-5.39%	-1.51%	-2.22%	-2.30%	8.24%	0.00%	0.00%	0.00%	-3.36%	-1.44%
Return on Equity (ROE)	-15.31%	-22.46%	-19.23%	-17.45%	15.73%	0.24%	0.00%	0.00%	0.00%	-16.45%	-12.43%
Cash Return on Invested Capital (CROIC)	-60.85%	-5.42%	-4.71%	-13.46%	15.73%	-7.62%	0.00%	0.00%	0.00%	-209.82%	-4.49%
Operating Return on Assets (OROA)	-15.76%	-14.45%	-16.95%	-14.39%	29.15%	-6.72%	0.00%	0.00%	0.00%	-6.27%	-10.21%
Return on Assets (ROA)	-12.62%	-32.10%	-18.07%	-16.71%	10.03%	18.44%	0.00%	0.00%	0.00%	-9.35%	-13.03%
Return on Common Equity (ROCE)	-15.31%	-22.46%	-19.23%	-17.45%	15.73%	0.24%	0.00%	0.00%	0.00%	-16.45%	-12.43%
Return on Equity Simple (ROE_SIMPLE)	-10.26%	0.00%	-30.12%	-35.06%	-20.42%	0.00%	0.00%	0.00%	0.00%	-12.89%	-18.02%
Net Operating Profit after Tax (NOPAT)	-5.00	-4.63	-5.06	-4.61	7.62	-1.72	-0.23	0.98	-3.76	-1.74	-2.81
NOPAT Margin	-20.12%	-17.81%	-20.30%	-16.94%	14.51%	-6.13%	-0.74%	3.07%	-12.39%	-5.80%	-9.99%
Net Nonoperating Expense Percent (NNEP)	-1.55%	-50.66%	-52.23%	-94.75%	-1.99%	67.42%	0.00%	-109.81%	-31.78%	-691.08%	-37.01%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	-	-1.23%	-2.01%
Cost of Revenue to Revenue	20.68%	21.54%	21.12%	21.10%	13.19%	25.17%	28.81%	22.22%	27.84%	24.81%	27.88%
SG&A Expenses to Revenue	51.72%	53.01%	53.09%	47.68%	24.53%	45.79%	41.04%	40.97%	54.80%	50.71%	53.57%
R&D to Revenue	52.20%	47.17%	51.11%	47.52%	21.40%	34.67%	28.36%	32.01%	32.18%	29.88%	29.79%
Operating Expenses to Revenue	108.06%	103.91%	107.87%	103.11%	46.01%	83.59%	72.24%	75.72%	89.85%	83.48%	86.40%
Earnings before Interest and Taxes (EBIT)	-7.06	-6.63	-7.35	-6.66	21	-2.44	-0.37	0.59	-5.42	-2.45	-4.08
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-4.84	-4.38	-5.15	-4.46	24	-0.19	2.04	1.46	-3.21	-0.29	-1.87
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.16	3.93	4.47	3.14	3.94	3.78	0.00	0.00	5.07	5.08	3.96
Price to Tangible Book Value (P/TBV)	10.06	10.77	13.81	10.72	10.85	8.94	0.00	0.00	11.73	11.80	9.59
Price to Revenue (P/Rev)	5.32	4.26	4.70	3.12	3.39	3.42	3.72	0.00	0.00	4.52	3.59
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	93.06	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.07%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	4.50	4.19	4.37	2.95	4.40	4.21	0.00	0.00	5.40	5.10	4.00
Enterprise Value to Revenue (EV/Rev)	5.19	4.17	4.73	3.22	3.27	3.30	0.00	0.00	0.00	4.52	3.58
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	44.51	31.74	0.00	0.00	0.00	729.42	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	602.69	89.33	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	618.48	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	63.17	41.62	0.00	0.00	0.00	494.55	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	25.85	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.08	0.09	0.28	0.29	0.26	0.25	0.00	0.24	0.25	0.26	0.27
Long-Term Debt to Equity	0.00	0.00	0.28	0.29	0.26	0.25	0.00	0.24	0.25	0.26	0.27
Financial Leverage	-0.32	-0.16	-0.04	-0.03	-0.12	-0.11	0.00	-0.01	-0.10	-0.01	-0.06
Leverage Ratio	1.33	1.42	1.45	1.49	1.53	1.51	0.00	1.54	1.59	1.47	1.48
Compound Leverage Factor	1.35	1.46	1.58	1.64	1.48	1.72	0.00	0.44	1.70	1.76	1.70
Debt to Total Capital	7.40%	8.45%	21.57%	22.22%	20.71%	19.69%	0.00%	19.21%	19.99%	20.93%	21.18%
Short-Term Debt to Total Capital	7.40%	8.45%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	21.57%	22.22%	20.71%	19.69%	0.00%	19.21%	19.99%	20.93%	21.18%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	92.60%	91.55%	78.43%	77.78%	79.29%	80.31%	0.00%	80.79%	80.01%	79.07%	78.82%
Debt to EBITDA	-1.50	-0.78	-1.74	-1.56	3.06	2.13	0.00	0.00	0.00	38.08	-7.72
Net Debt to EBITDA	1.82	0.70	-0.18	-0.54	-1.59	-1.16	0.00	0.00	0.00	-0.71	0.40
Long-Term Debt to EBITDA	0.00	0.00	-1.74	-1.56	3.06	2.13	0.00	0.00	0.00	38.08	-7.72
Debt to NOPAT	-0.89	-0.65	-1.63	-1.52	42.49	-9.24	0.00	0.00	0.00	-5.42	-3.39
Net Debt to NOPAT	1.08	0.58	-0.17	-0.52	-22.04	5.01	0.00	0.00	0.00	0.10	0.17
Long-Term Debt to NOPAT	0.00	0.00	-1.63	-1.52	42.49	-9.24	0.00	0.00	0.00	-5.42	-3.39
Altman Z-Score	7.64	6.58	6.06	4.44	5.47	5.87	0.00	0.00	0.00	8.31	6.60
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.04	1.80	3.73	3.20	2.68	3.62	0.00	4.39	3.98	5.45	5.14
Quick Ratio	1.07	0.92	2.11	1.64	1.76	2.35	0.00	2.77	2.55	3.24	3.06
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-49	5.19	7.56	-0.74	23	-6.28	110	1.17	-16	-113	0.96
Operating Cash Flow to CapEx	-406.16%	-437.06%	-1,105.63%	-805.67%	5,508.72%	167.11%	-1,221.11%	0.00%	-211.99%	-2,613.91%	297.49%
