Surmodics, Inc. (SRDX): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el intrincado mundo de la tecnología médica, Surmodics, Inc. (SRDX) se destaca como una fuerza pionera, transformando el panorama de la innovación de dispositivos médicos a través de sus tecnologías de modificación de superficie de vanguardia. Al combinar a la perfección la química de polímeros avanzados con asociaciones estratégicas e investigación innovadora, la compañía ha tallado un nicho único para mejorar el rendimiento del dispositivo médico, reducir los riesgos y la entrega de soluciones transformadoras que empujan los límites de los diagnósticos médicos y los tratamientos de intervención. Desde la cardiología intervencionista hasta las aplicaciones ortopédicas, el lienzo del modelo de negocio de Surmodics revela un enfoque sofisticado para la innovación tecnológica y la penetración del mercado que promete revolucionar cómo los dispositivos médicos interactúan con la biología humana.

Surmodics, Inc. (SRDX) - Modelo de negocios: asociaciones clave

Fabricantes de dispositivos médicos

Surmodics mantiene asociaciones estratégicas con fabricantes de dispositivos médicos líderes:

Pareja	Detalles de colaboración	Duración de la asociación
Boston Scientific	Tecnología de globos recubiertos de drogas de Lutonix	Activo desde 2012
Medtrónico	Tecnologías de modificación de superficie para dispositivos cardiovasculares	Asociación continua

Universidades de investigación e instituciones médicas

Las asociaciones de investigación colaborativa incluyen:

• Universidad de Minnesota
• Clínica de mayonesa
• Universidad de Johns Hopkins

Organizaciones de fabricación de contratos

Surmodics colabora con organizaciones de fabricación de contratos especializadas:

Socio de CMO	Capacidades de fabricación especializadas
Soluciones farmacéuticas catalent	Tecnologías de recubrimiento de dispositivos médicos
Grupo lonza	Procesos avanzados de modificación de la superficie

Socios de desarrollo farmacéutico

Asociaciones clave de desarrollo farmacéutico:

• Astrazeneca
• Pfizer
• Novartis

Propiedad intelectual y colaboradores de licencias

Las asociaciones de propiedad intelectual de Surmodics incluyen:

Colaborador de IP	Enfoque tecnológico	Ingresos de licencia (2023)
Becton, Dickinson y compañía	Tecnologías de superficie del dispositivo médico	$ 4.2 millones
Laboratorios de Abbott	Tecnologías de recubrimiento que elutan de drogas	$ 3.7 millones

Surmodics, Inc. (SRDX) - Modelo de negocio: actividades clave

Tecnologías de modificación de la superficie del dispositivo médico

Surmodics se centra en desarrollar tecnologías avanzadas de modificación de superficie para dispositivos médicos. A partir de 2023, la compañía generó $ 41.0 millones en ingresos de tecnologías de dispositivos médicos.

Categoría de tecnología	Inversión anual	Cartera de patentes
Revestimientos de dispositivos médicos	$ 12.3 millones	37 patentes activas
Revestimientos lubricios	$ 8.7 millones	22 patentes activas
Recubrimientos antimombogénicos	$ 6.5 millones	15 patentes activas

Desarrollo de reactivos de diagnóstico in vitro

La compañía invirtió $ 9.2 millones en investigación de reactivos de diagnóstico in vitro durante 2023.

• Ingresos de la línea de productos de reactivos de diagnóstico: $ 16.5 millones
• Asociaciones de investigación: 7 colaboraciones activas
• Reactivos de diagnóstico aprobados por la FDA: 12 productos

Investigación y desarrollo de tecnologías de polímeros avanzados

El gasto total de I + D para 2023 fue de $ 24.6 millones, con un enfoque significativo en la innovación de polímeros.

Área de tecnología de polímeros	Inversión de I + D	Etapa de desarrollo
Polímeros biomateriales	$ 8.9 millones	Desarrollo avanzado
Plataformas de polímero de diagnóstico	$ 7.2 millones	Etapa prototipo
Polímeros de dispositivos médicos	$ 6.5 millones	Implementación comercial

Cumplimiento regulatorio y pruebas de productos

Surmodics mantiene rigurosos procesos de cumplimiento regulatorio con recursos dedicados.

