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Corrected FY2Q18 PR to fix typo:
https://www.businesswire.com/news/home/20180502005423/en
SRDX FY2Q18 results:
https://www.businesswire.com/news/home/20180502005423/en
SRDX +17% on ABT collaboration for drug-coated balloon: #msg-138870555.
SRDX showing up on my 'short' radar. Yearend 2017 numbers are "$73M REVENUE / .29 EPS" which puts this one at a current 100+ P/E followed by a future weak guidance of:
Fiscal 2018 Outlook
Surmodics expects fiscal year 2018 revenue to range from $72.0 million to $75.0 million. The Company expects diluted loss in the range of $0.50 to $0.75 per share, which reflects the Company’s commitment to accelerate execution of its whole-product solutions strategy with increased research and development investments. Non-GAAP diluted loss is expected to be in the range of $0.16 to $0.41 per share.
With tangible BV of only around $5 per share, is there something spectacular in their bio-research & development I am missing here or are the ETF-stampeders getting waaaaayyyyyyyyyy ahead of themselves here - as with so many others?
I bought back in in later april, mostly for technical reasons, but also because I felt management for getting a handle on focus for the company. It has been a nice winner so far and I plan on staying in at least through earnings but again for the general focus management seems to be showing.
OCUL is creating long-acting formulations for back-of-the-eye diseases:
#msg-125825487
Is anyone still reading this board?
I'm surprised that this companies stock continued upward on a overall down day after this was contained in a business wire announcement from March 6th. Two board members resigning (including the chair) is no minor matter. Anybody have any clarity on this matter? I'm pleased the stock has continued up but at a loss for why.
"Ward and Nelson resigned over a disagreement regarding how to optimize the working relationship between the Board and the Company’s Chief Executive Officer. “We appreciate the service of Scott and Tim and wish them well,” Knight continued."
Long term folks who follow this company will be interested in this
http://www.startribune.com/obituaries/detail/14013419/?fullname=dale-r-olseth
Olseth, Dale Roger age 83, of Hopkins, passed away Feb. 11, 2014. Preceded in death by his beloved wife, Nancy; son, David; and brother, Neal. Survived by children, Cheryl Olseth (James Empson) of Mpls., Karen (Jeremy) Solomon of Portland, OR, Jon Olseth (Marypat Anderson) of Mankato; grandchildren, Ingmar, Gunnar, Beatrice, Finn, Eleanor, Ian, Gus, Abraham, Caspar; brother, Bruce (Jan) Olseth of Bloomington. Dale graduated from the University of Minnesota in 1952 with a BA in Business Administration, MBA degree from Dartmouth College in 1956, Honorary Doctor of Law from the U of M in 2004. He served as President and CEO of Tonka Corporation 1971-1976, Medtronic Inc 1976-1985 and Surmodics 1986-2005. Dale was a SAE Gentleman, 100% Gopher fan and 100% Norwegian. He was a true believer in family, education and community. Dale served on the board of numerous local businesses and non-profits, including the University Foundation, St. Olaf College, Sister Kenney and the Minnesota Orchestra. He was the recipient of numerous honors and awards including the U of M Outstanding Achievement Award, Outstanding Philanthropist of the Year, MN Chapter of National Society of Fund-Raising Executives and the United Way Distinguished Service Award. In lieu of flowers, memorials preferred to Gianna Homes, 4605 Fairhills Road East, Minnetonka 55345 or Shepherd of the Hills Lutheran Church, Hopkins. Funeral service 11:00 AM Wednesday, Feb. 19 with visitation starting 9:30 AM at Shepherd of the Hills Lutheran Church, 500 Blake Road South, Hopkins 55343. Private interment Lakewood Cemetery. www.Washburn-McReavy.com Edina Chapel 952-920-3996
The share price has had a nice bump from the low, so many other investors agree, evidently.
I continue to be impressed with Gary M. and the changes he has put in place. The numbers are clear and clean. The strategy is comprehensible to me. Just like a breath of fresh air, finally. I always trusted Dale, but something went out of whack after he stepped down.
~ $SRDX ~ Earnings posted, pending or coming soon! In Charts and Links Below!
~ $SRDX ~ Earnings expected on Thursday *
This Week In Earnings: Earnings are coming or are already posted! This is what the charts look like! If you play the earnings these posts can be very helpful to you!
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One or more of many earnings sites has alerted this security has or will be posting earnings on or around the day of this message.
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*If the earnings date is in error please ignore error. I do my best.