Free Cash Flow to Firm to Interest Expense	-339.05	27.61	9.16	-0.84	26.54	-7.02	122.88	1.32	-18.27	-128.06	1.12
Operating Cash Flow to Interest Expense	-24.12	-13.30	-13.08	-6.59	29.29	1.40	-9.81	0.00	-2.31	-8.95	1.11
Operating Cash Flow Less CapEx to Interest Expense	-30.06	-16.34	-14.26	-7.41	28.76	0.56	-10.62	0.00	-3.40	-9.29	0.74
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.56	0.57	0.57	0.59	0.72	0.77	0.00	0.00	0.00	0.77	0.70
Accounts Receivable Turnover	10.89	10.19	11.27	8.89	12.36	12.45	0.00	0.00	0.00	9.99	10.17
Inventory Turnover	2.19	2.19	2.01	1.87	1.84	1.87	0.00	0.00	0.00	2.07	2.06
Fixed Asset Turnover	3.41	3.49	3.57	3.63	4.76	4.99	0.00	0.00	0.00	5.27	4.96
Accounts Payable Turnover	10.97	8.27	10.88	7.37	10.66	8.15	0.00	0.00	0.00	12.36	9.85
Days Sales Outstanding (DSO)	33.51	35.83	32.38	41.04	29.53	29.32	0.00	0.00	0.00	36.54	35.89
Days Inventory Outstanding (DIO)	166.46	166.68	181.65	195.05	198.12	194.88	0.00	0.00	0.00	176.01	177.36
Days Payable Outstanding (DPO)	33.28	44.13	33.54	49.54	34.23	44.80	0.00	0.00	0.00	29.54	37.05
Cash Conversion Cycle (CCC)	166.69	158.38	180.50	186.55	193.42	179.39	0.00	0.00	0.00	183.01	176.20
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	113	99	110	113	97	104	0.00	112	109	111	109
Invested Capital Turnover	1.08	0.96	0.87	0.90	1.24	1.30	0.00	0.00	0.00	2.26	1.10
Increase / (Decrease) in Invested Capital	44	-9.82	-13	-3.87	-16	4.57	-110	-0.19	12	111	-3.77
Enterprise Value (EV)	509	417	482	332	427	438	0.00	0.00	591	567	435
Market Capitalization	521	426	479	322	443	454	514	0.00	599	567	436
Book Value per Share	$8.94	$7.74	$7.64	$7.26	$7.95	$8.48	$0.00	$8.76	$8.29	$7.80	$7.71
Tangible Book Value per Share	$3.70	$2.82	$2.47	$2.12	$2.88	$3.59	$0.00	$3.93	$3.58	$3.36	$3.18
Total Capital	135	118	137	132	142	149	0.00	153	148	141	140
Total Debt	10	10	29	29	29	29	0.00	29	30	30	30
Total Long-Term Debt	0.00	0.00	29	29	29	29	0.00	29	30	30	30
Net Debt	-12	-9.00	3.07	10	-15	-16	0.00	-11	-8.66	-0.55	-1.52
Capital Expenditures (CapEx)	0.86	0.57	0.98	0.72	0.47	0.75	0.72	0.00	0.96	0.30	0.32
Debt-free, Cash-free Net Working Capital (DFCFNWC)	19	17	21	23	9.22	17	0.00	24	22	29	27
Debt-free Net Working Capital (DFNWC)	41	36	47	42	54	63	0.00	65	60	59	58
Net Working Capital (NWC)	31	26	47	42	54	63	0.00	65	60	59	58
Net Nonoperating Expense (NNE)	0.65	10	2.78	3.12	0.27	-8.41	0.56	0.73	3.80	1.91	2.40
Net Nonoperating Obligations (NNO)	-12	-9.00	3.07	10	-15	-16	0.00	-11	-8.66	-0.55	-1.52
Total Depreciation and Amortization (D&A)	2.22	2.25	2.20	2.20	2.24	2.25	2.41	0.88	2.21	2.16	2.21
Debt-free, Cash-free Net Working Capital to Revenue	18.95%	16.52%	20.38%	22.27%	7.06%	13.11%	0.00%	0.00%	0.00%	22.73%	21.92%
Debt-free Net Working Capital to Revenue	41.51%	35.53%	46.33%	40.90%	41.20%	47.32%	0.00%	0.00%	0.00%	46.76%	47.54%
Net Working Capital to Revenue	31.29%	25.52%	46.33%	40.90%	41.20%	47.32%	0.00%	0.00%	0.00%	46.76%	47.54%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.41)	($1.06)	($0.56)	($0.55)	$0.52	$0.48	$0.00	$0.02	($0.53)	($0.26)	($0.36)
Adjusted Weighted Average Basic Shares Outstanding	13.93M	13.92M	13.98M	14.03M	14.05M	14.03M	0.00	14.15M	14.17M	14.23M	14.28M
Adjusted Diluted Earnings per Share	($0.41)	($1.06)	($0.56)	($0.55)	$0.52	$0.48	$0.00	$0.02	($0.53)	($0.26)	($0.36)
Adjusted Weighted Average Diluted Shares Outstanding	13.93M	13.92M	13.98M	14.03M	14.07M	14.03M	0.00	14.18M	14.17M	14.23M	14.28M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	14.01M	14.04M	14.13M	14.13M	14.13M	14.16M	0.00	14.26M	14.27M	14.30M	14.30M
Normalized Net Operating Profit after Tax (NOPAT)	-5.00	-4.63	-5.06	-3.71	15	-1.72	-0.23	0.46	-3.76	-1.74	-2.81
Normalized NOPAT Margin	-20.12%	-17.81%	-20.30%	-13.64%	28.56%	-6.13%	-0.74%	1.44%	-12.39%	-5.80%	-9.99%
Pre Tax Income Margin	-28.89%	-26.14%	-32.12%	-27.08%	39.34%	-9.97%	-2.37%	0.52%	-19.15%	-9.84%	-16.67%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-48.68	-35.27	-8.90	-7.53	24.15	-2.73	-0.41	0.67	-6.17	-2.78	-4.77
NOPAT to Interest Expense	-34.48	-24.62	-6.13	-5.21	8.62	-1.92	-0.25	1.11	-4.28	-1.97	-3.28
EBIT Less CapEx to Interest Expense	-54.61	-38.31	-10.09	-8.35	23.62	-3.56	-1.21	0.00	-7.26	-3.12	-5.15
NOPAT Less CapEx to Interest Expense	-40.42	-27.67	-7.31	-6.03	8.09	-2.75	-1.06	0.00	-5.37	-2.31	-3.66
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions About Surmodics' Financials