• Tamaño del equipo de cumplimiento: 42 profesionales
• Inversión anual de cumplimiento: $ 5.3 millones
• Certificaciones regulatorias: ISO 13485, FDA registrada

Comercialización de innovaciones de tecnología médica

La compañía logró $ 67.3 millones en ingresos totales para 2023, con esfuerzos de comercialización que abarcan múltiples sectores de tecnología médica.

Segmento de comercialización	Ganancia	Penetración del mercado
Dispositivos médicos	$ 41.0 millones	62% de los ingresos totales
Tecnologías de diagnóstico	$ 16.5 millones	24% de los ingresos totales
Licencias y regalías	$ 9.8 millones	14% de los ingresos totales

Surmodics, Inc. (SRDX) - Modelo de negocio: recursos clave

Plataformas de tecnología de modificación de superficie patentadas

Surmodics mantiene 4 plataformas de tecnología central Como recursos clave críticos:

• Tecnología de modificación de superficie fotoquímica
• Plataforma de síntesis biomaterial
• Tecnología de recubrimiento de dispositivos médicos
• Tecnología de reactivos de diagnóstico in vitro

Plataforma tecnológica	Años de protección de patentes	Inversión de I + D (2023)
Modificación de la superficie fotoquímica	12-15 años	$ 6.3 millones
Síntesis biomaterial	10-13 años	$ 5.8 millones
Revestimiento de dispositivos médicos	14-17 años	$ 7.2 millones
Reactivo de diagnóstico in vitro	8-11 años	$ 4.9 millones

Talento especializado de investigación e ingeniería

A partir de 2024, Surmodics emplea 183 Profesionales de Investigación e Ingeniería.

Categoría de empleado	Número de empleados	Títulos avanzados (%)
Investigadores de doctorado	47	25.7%
Ingenieros de nivel de maestría	82	44.8%
Especialistas en el nivel de licenciatura	54	29.5%

Instalaciones avanzadas de laboratorio y pruebas

Surmodics opera 3 instalaciones de investigación primarias:

• Eden Prairie, Minnesota (sede)
• Bloomington, Minnesota
• Research Triangle Park, Carolina del Norte

Ubicación de la instalación	Hoques cuadrados totales	Tipo de laboratorio
Prairie Eden	45,000 pies cuadrados	Centro de investigación primario
Bloomington	22,000 pies cuadrados	Investigación secundaria
Investigar Triangle Park	15,000 pies cuadrados	Laboratorio de pruebas especializadas

Cartera de propiedades intelectuales

Activos totales de propiedad intelectual a partir de 2024:

Categoría de IP	Número total	Patentes activas
Patentes de EE. UU.	87	62
Patentes internacionales	53	41
Aplicaciones de patentes pendientes	24	N / A

Experiencia técnica en química de polímeros

Las capacidades de química de polímeros especializados abarcan múltiples dominios de aplicación.

Dominio de química de polímeros	Investigadores especializados	Años de experiencia colectiva
Modificación de polímeros médicos	22	286
Química de reactivos de diagnóstico	15	197
Recubrimiento superficial avanzado	18	234

Surmodics, Inc. (SRDX) - Modelo de negocio: propuestas de valor

Rendimiento mejorado del dispositivo médico a través de modificaciones de superficie

Surmodics proporciona tecnologías de modificación de superficie que mejoran la funcionalidad del dispositivo médico:

Tecnología	Mejora del rendimiento	Penetración del mercado
Revestimientos de dispositivos médicos	Hasta el 37% de fricción reducida	Activo en más de 15 categorías de dispositivos médicos
Revestimientos lubricios	Reduce las fuerzas de inserción del dispositivo en un 25%	Utilizado en aplicaciones cardiovasculares e intervencionistas

Biocompatibilidad mejorada para implantes y dispositivos médicos

Surmodics desarrolla tecnologías de superficie biocompatibles:

• Tecnologías de recubrimiento hidrofílicos patentados
• Reduce la respuesta inflamatoria en un 42%
• Mejora la integración del dispositivo con tejido humano

