Surmodics, Inc. (NASDAQ:SRDX) Q3 2022 Earnings Conference Call July 27, 2022 8:30 AM ET

Company Participants

Gary Maharaj - President and Chief Executive Officer

Tim Arens - Senior Vice President of Finance and Information Technology and Chief Financial Officer

Conference Call Participants

Brooks O’Neil - Lake Street Capital Markets

Jim Sidoti - Sidoti & Company

Mike Matson - Needham & Company

Operator

Good day, and welcome to the Surmodics’ Third Quarter Fiscal 2022 Earnings Conference Call. Today's conference is being recorded.

At this time, I would like to turn the conference over to Tim Arens, Senior Vice President of Finance and Chief Financial Officer. Please go ahead, sir.

Tim Arens

Thank you, Ciscilia. Good morning and welcome to Surmodics' fiscal 2022 third quarter earnings call. Before we begin, I would like to remind you that during this call we will make 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 our forward-looking statements resulting from certain risk and uncertainties including those described in our SEC filings. Surmodics disclaims any duty to update or revise our forward-looking statements as a result of new information, future events, developments or otherwise. We will also refer to non-GAAP measures. Because we believe they provide useful information for our investors. Today's news release contains reconciliation tables to our GAAP results. This conference call is being webcast and is accessible through the investor relations section of the Surmodics’ website. And the audio recording of the webcast will also be archived for future reference. A press release disclosed in our quarterly results was issued this morning, and is available on our website at surmodics.com.

I will now turn the call over to Gary Maharaj. Gary?

Gary Maharaj

Thank you, Tim. Good morning. And thank you for joining us in our third quarter earnings call. We are pleased with both our financial performance and the progress we've made in executing our strategic priorities during this quarter. Starting with our third quarter financial performance, which was in line with our expectations, we grew revenue 4% to $24.9 million in the third quarter compared to $23.9 million in the prior year quarter. Driven by solid performance from both our Medical Device and IVD businesses. We reported GAAP diluted loss per share $0.41 and non- GAAP diluted loss per share of $0.34. Now while we're lowering our revenue guidance for the full year based on some predicted softness in our business, we are, however, raising our EPS guidance to reflect our Q3 performance and our continued focus on efficient capital allocation. Tim will provide additional detail on our quarter results as well as our revised guidance later in today's call.