Surmodics, Inc. (NASDAQ:SRDX) Q2 2022 Earnings Conference Call April 27, 2022 8:30 AM ET

Company Participants

Tim Arens - SVP, Finance & CFO

Gary Maharaj - President & CEO

Conference Call Participants

David Saxon - Needham

Brooks O'Neil - Lake Street Capital Markets

Jim Sidoti - Sidoti & Company

Mike Petusky - Barrington Research

Operator

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

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

Tim Arens

Thank you, Jazz. Good morning and welcome to Surmodics' fiscal 2022 second 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 risks 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'll also refer to non-GAAP measures because we believe they provide useful information for our investors.

Today's news release containing reconciliation tables to GAAP results. This conference call is being webcast and is accessible through the Investor Relations section of the Surmodics website, where the audio recording of the webcast will also be archived for future reference. A press release disclosing 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 on our second quarter earnings call. We are pleased with both our financial performance and the progress we've made in executing our strategic priorities during the quarter.

Starting with our second quarter financial performance, which delivered above expectations, we achieved revenue of $26.1 million in the second quarter compared to $35 million in the prior year quarter, which included $10.8 million in revenue recognized on the $15 million Abbott milestone payment associated to the successful completion of the TRANSCEND clinical report.