Riesgos reducidos de infección y rechazo

Tecnología	Reducción de infecciones	Áreas de aplicación
Revestimientos antimicrobianos	Reduce las tasas de infección en un 55%	Implantes quirúrgicos, catéteres
Tratamientos de superficie bioactivos	Minimiza el rechazo inmune	Dispositivos ortopédicos y cardiovasculares

Soluciones de reactivos de diagnóstico avanzados

La cartera de reactivos de diagnóstico incluye:

• Reactivos de diagnóstico in vitro
• Sistemas de detección basados ​​en enzimas
• Cuota de mercado en reactivos de diagnóstico: 8.3%

Soluciones tecnológicas innovadoras para aplicaciones médicas

Categoría de innovación	Tipo de tecnología	Inversión de I + D
Innovaciones de dispositivos médicos	Tecnologías de modificación de la superficie	$ 12.4 millones anuales
Tecnología de diagnóstico	Desarrollo de reactivos avanzados	$ 6.7 millones anualmente

Surmodics, Inc. (SRDX) - Modelo de negocios: relaciones con los clientes

Equipo de ventas directo para dispositivos médicos y mercados de diagnóstico

A partir de 2024, Surmodics mantiene un equipo especializado de ventas directas que se dirige a los segmentos del mercado médico y del mercado de diagnóstico. El equipo de ventas cubre las siguientes áreas clave:

Segmento de mercado	Enfoque del equipo de ventas	Frecuencia de interacción del cliente
Dispositivos médicos	Ventas empresariales directas	Reuniones estratégicas trimestrales
Mercados de diagnóstico	Venta de solución técnica	Consultas técnicas mensuales

Soporte técnico y servicios de consulta

Surmodics proporciona soporte técnico integral a través de:

• Línea directa de soporte técnico dedicado 24/7
• Consulta de ingeniería en el sitio
• Servicios de diagnóstico y solución de problemas remotos

Modelo de asociación y colaboración a largo plazo

La compañía enfatiza las relaciones colaborativas a largo plazo con clientes clave, caracterizados por:

Atributo de asociación	Nivel de compromiso
Duración promedio de la asociación	5-7 años
Acuerdos de colaboración estratégica	12 asociaciones empresariales activas

Desarrollo de tecnología personalizada

Surmodics ofrece servicios de desarrollo de tecnología personalizada con las siguientes características:

• Soluciones de modificación de superficie personalizadas
• Tecnologías de recubrimiento de dispositivos médicos específicos del cliente
• Adaptación de innovación patentada

Apoyo continuo de investigación y desarrollo

La compañía ofrece soporte continuo de I + D a través de:

Métrica de soporte de I + D	2024 datos
Inversión anual de I + D	$ 22.3 millones
Personal de I + D dedicado	78 investigadores especializados
Colaboraciones de investigación activa	9 asociaciones académicas e industriales

Surmodics, Inc. (SRDX) - Modelo de negocios: canales

Ventas del fabricante de dispositivos médicos directos

Surmodics mantiene un equipo de ventas interno dedicado dirigido a fabricantes de dispositivos médicos. A partir de 2024, la compañía emplea a aproximadamente 45 profesionales de ventas directas que se especializan en soluciones de tecnología médica.

Categoría de canal de ventas	Número de representantes de ventas	Cobertura geográfica
Venta directa de dispositivos médicos	45	Estados Unidos, Europa, Asia-Pacífico

Conferencias de tecnología médica

Surmodics participa en conferencias clave de tecnología médica para mostrar innovaciones y redes con clientes potenciales.

• Participación anual de la conferencia: 8-10 eventos principales de tecnología médica
• Asistencia promedio de la conferencia: 250-350 profesionales de la industria por evento
• Las conferencias clave incluyen MD&M West, Biomedevice y Medica

Publicación científica y plataformas de presentación

La Compañía aprovecha las publicaciones científicas y las presentaciones académicas para demostrar capacidades tecnológicas.

Tipo de publicación	Recuento anual	Revistas principales
Publicaciones científicas	12-15	Journal of Medical Devices, Biomaterials Science

Recursos técnicos en línea y sitios web

Surmodics mantiene plataformas digitales integrales para la difusión de información técnica.

