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SurModics Inc. Reports Operating Results (10-K/A)

February 14, 2012 | About:

SurModics Inc. (NASDAQ:SRDX) filed Amended Annual Report for the period ended 2011-09-30.

Surmodics Inc. has a market cap of $245.4 million; its shares were traded at around $14.1 with a P/E ratio of 36.8 and P/S ratio of 3.6.

Highlight of Business Operations:

In the fourth quarter ended September 30, 2011, and as reflected in the Companys consolidated financial statements included in the Original Filing, the Company recorded a pre-tax asset impairment charge of $17.9 million associated with certain long-lived assets (fixed assets of $14.8 million and intangibles of $3.1 million) of its Pharmaceuticals segment. In connection with the preparation of the financial statements for the fiscal quarter ended December 31, 2011, the Company determined that the carrying value of the assets used to determine the impairment charge should have excluded certain deferred revenue, deferred tax and other liabilities totaling $10.2 million because these amounts were expected to be retained by the Company following the contemplated sale of substantially all of the assets of the Pharmaceuticals business. As a result, the amount of the pre-tax asset impairment charge should have been $28.1 million. This Form 10-K/A also reflects the associated tax benefits recognized with the $10.2 million increase to the impairment charge. As a result, in this Form 10-K/A, the Company is restating its consolidated financial statements and related disclosures to recognize the increase to the asset impairment charge, related tax adjustments and other less material tax corrections.

Although this Form 10-K/A supersedes the Original Filing in its entirety, this Form 10-K/A only amends and restates Item 1A of Part I, Items 6, 7, 8 and 9A of Part II and Item 15 of Part IV solely as a result of, and to reflect, the restatement, and no other information in the Original Filing is amended hereby. While the foregoing items have been updated, this amended report does not reflect any other events occurring after the Original Filing. In addition, currently-dated certifications from our Chief Executive Officer and Interim Chief Financial Officer, as required by Sections 302 and 906 of the Sarbanes-Oxley Act of 2002, are attached to this Form 10-K/A as Exhibits 31.1, 31.2, 32.1 and 32.2, respectively.

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