SurModics Inc. Reports Operating Results (10-Q)
Surmodics Inc. has a market cap of $245.4 million; its shares were traded at around $14.15 with a P/E ratio of 36.8 and P/S ratio of 3.6.
Highlight of Business Operations:Income (loss) from discontinued operations. Income (loss) from discontinued operations, net of income tax provision or benefit, for the three months ended December 31, 2011 and 2010, from the Pharmaceuticals segment was income of $1.6 million and loss of $9.0 million, respectively. Revenue from the Pharmaceuticals segment was $5.3 million and $2.7 million for the first quarter of fiscal 2012 and 2011, respectively. The increased revenue in the first quarter of fiscal 2012 mainly reflected the accelerated recognition of deferred revenue resulting from the change in the estimated economic life of the license agreements when the agreements were transferred to Evonik as part of the Pharma Sale. Activity related to the Pharmaceuticals segment for the first quarter of fiscal 2012 only includes the period of October 1, 2011 to November 17, 2011, the date substantially all of the Pharmaceuticals assets were sold. The loss from discontinued operations for the first quarter of fiscal 2011 included a $5.7 million goodwill impairment charge.
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