Phil Ankeny is NO LOSS. Like so many, you were fooled.
Re: Ankeny loss...
I, for one, am very disappointed to see Phil Ankeny leave... I had grown to trust him and I liked his frank commentary in the CC's.
Ankeny was the last holdover from the old SRDX. I wonder why they are letting him go.
4:54PM SurModics announces strategic realignment of business; a result of these initiatives, co expects to take one-time charges of ~$1.1-1.4 mln in Q4 of FY11 (SRDX) 10.42 +0.40 : SRDX announced a realignment of its business to optimize co resources according to its strategic plan. As part of the strategic realignment, the co announced a reduction of ~9% of its total workforce. Co also announced the consolidation of its BioFX product manufacturing operations from Owings Mills, Maryland into its corporate headquarters located in Eden Prairie, Minnesota. The Minnesota facility is fully qualified and operational, and is now producing and shipping BioFX branded products. The Co does not expect the transition of responsibilities announced today to affect its day-to-day operations, nor is it expected to impact the co's ongoing efforts to explore potential strategic alternatives for its SurModics Pharmaceuticals business. As a result of these initiatives, the co expects to take one-time charges of ~$1.1-1.4 mln in Q4 of FY11. Also, in connection with these initiatives, co expects to save ~$1.7-2.0 mln on an annualized basis.
Re Q3 Earnings Report...
I agree, the earnings report was good... and given the positive market response on a very bad day, it is clear that many others also agree...
The upward guidance adjustment for the Non-GAAP per share earnings seems to be the strongest positive. This quarter it was raised from $0.13-$0.26/share to $0.28-$0.38/share. Last quarter it was raised from ($0.15)-$0.05/share.
The balance sheet remains strong with no significant debt and about $60M in cash (i.e. slightly more than $3/share).
Anticipated adverse events:
1) J&J will give up its exclusivity provision for the Cypher Sirolimus coating which will abrogate the minimum royalty provision. Thus, the current $1M royalty payment will end at the end of Fiscal Quarter 4 (i.e. in October 2011). This will result in about a 10% drop in overall royalty income and about a 25% drop in operating income, everything else being equal.
Things to look forward to are:
1) Reinvigoration of the photolink franchise due to a new formulation/product
2) Continued development of a coated balloon device
3) Disposition of the Pharma Unit ...Gary Maharaj expects to conclude the Pharmaceutical strategic alternative process by the end of calendar year 2011.
Good earnings report but the main thing I hear is the crisp and clear change to Gary Maharaj. I used to dread their fuzzy complex conference calls but look forward to this one. Even the press release is clear and crisp.
"...Having defined our core business in a crisp and clear manner, we are now actively implementing our strategic plan and are confident in our ability to reach our revised financial targets for the fiscal year. In addition, we are pleased with the progress we are making in our review of strategic alternatives for the Pharmaceuticals business.”
Best, L.
JNJ drops Cypher and Nevo: #msg-64256077.
PFE restricts PSDV collaboration to a Xalatan implant: #msg-64247589.
Thanks, Aslan. I posted the full text of that article with some annotations in #msg-63615434. Regards, Dew
Re: FWIW (ART bioresorbable DES)
ABT's ABSORB BVS has anecdotal reports of cracking. Perhaps there is a demand for ART's technology if indeed this is a problem and they have solved it. Fully absorbable stents are likely less deliverable due to necessarily thicker struts, however. Probably best suited for disease that is not complex.
Micell's MiStent DES (bioabsorbable polymer over Co/Cr platform) appears to have a high probablilty of clinical success and sizable market penetration, IMHO. It may have some important advantages over JNJ’s Nevo and BSX’s Synergy -such as more rapid biodegradation- decreasing the length of required DAPT.
In any event, the case for biodegradable polymer coatings is bearing out some truth:
http://www.medicalnewstoday.com/releases/226624.php
FP, thanks for your reply. The Johns Hopkins/Medicare study cited in #msg-61713973 has yet to have an impact on the commercial AMD market, according to Roche and NVS, but I think those data will make a difference when all is said and done. Regards, Dew
I don't follow Lucentis / Avastin so my comments may be off base....but I'm not so sure that evidence marginally favoring Lucentis would be good for it's marketing. For just about any other drug you could use this to gain market share. But if your competitor (Avastin) was held back by a lack of evidence and now that evidence exists...it might get the bigger boost as a result. Outside of the US there is perhaps more cost concern (at least from the point of view of the payer, if not so much from physicians). If you can treat 40 times as many people with Avastin for the same money, and if the choice to use Lucentis might mean introducing eligibility criteria which wouldn't see everyone treated...what would you, as the payer, do? These are not my decisions to make, though I do have some experience sitting on advisory groups providing medical opinion relevant to such decisions. I would personally rather treat a lot of people with a slightly inferior drug than to let a substantial number of people go untreated.
