Surmodics, Inc. (NASDAQ:SRDX) Q4 2022 Earnings Conference Call November 9, 2022 10:00 AM ET
Company Participants
Gary Maharaj - CEO, President & Director
Timothy Arens - SVP, Finance & Information Technology & CFO
Conference Call Participants
Michael Petusky - Barrington Research Associates
Brooks O'Neil - Lake Street Capital Markets
James Sidoti - Sidoti & Company
Michael Matson - Needham & Company
Operator
Welcome everyone to Surmodics' Fourth Quarter and Fiscal Year 2022 Earnings Call. Please note that this call is being webcast. The web 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 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. Good morning, everyone, and thank you for joining us for our fourth quarter and fiscal year 2022 earnings call. Overall, it has been a solid quarter, and we achieved strong revenue performance and continued progress on our strategic objectives as we closed out the year. I'll start my remarks today with a brief review of our revenue performance for the fourth quarter and full year.
In the fourth quarter of fiscal 2022, we achieved total revenue of $26 million, representing growth of 8% year-over-year. We were pleased to finish the year on a strong note, exceeding the high end of our revenue guidance, which implied fourth quarter growth of 4% year-over-year. Our total revenue growth in the fourth quarter was exclusively driven by medical device revenue, which increased 12% year-over-year, offset slightly by a 1% decrease in -- In Vitro Diagnostics or IVD revenue.