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Surmodics, Inc. (Nasdaq: SRDX) is a Minnesota-based company specializing in performance coating technologies for intravascular medical devices and chemical and biological components for in vitro diagnostic tests. The company develops and commercializes vascular intervention medical devices designed to address unmet clinical needs, leveraging its expertise in surface modification and drug-delivery coating technologies. Surmodics also provides diagnostic components for immunoassay tests and microarrays, serving both domestic and international markets.
- Medical Devices - Develops and commercializes vascular intervention devices, including the SurVeil™ drug-coated balloon and Pounce™ thrombectomy systems. Provides performance coating technologies and drug-delivery solutions for intravascular medical devices.
- Licensing Arrangements - Partners with companies like Abbott for exclusive commercialization rights to products such as the SurVeil DCB.
- In Vitro Diagnostics (IVD) - Produces and sells chemical and biological components for diagnostic tests, including antigens and diagnostic test components. Acts as the exclusive distributor for DIARECT GmbH's recombinant and native antigens in the U.S., Canada, and Puerto Rico.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Gary R. Maharaj ExecutiveBoard | President and Chief Executive Officer | None | Gary R. Maharaj has been the President and CEO of Surmodics since December 2010. He has over 35 years of experience in the medical device industry. | View Report → |
Charles W. Olson Executive | Senior Vice President and President, Medical Device Coatings | None | Charles W. Olson joined Surmodics in July 2001 and has held multiple leadership roles, currently overseeing Medical Device Coatings. | |
Gordon S. Weber Executive | Senior Vice President of Legal, General Counsel, Secretary | None | Gordon S. Weber joined Surmodics in May 2020, bringing extensive legal and corporate governance experience. | |
Joseph J. Stich Executive | Senior Vice President of HR and President, In Vitro Diagnostics | None | Joseph J. Stich has been with Surmodics since March 2010, leading the In Vitro Diagnostics division and HR. | |
Teryl L.W. Sides Executive | Senior Vice President and President, Vascular Interventions | None | Teryl L.W. Sides joined Surmodics in November 2018 and has been instrumental in advancing vascular intervention initiatives. | |
Timothy J. Arens Executive | Senior Vice President of Finance and IT, CFO | None | Timothy J. Arens joined Surmodics in February 2007 and has held various finance-related roles, becoming CFO in February 2019. | |
David R. Dantzker, M.D. Board | Director | Partner at Wheatley MedTech Partners L.P., Vice Chair and CMO of Origin, Inc. | Dr. Dantzker has been a director since 2011 and is involved in venture capital and healthcare investments. | |
Josè H. Bedoya Board | Director | None | Josè H. Bedoya has been a director since 2002, with extensive experience in the medical device industry. | |
Lisa Wipperman Heine Board | Director | Director of Gradient Denervation Technologies, Director of Nyra Medical | Lisa Wipperman Heine has been a director since 2017, with extensive experience in medical device companies. | |
Susan E. Knight Board | Chair of the Board of Directors | Children's Minnesota Hospital Board Finance Committee | Susan E. Knight has been a director since 2008 and brings significant financial expertise to the board. |
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Given the significant decrease in SurVeil DCB license fee revenue from $29.6 million in fiscal 2023 to an expected $4 million in fiscal 2024, how do you plan to offset this decline and sustain overall revenue growth in the Medical Device segment?
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With R&D expenses projected to decrease by 13% to 15% this fiscal year, are you concerned that reducing investment in R&D could impact your long-term growth and the development of your product pipeline?
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You mentioned that product gross margins are expected to improve to the mid- to high 50% range in fiscal 2024; can you provide more specifics on when you anticipate reaching gross margins comparable to industry standards, such as 60% to 80%?
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Considering you've decided not to expand internationally at this time due to cash utilization concerns, how do you plan to drive significant growth and market share solely within the U.S., and what factors might prompt you to revisit international expansion?
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As you've refrained from providing guidance for fiscal 2025, can you offer any insights or preliminary expectations on how you intend to achieve sustainable growth beyond fiscal 2024, especially in light of the upcoming decrease in SurVeil DCB license fee revenue?
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Abbott | Licensed products (including SurVeil DCB) | Medical Device | 16% of total revenue in FY 2024 ; SurVeil DCB: 10% of total revenue in FY 2024 ; ~20% of Medical Device segment revenue |
Medtronic | Licensed products (royalties & license fees) | Medical Device | 12% of total revenue in FY 2024 ; ~16% of Medical Device segment revenue |
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