Roger that—I wasn't sure if there had been a formal update since the 10K filing.
Re: Long-acting Lucentis Formulation - probably not...
I am relatively certain that SRDX is no longer working on a long-acting formulation of Lucentis.... see #msg-57844827.
Is SRDX still working on a long-acting formulation of Lucentis? If so, readers may be interested in the results of the CATT study reported today:
#msg-62547005 Data
#msg-62550310 Musings on commercial significance for Roche/NVS
#msg-62552160 NEJM editorial
#msg-62552160 Musings on dosing frequency
Regards, Dew
Re: Surprising Response to Yesterday’s Q2 CC/Earnings...
Skip, I too was pleasantly surprised by the marked jump in share prices today...
I had believed that the reported earnings were mediocre, ... but at least not bad. I also had a neutral feeling about the tone of the CC .... although again, I didn’t think it was bad.
I was unenthused by the earnings report largely because:
1. The FY2011 Q2 revenue ($17.4M) is essentially the same as the quarterly average of FY2010 ($17.5M) when the economy was in worse shape than now. And it is substantially below the FY2009 quarterly average of about $20M (ignoring the $63M outlier in FY2009 Q1).
2. The Royalty and Licenses Income is essentially flat qtr-to-qtr and is at the lowest value since 2003.
3. The moving average of R&D income (over 4 qtrs) is flat rather than trending up.
4. And I felt, perhaps unfairly, that the reported earnings had an undeservably positive spin as a result of the following “determination” (as detailed in the 4/27/2011 8K describing the Q2 earnings):
Wow, I listened to the conference call and wrote that last post immediately after noticing SRDX price was up 10% this morning. Then I looked at my portfolio an hour or two later and was amazed to see the price up 22%. Is there other news or does everyone feel so much more confident about SRDX's future as the result of that one call? I had been almost embarrassed to tell you of my inability to understand Bruce and his strategy, but this is an incredible example of the importance of clear leadership in my opinion. Or maybe the importance of muddled leadership.
Or perhaps I've simply missed some news which accounts for the change. Again, there is a lot of work to be done before I am really sure Surmodics is a sustainable corporate entity, but I certainly like the beginning which has been made and a surprising number of others seem to agree.
Best, L.
Simply stated by Aslan, Gary was a breath of fresh air. I probably missed the January activities due to discouragement and expected lack of comprehension. When I last listened in to discussions by SRDX management, Ankeny was more comprehensible than the CEO. This time his presentation was a little clearer and Gary presented very carefully and clearly.
Gary sounds a bit like a Harvard B school graduate in his description of the analysis being performed. Nothing wrong with that in my opinion though one wishes to see the results as well as clear understanding of the situation. I took notes of the conference call and found myself carefully parsing every word he spoke. Didn't he say they all weighed a ton? Even mentioned the number of words in "hydrophyllic coatings of catheter based vascular delivery systems". I can understand that, Phil can understand that, even the analysts seemed to ask clearer questions and get more direct answers in this call.
I guess Pharma (Brookwood) was another mistake. I saw the announcement and am a little confused by the high congratulations given Brookwood management in signing new R&D programs. Filling up the capacity of that new building certainly has to be important to profitability and apparently Gary does not think SRDX is the optimum company to accomplish that goal. It almost feels to me like SRDX does not regard Birmingham as connected to them. A complex business like Chemistry does not need to add complications like far off people/plants. So I applaud Gary's emphasis on focus, derisking, and clarity of definitions (simplicity).
Oh, and thanks for breaking out operating margins. That makes a huge difference to me. I'm optimistic again.
Best, L.
Plavix PCI Study Shows 6-Months Non-Inferior to 12:
#msg-61798158
The duration of antiplatelet treatment for PCI patients has been discussed on this board from time to time.
SRDX’s Q1 2011 CC...
The CC’s main theme was the introduction of SRDX’s new CEO, Gary Maharaj.
