Surmodics, Inc. (NASDAQ:SRDX) Q1 2023 Earnings Conference Call February 6, 2023 5:00 PM ET

Company Representatives

Gary Maharaj - President, Chief Executive Officer

Tim Arens - Chief Financial Officer

Conference Call Participants

Brooks O'Neil - Lake Street Capital Markets

Mike Matson - Needham & Company

James Sidoti - Sidoti & Company

Mike Petusky - Barrington Research

Operator

Welcome everyone to Surmodics' First Quarter of Fiscal Year 2023 Earnings Call. Please note that this call is being webcast. The webcast is accessible through the Investor Relations section of the Surmodics website at www.surmodics.com where an audio replay will be archived for future reference. An earnings press release disclosing Surmodics quarterly results was issued earlier today and is available on the company's website as well.

Before we begin, I would like to remind everyone that remarks and responses to your questions today, on today's call may contain forward-looking statements. These forward-looking statements are covered under the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995 and include statements regarding Surmodics' future financial and operating results or other statements that are not historical facts.

Please be advised that actual results could differ materially from those stated or implied by Surmodics forward-looking statements, resulting from certain risks and uncertainties, including those described in Surmodics SEC filings. Surmodics disclaims any duty to update or revise these forward-looking statements as a result of new information, future events, developments or otherwise.

This call will also include references to non-GAAP measures, because Surmodics believes they provide useful information for investors. Today's earnings release contains reconciliation tables to GAAP results.

I would now like to turn the call over to Mr. Gary Maharaj, Surmodics President and Chief Executive Officer. Please go ahead, sir.

Gary Maharaj

Thank you, operator. Hello everyone, and thank you for joining us for our first quarter of fiscal year 2023 earnings call. I'll start my remarks today with a brief review of our first quarter revenue performance.

In the first quarter of fiscal 2023, we achieved total revenue of $24.9 million, representing 8% growth on a year-over-year basis. Importantly, our total revenue performance exceeded our expectations for the first quarter, which we shared on our earnings call in November. Our higher than anticipated total revenue growth was driven exclusively by our Medical Device revenue, which increased 12% year-over-year, more than offsetting a 3% decrease in our In Vitro Diagnostics or IVD revenue.