QGEN’s earnings surpassed estimates in all the trailing four quarters, the average surprise being 11.7%. Qiagen has an estimated long-term growth rate of 11.5%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Revenues of $628.4 million outpaced the consensus mark by 6.5%. Qiagen, carrying a Zacks Rank #2 (Buy), reported first-quarter 2022 adjusted EPS of 80 cents, which beat the Zacks Consensus Estimate by 12.7%. QGEN, UnitedHealth Group Incorporated UNH and Alkermes plc ALKS. Some better-ranked stocks in the broader medical space that have announced quarterly results are Qiagen N.V. Surmodics currently carries a Zacks Rank #3 (Hold). Surmodics incurred operating loss in the reported quarter, which further raises our apprehension. Gross margin contraction also does not bode well for the stock.
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Lower revenues from the Medical Device segment, as well as lower royalties and license fees, and research, development and other revenues, are discouraging. However, the company reported dismal year-over-year top and bottom-line results, which are concerning. Strong potential in the company’s Sublime Radial Access device and Pounce Arterial Thrombectomy platform raise our optimism about the stock. Surmodics confirmed making crucial progress on its SurVeil drug-coated balloon premarket approval submission. The company registered robust revenues from its IVD segment, as well as from Product sales. Surmodics exited the second quarter of fiscal 2022 with better-than-expected results. The Zacks Consensus Estimate for the same is currently pegged at a loss of $1.10 per share. The Zacks Consensus Estimate for the same is currently pegged at $99 million.Īdjusted diluted loss per share for fiscal 2022 is now expected within the range of $1.42-$1.07, compared with the earlier-provided projection of a loss of $1.75-$1.25. The company now projects current fiscal year revenues to be within the range of $98 million-$101 million, narrowed down from the earlier-projected range of $97 million-$101 million. Surmodics has revised its full-year financial outlook. The company ended the quarter with no debt on its balance sheet.Ĭumulative net cash used in operating activities at the end of the fiscal second quarter was $11.2 million against net cash provided by operating activities of $11.7 million a year ago. Surmodics exited the fiscal 2022 second quarter with cash and cash equivalents of $24.7 million compared with $26.7 million at the end of fiscal 2022 first quarter. Adjusted operating expenses of $24.8 million rose 19.5% year over year.Īdjusted operating loss totaled $3.8 million against the prior-year quarter’s adjusted operating income of $10 million. Research and development expenses went up 6.5% year over year to $13.7 million.
Selling, general & administrative expenses rose 40.6% to $11.1 million. Research, development and other revenues were $2.3 million, down 27.3% year over year. Royalties and license fees revenues totaled $9.8 million, down 50.9% from the prior-year quarter. In the quarter under review, Product sales were $13.9 million, up 18.5% from the prior-year quarter. The company also derives revenues from three primary sources - Product sales, Royalties and license fees, and Research, development and other fees. In the quarter under review, IVD sales improved by 7.9% to $ 7.7 million on the back of broad-based year-over-year growth across its entire portfolio of product offerings. Per management, despite the year-over-year fall in revenues, it exceeded Surmodics expectations due to the strength of its product and royalty revenue performance. In the reported quarter, sales at the Medical Device segment summed $18.5 million, down 33.9% from the year-ago quarter. Surmodics operates via two reportable segments - Medical Device and IVD.
The top line was boosted by solid year-over-year product sales growth from both the Medical Device and In-Vitro Diagnostics (“IVD”) businesses.
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