My impression is that Gary will be a pragmatist rather than a visionary. I anticipate that his primary focus will be to increase the use of SRDX’s surface modification intellectual property in medical devices marketed by other companies. In this vein, he mentioned the value of SRDX’s intellectual property with regard to enhancing the minimally invasive qualities of medical devices and reducing infections resulting from medical device use. These are the strengths of the Medical Device Division which I expect to flourish under is his leadership.
I also came away with the impression that Gary will strengthen SRDX’s research and development enterprise and de-emphasize product sales per se. This expectation raises the question: what will happen to the In Vitro Diagnostics division? .... Dan Owczarski asked essentially the same question in the Q&A. Gary responded by stating that certain segments of In Vitro are connected to SRDX’s core competency via formulation and chemistry, and in any event, In Vitro is not hurting the company, but instead providing stability during this transitional period. I took this response to mean that there won’t be any dramatic changes in the In Vitro Diagnostics franchise in the near term... It is worth noting that the growth opportunities referenced in the CC were coming from the In Vitro Diagnostics Division.
====
Selected quotes:
re: accounting
True, the quarterly profits were meager to none and the business model is floundering.
The good news is they certainly seem to have become proactive in facing their troubles. Gary was a breath of fresh air.
SRDX is resorting to more and more non-GAAP accounting adjustments in order to report a meager quarterly profit, which is a sad state of affairs, IMO.
http://sec.gov/Archives/edgar/data/924717/000115752311000377/a6587152ex99_1.htm
First bioabsorbable stent approved in Europe
January 10, 2011 | Michael O'Riordan
Abbott Park, IL - The world's first market approved, bioabsorbable stent will soon be available in Europe, with Abbott announcing today that it has received CE Mark approval for the Absorb everolimus-eluting bioresorbable vascular scaffold (BVS) stent. The stent utilizes a poly-L-lactide polymer and is approved for the treatment of coronary artery disease.
Approval is based on the ABSORB clinical trials, previously reported by heartwire, showing the feasibility of the BVS device and the durability of its antirestenotic properties. Imaging studies published in 2009, also reported by heartwire, showed that at least one-third of the stent had been absorbed by the vessel wall by two years. Patients in the ABSORB trial have now been followed out to three years, according to the company.
Larger studies are still in the works, however, including a European trial that will enroll approximately 500 patients at 40 centers. In this study, patients will be randomized to the Absorb BVS stent and to Abbott's Xience PRIME stent, which has a permanent cobalt-chromium platform, while a global trial, which will include centers in the US, is planned for late 2011.
The Absorb stent will be available in a select number of sizes at various European centers in 2011, but a full commercial launch is expected in 2012, according to Abbott.
The potential for a stent that does its job and then disappears, with no long-term need for dual antiplatelet therapy, has been a holy grail in interventional cardiology. Even those excited about the technology, however, have worried about its deliverability and whether the stent can achieve the same low rates of restenosis seen with some of the newest permanent-scaffold drug-eluting stents.
« Previous heartwire article
Hysterectomy associated with raised CV risk in women under 50
Jan 10, 2011 09:45 EST
I had not planned on going this year, but the fact of your being there certainly makes it tempting. I am enroute Austin, TX tomorrow in an attempt to get warm on my bicycle. Feb 7 is a bit later than usual. Maybe Minnesota will be balmy by then.
I responded by private message and then looked in here to see your message was public. I share Foolish Premise' concerns and viewpoint.
On one point I'm relatively sanguine. Phil has been able to adapt in several of the situations which have come up at SRDX. I think he is a conservative and pretty straightforward kind of guy. So I actually kind of hoped he might be named permanent CEO. But I do wonder about his relationship to Brookwood. I think they were an artifact of Bruce's creativity.
Best, L.
Ouch...nice catch.
Re Annual Mtg on Feb 7...
I’m planning on going to the Annual Mtg this year... It will be the first time, as I have never been able to justify the expense of travel and lodging before (approx $500). Personal contact helps me get judge character (albeit sometimes limited contact in stereotyped situations are of limited value). The recent changes in leadership throughout the company and board will have a significant impact on the future of the company (in my opinion). My evaluation of the character and commitment of the various players will impact my investment decisions.
I doubt that I will be able to make any meaningful conclusions from the brief exsposue to personnel at an annual meeting, but who knows....
I’m particularly interested in estimating whether or not Phil Ankeny and Arthur Tipton are still energetically engaged with the company.... Often, interim leaders, such as Ankeny, become exhausted when assuming new responsibilities of leadership without relinquishing the full time responsibilities they already have... and leadership inevitably generates enemies (or resentments) which linger after the interim stint has ended and which diminish the satisfaction one gets from their job.... With respect to Tipton, I imagine that he might feel that the decision to seek strategic alternatives for the Company’s Pharmaceuticals business has left him high and dry...