• Sitio web Visitantes únicos por mes: 45,000-55,000
• Descargas de recursos técnicos anualmente: 18,000-22,000
• Presupuesto de marketing digital: $ 750,000 anualmente

Ferias y exhibiciones de la industria

La participación de la feria comercial sigue siendo un canal crítico para la demostración de productos y la participación del cliente.

Categoría de feria comercial	Participación anual	Generación de leads estimada
Ferias médicas internacionales	6-8 espectáculos	350-450 Potencios de negocios potenciales

Surmodics, Inc. (SRDX) - Modelo de negocios: segmentos de clientes

Fabricantes de dispositivos médicos

A partir de 2024, Surmodics atiende a aproximadamente 75 fabricantes de dispositivos médicos a nivel mundial. La base de clientes de la compañía incluye compañías de tecnología médica de primer nivel con ingresos anuales que van desde $ 50 millones a $ 10 mil millones.

Característica de segmento	Datos cuantitativos
Total de los clientes del fabricante de dispositivos médicos	75 empresas
Rango promedio de ingresos del cliente	$ 50 millones - $ 10 mil millones
Distribución geográfica	América del Norte: 62%, Europa: 25%, Asia-Pacífico: 13%

Especialistas en cardiología intervencionista

Surmodics se dirige a especialistas en cardiología intervencionista a través de tecnologías de superficie médica avanzada. La compañía atiende a aproximadamente 40 proveedores de equipos médicos especializados en este segmento.

• Número de equipos de cardiología intervencionista clientes: 40
• Penetración del mercado: 28% del mercado global de equipos de cardiología intervencionista
• Áreas de enfoque clave: recubrimientos de stent, tecnologías de catéter

Productores de equipos de diagnóstico

En el segmento de equipos de diagnóstico, Surmodics admite 35 fabricantes con tecnologías especializadas de modificación de superficie.

Métricas de segmento de equipos de diagnóstico	Valor
Total de equipos de diagnóstico clientes	35 fabricantes
Ingresos anuales del segmento	$ 22.4 millones
Cuota de mercado	15.6%

Compañías de dispositivos ortopédicos y quirúrgicos

Surmodics proporciona soluciones de modificación de superficie a 50 compañías de dispositivos ortopédicos y quirúrgicos, que representan un segmento estratégico de clientes.

• Total de dispositivos ortopédicos/quirúrgicos CLIENDES: 50
• Contribución de ingresos del segmento: $ 18.7 millones
• Aplicaciones de tecnología primaria: recubrimientos de implantes, superficies antimicrobianas

Investigaciones de instituciones y laboratorios

La compañía apoya 25 instituciones de investigación y laboratorios con tecnologías biomateriales avanzadas y servicios especializados de modificación de superficie.

Detalles del segmento de investigación	Información cuantitativa
Total de los clientes de investigación	25 instituciones
Investigación de contratos de colaboración	18 acuerdos activos
Ingresos anuales del segmento de investigación	$ 5.6 millones

Surmodics, Inc. (SRDX) - Modelo de negocio: Estructura de costos

Inversiones de investigación y desarrollo

Para el año fiscal 2023, Surmodics, Inc. informó $ 16.4 millones en gastos de investigación y desarrollo, que representa aproximadamente el 21.3% de los ingresos totales.

Año fiscal	Gastos de I + D ($ M)	Porcentaje de ingresos
2023	16.4	21.3%
2022	15.7	20.8%

Personal y gastos de talento especializados

Los costos totales de personal para los Surmódicos en 2023 fueron $ 38.2 millones, con áreas de enfoque clave que incluyen:

• Personal de investigación científica
• Especialistas en ingeniería
• Profesionales de cumplimiento regulatorio
• Personal de ventas y marketing

Fabricación y desarrollo de prototipos

Los costos de fabricación para 2023 totalizaron $ 22.6 millones, desglosado de la siguiente manera:

Categoría de costos	Cantidad ($ m)
Materia prima	8.3
Mantenimiento del equipo	5.9
Desarrollo prototipo	6.4
Sobrecarga de fabricación	2.0

