SurModics (SRDX) Gets a Buy Rating from Needham

In a report released today, Michael Matson from Needham reiterated a Buy rating on SurModics (SRDX), with a price target of $74. The company’s shares opened today at $66.14.

Matson commented:

“SRDX beat consensus F4Q18 revenue and EPS. Management provided FY19 revenue guidance that was above consensus while adjusted EPS guidance was below consensus. Revenue growth slowed to 14.9% in in F3Q18. SRDX’s 3Q18 gross margin was down 120 bps Y/Y and its non-GAAP operating margin was down 1,130 bps Y/Y. Given FY19 revenue guidance that we think is achievable and likely conservative and continued progress with SRDX’s DCB program, we reiterate our Buy rating.”

According to, Matson is a 5-star analyst with an average return of 11.8% and a 63.9% success rate. Matson covers the Healthcare sector, focusing on stocks such as Boston Scientific Corp, Cardiovascular Systems, and Zimmer Biomet Holdings.

Currently, the analyst consensus on SurModics is a Moderate Buy with an average price target of $77.

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Based on SurModics’ latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $2.68 million. In comparison, last year the company had a net profit of $400K.

Based on the recent corporate insider activity of 67 insiders, corporate insider sentiment is negative on the stock.

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SurModics, Inc. engages in the provision of medical device and in vitro diagnostic technologies to the healthcare industry. It operates through the Medical Device and In Vitro Diagnostics segments.