I’m also interested in getting a sense of the character of the Ramius Directors and if they will be constructive or destructive in their interactions with the old guard.
Skip, you have attended these meetings over the years... Are you planning on going to this one?
Re: Sale of Pharmaceutical Division...
Foolish, I'm not troubled by the possible sale of the pharmaceutical business... Albeit, I don't relish the idea of selling it for a substantial loss.
I've been uneasy with the thought that SRDX might morph into a low-margin high-volume business model such as that characterizing a contract manufacturer. I had been comforted by the thought that the initial costs might be recouped fairly rapidly by manufacture of a Lucentis long acting release formulation. However, my reading of the recent 10K is that the Lucentis program is essentially dead. see pg 3 of: http://www.sec.gov/Archives/edgar/data/924717/000095012310113522/c61767e10vk.htm
The potential sale of the pharmaceutical business is troubling to me. I assume it is intended to pre-empt those that want to take over the company by lessening the value they would recieve from doing the same thing (breaking the company up and selling parts off). Perhaps it is a good move to thwart a takeover bid but I never expected short term gains from the pharmaceutical division and was quite content to wait out the time until they were profitable. While I don't want a takeover bid to succeed ... it is sad to think that we might be forced to sell something that we always knew was going to take a long time to generate revenue. An emphasis on short term profits is toxic - how can you build anything of real value looking through that kind of lens?
Possible sale of pharmaceutical business...
In the “Subsequent Events” section of the 10K (pg 4-5) filed today one finds the following quote:
Gary Maharaj...
SRDX announced today at 4:35 pm that it had named Gary Maharaj President and Chief Executive Officer.
The biographical data in the announcement was:
So...they are repeatedly trying to take over biotech firms with depressed share prices. It is certainly not because they would have a better understanding of the business or make better managers than the people who have been working away at it for years. What is their general strategy? Presumably it needs to be making a quick buck...so..what...is it the selling off of assets that is key? How does that translate into lining their pockets? Incentive payments to (new) officers upon the sale? A overall stock price that is undervalued relative to the sum of the parts? Does the lack of debt / ability to debt finance going forward play any role that is attractive to them?
FP, DoA et al: You guys may want to track what Ramius is doing with CYPB as an additional data point in evaluating whether Ramius is a good thing or a bad thing for SRDX investors. Here’s a story on the CYPB machinations from Sep 2010:
http://www.fiercebiotech.com/story/ramius-raises-offer-cypress/2010-09-15
Regards, Dew
Thank you for doing all that very thorough groundwork.
I know little of the corporate world but I find it hard to believe that investors out for short term gain would be good for the long term growth of the company.
I have continually bought SRDX with each major collapse in share price over the last several years and expected to hold the stock for at least 10 years - likely longer. I find it very distressing that anyone not intending to be with the company long term would be at the wheel. I'm not looking for a gain over the next year or two, I'm looking for an asset that will appreciate over the longer haul.
I don't see how any of this could possibly be good for the long term investor.
Dew...do you have any thoughts?
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SRDX Webpage http://www.surmodics.com/index.html & http://www.surmodicspharma.com/index.html
SRDX Conference Call Webcasts: http://phx.corporate-ir.net/phoenix.zhtml?c=80353&p=irol-Audioarchives
SRDX Presentation Slidesets: http://phx.corporate-ir.net/phoenix.zhtml?c=80353&p=irol-presentations
SRDX News Releases: http://phx.corporate-ir.net/phoenix.zhtml?c=80353&p=irol-news&nyo=0
SEC Filings: http://www.sec.gov/cgi-bin/browse-edgar?company=&CIK=srdx&filenum=&State=&SIC=&owner=include&action=getcompany
SRDX Short Interest: http://www.nasdaq.com/aspxcontent/shortinterests.aspx?symbol=SRDX&selected=SRDX
Other Useful Websites:
http://www.clinicaltrials.gov/ct2/results?term=surmodics
http://www.accessdata.fda.gov/scripts/cdrh/cfdocs/cfMAUDE/TextResults.cfm
http://www.freepatentsonline.com/result.html?query_txt=surmodics&sort=relevance&srch=top&search=
http://www.techagreements.com/AgreementSearch.aspx?search=normal&query=surmodics
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