When does Surmodics's fiscal year end?

According to the most recent income statement we have on file, Surmodics' financial year ends in September. Their financial year 2024 ended on September 30, 2024.

How has Surmodics' net income changed over the last 3 years?

Surmodics' net income appears to be on an upward trend, with a most recent value of -$11.54 million in 2024, falling from $4.24 million in 2021. The previous period was -$1.54 million in 2023. See Surmodics' forecast for analyst expectations on what’s next for the company.

What is Surmodics's operating income?

Surmodics's total operating income in 2024 was -$5.65 million, based on the following breakdown:

Total Gross Profit: $93.05 million
Total Operating Expenses: $98.70 million

How has Surmodics revenue changed over the last 3 years?

Over the last 3 years, Surmodics' total revenue changed from $105.14 million in 2021 to $126.08 million in 2024, a change of 19.9%.

How much debt does Surmodics have?

Surmodics' total liabilities were at $59.67 million at the end of 2024, a 9.4% decrease from 2023, and a 9.5% increase since 2021.

How much cash does Surmodics have?

In the past 3 years, Surmodics' cash and equivalents has ranged from $19.00 million in 2022 to $41.42 million in 2023, and is currently $36.12 million as of their latest financial filing in 2024.

How has Surmodics' book value per share changed over the last 2 years?

Over the last 2 years, Surmodics' book value per share changed from 7.74 in 2022 to 8.33 in 2024, a change of 7.7%.

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This page (NASDAQ:SRDX) was last updated on 5/5/2025 by MarketBeat.com Staff

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Surmodics (SRDX) Financials

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