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SurModics Inc.’s ( SRDX - Analyst Report ) second quarter fiscal 2012 (ended March 31, 2012) earnings from continued operations (excluding special items) of 14 cents per share beat the Zacks Consensus Estimate of 12 cents. The company earned 11 cents per share on an adjusted basis in the year-ago quarter. Higher year over year earnings were primarily attributable to increased adjusted revenues.
Adjusted revenues climbed 4.2% year over year to $12.3 million in the reported quarter, edging past the Zacks Consensus Estimate of $12 million. Revenues on a reported basis (including special items) were, however, down 8.3% to approximately $12.2 million in the second quarter of fiscal 2012.
Reported revenues at SurModics were hurt primarily by the decline in royalty revenues from Johnson & Johnson ( JNJ - Analyst Report ) pertaining to Cypher and Cypher Select Plus drug eluting stents. Johnson & Johnson stopped manufacturing the products from the end of calendar 2011.
For the reported quarter, royalties and license fees accounted for approximately 51.8% of total adjusted revenue with product sales and research & development accounting for 41.2% and 7.0%, respectively.
Following the November 2011 sale of the assets of its Pharmaceuticals division to Germany’s Evonik Industries AG, SurModics currently operates through two business units: Medical Devices and In Vitro Diagnostics.
SurModics’ reported revenues from the Medical Devices segment were approximately $8.8 million, down 12.3%. The reduction was primarily attributable to the decline in royalty revenues from the sale of Cordis Cypher and Cypher Select Plus stents.
Reported revenues from the In Vitro Diagnostics unit increased 3% to $3.5 million. The company continues to expect fiscal 2012 revenues in the range of $47- $51 million.
In addition to announcing financial results, SurModics stated that a $50 million share buyback program has been cleared by its Board of Directors. The $50 million buyback program, devoid of a fixed expiration date, is in addition to the $5.3 million remaining under the share buyback program of 2007.
Our Recommendation
We currently have a Neutral recommendation on SurModics. The stock carries a Zacks #3 Rank (short-term Hold rating).
Read the full Analyst Report on SRDX
Read the full Analyst Report on JNJ