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1. Company Snapshot

1.a. Company Description

Surmodics, Inc., together with its subsidiaries, provides surface modification technologies for intravascular medical devices, and chemical components for in vitro diagnostic immunoassay tests and microarrays in the United States and internationally.It operates in two segments, Medical Device and In Vitro Diagnostics (IVD).The Medical Device segment engages in the provision of surface modification coating technologies to enhance access, deliverability, and predictable deployment of medical devices; and drug-delivery coating technologies to provide site-specific drug-delivery from the surface of a medical device for coronary, peripheral, neuro-vascular and structural heart, and other markets, as well as design, development, and manufacturing of interventional medical devices, primarily balloons and catheters, including drug-coated balloons for peripheral arterial disease treatment and other applications.


The IVD segment designs, develops, and manufactures component products and technologies for diagnostic immunoassay, as well as molecular test and biomedical research applications.This segment offers protein stabilization reagents, substrates, surface coatings, and antigens.The company was founded in 1979 and is headquartered in Eden Prairie, Minnesota.

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1.b. Last Insights on SRDX

Recent drivers behind Surmodics, Inc.'s stock performance include the company's Q4 earnings beat, with a loss of $0.13 per share versus the Zacks Consensus Estimate of a loss of $0.27. The medical device segment showed growth, and the bottom line improved. Additionally, the company announced early results from the PROWL registry study of the Pounce thrombectomy system, which demonstrated positive outcomes in treating limb ischemia patients.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Groupe la Francaise Sells 33,700 Shares of Surmodics, Inc. $SRDX

Dec -04

Source: defenseworld.net

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Federal Judge Clears Path For GTCR's Takeover Of Surmodics After FTC Challenge

Nov -11

Source: benzinga.com

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Surmodics Announces U.S. District Court Denies Request for Preliminary Injunction to Block Proposed Acquisition by GTCR

Nov -11

Source: businesswire.com

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Surmodics Announces Outcomes from 160 Patients in PROWL Registry Evaluating Pounce™ Thrombectomy Platform in Treatment of Real-World Limb Ischemia Presentations

Nov -04

Source: businesswire.com

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Surmodics Announces PROWL Registry 160-Patient Data to be Presented in Industry-Sponsored Session at VIVA Conference on November 3

Nov -03

Source: businesswire.com

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Contrasting Surmodics (NASDAQ:SRDX) and Guided Therapeutics (OTCMKTS:GTHP)

Oct -20

Source: defenseworld.net

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SRDX Stock Up Following Q3 Earnings Beat, Gross Margin Contracts

Aug -12

Source: zacks.com

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SurModics (SRDX) Q3 Earnings: Taking a Look at Key Metrics Versus Estimates

Aug -08

Source: zacks.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.59%)

6. Segments

Medical Device

Expected Growth: 5%

Surmodics, Inc.'s medical device segment growth is driven by increasing demand for minimally invasive procedures, advancements in balloon catheter technology, and expansion into new markets such as peripheral artery disease treatment. Additionally, strategic partnerships and investments in research and development are expected to fuel growth.

In Vitro Diagnostics

Expected Growth: 3%

Surmodics' In Vitro Diagnostics segment growth is driven by increasing demand for diagnostic tests, advancements in molecular diagnostics, and rising adoption of point-of-care testing. Additionally, the company's strategic partnerships, innovative product offerings, and expanding presence in emerging markets contribute to its growth.

7. Detailed Products

Hydrophilic Coatings

Surmodics offers a range of hydrophilic coatings that provide lubricious surfaces for medical devices, reducing friction and improving patient comfort.

Hydrophobic Coatings

Surmodics' hydrophobic coatings provide a non-wetting surface that repels liquids, reducing the risk of contamination and improving device performance.

Substrate Surface Modification

Surmodics' surface modification technologies enhance the biocompatibility and functionality of medical device substrates.

In-Vitro Diagnostic (IVD) Reagents

Surmodics offers a range of IVD reagents, including antibodies, antigens, and enzymes, for use in diagnostic assays.

Diagnostic Test Kits

Surmodics' diagnostic test kits provide a complete solution for clinical laboratories, including reagents, calibrators, and controls.

8. Surmodics, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Surmodics, Inc. operates in the medical devices industry, which has a moderate threat of substitutes. While there are alternative medical devices available, Surmodics' products are specialized and have a strong market presence, reducing the threat of substitutes.

Bargaining Power Of Customers

Surmodics, Inc. has a diverse customer base, which reduces the bargaining power of individual customers. Additionally, the company's products are specialized, making it difficult for customers to switch to alternative suppliers.

Bargaining Power Of Suppliers

Surmodics, Inc. relies on a few key suppliers for raw materials and components. While the company has some bargaining power due to its size and reputation, suppliers still have some negotiating power, particularly for specialized components.

Threat Of New Entrants

The medical devices industry has high barriers to entry, including regulatory hurdles and significant research and development investments. This makes it difficult for new entrants to compete with established companies like Surmodics, Inc.

Intensity Of Rivalry

The medical devices industry is highly competitive, with many established companies competing for market share. Surmodics, Inc. faces intense competition from companies like Medtronic, Abbott, and Boston Scientific, which can lead to pricing pressure and reduced market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 20.16%
Debt Cost 9.11%
Equity Weight 79.84%
Equity Cost 9.11%
WACC 9.11%
Leverage 25.25%

11. Quality Control: Surmodics, Inc. passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Artivion

A-Score: 4.5/10

Value: 4.8

Growth: 4.4

Quality: 4.9

Yield: 0.0

Momentum: 8.5

Volatility: 4.7

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Allurion Technologies

A-Score: 4.0/10

Value: 9.6

Growth: 3.2

Quality: 5.6

Yield: 0.0

Momentum: 5.0

Volatility: 0.7

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Surmodics

A-Score: 3.7/10

Value: 7.2

Growth: 1.9

Quality: 5.3

Yield: 0.0

Momentum: 2.0

Volatility: 5.7

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Xtant Medical

A-Score: 3.0/10

Value: 6.2

Growth: 2.9

Quality: 3.9

Yield: 0.0

Momentum: 3.5

Volatility: 1.3

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ZimVie

A-Score: 3.0/10

Value: 5.1

Growth: 2.3

Quality: 3.4

Yield: 0.0

Momentum: 6.5

Volatility: 0.3

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MaxCyte

A-Score: 2.9/10

Value: 8.0

Growth: 2.3

Quality: 5.0

Yield: 0.0

Momentum: 0.0

Volatility: 2.0

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

42.98$

Current Price

42.98$

Potential

-0.00%

Expected Cash-Flows