Mantenimiento de la propiedad intelectual

Los gastos de propiedad intelectual en 2023 fueron $ 3.2 millones, incluido:

• Presentación de patentes y enjuiciamiento
• Registro de marcas registradas
• Protección legal de innovaciones

Costos de cumplimiento y certificación regulatoria

Los gastos de cumplimiento regulatorio para 2023 ascendieron a $ 5.7 millones, cubriendo:

• Presentaciones de la FDA
• Mantenimiento de certificación ISO
• Documentación del ensayo clínico
• Sistemas de gestión de calidad

Estructura de costos operativos totales para Surmodics, Inc. en 2023 fue $ 86.1 millones.

Surmodics, Inc. (SRDX) - Modelo de negocios: flujos de ingresos

Licencias de tecnologías de modificación de superficie

En el año fiscal 2023, los Surmodics generaron $ 20.4 millones desde tecnologías de licencia hasta fabricantes de dispositivos médicos.

Categoría de licencias	Ingresos ($ M)	Porcentaje de licencias totales
Revestimientos de dispositivos médicos	14.6	71.6%
Tecnología intervencionista	5.8	28.4%

Venta de productos de recubrimientos de dispositivos médicos

Las ventas de productos de recubrimiento de dispositivos médicos alcanzaron $ 12.7 millones en el año fiscal 2023.

Servicios de investigación y desarrollo de contratos

Los servicios de I + D de contrato generaron $ 8.3 millones en ingresos para el año fiscal 2023.

Tipo de servicio de I + D	Ingresos ($ M)
Desarrollo de recubrimiento personalizado	5.2
Consultoría tecnológica	3.1

Regalías de innovaciones tecnológicas

Los ingresos por regalías totalizaron $ 6.5 millones en el año fiscal 2023.

• Royalias de dispositivos cardiovasculares: $ 4.2 millones
• Royalias de dispositivos neurovasculares: $ 2.3 millones

Venta de productos de reactivos de diagnóstico

Las ventas de reactivos de diagnóstico ascendieron a $ 3.9 millones en el año fiscal 2023.

Categoría de productos de diagnóstico	Ingresos ($ M)
Reactivos de diagnóstico in vitro	2.6
Investigar productos de diagnóstico	1.3

Flujos de ingresos totales para el año fiscal 2023: $ 51.8 millones

Surmodics, Inc. (SRDX) - Canvas Business Model: Value Propositions

You're looking at the core offerings Surmodics, Inc. brings to the table as of late 2025. These aren't just product names; they represent specific, quantifiable advantages in the medical technology space.

High-performance hydrophilic coatings for intravascular devices

Surmodics, Inc. is a key player in the Medical Coatings Market, which is expected to reach $9,983.0 million in 2025. Your value here comes from providing surface modification technologies that enhance device performance and safety globally. The company's focus is on lubricious and drug-eluting coatings, often through licensing agreements with other medical device manufacturers.

The company launched its Preside hydrophilic coatings in November 2023, offering a low-friction, low-particulate generation coating to complement the existing Serene hydrophilic coatings. This focus on next-generation coatings is important for distal access, especially in neurovascular applications.

Here's a look at the revenue tied to these performance coatings:

Metric	Value	Period/Context
Performance Coating Royalties & License Fees Revenue	$9.4 million	Q1 Fiscal 2025 (ended December 31, 2024)
Year-over-Year Growth (Coatings Revenue)	14% increase	Q1 Fiscal 2025 (ended December 31, 2024)
Medical End Use Market Share (Hydrophilic Coatings)	35%	2023 Estimate

The growth in royalties and license fees, hitting 14% year-over-year in Q1 Fiscal 2025, shows strong customer utilization of technologies like the Serene hydrophilic coating.

Mechanical thrombectomy devices (Pounce) for rapid, non-surgical clot removal

The Pounce Thrombectomy Platform is positioned as a rapid, low-risk, fully mechanical solution for removing thrombi or emboli in peripheral arteries without needing aspiration, thrombolytics, or capital equipment. This platform now covers a wide vessel size range, which is a significant value-add for physicians treating limb ischemia.

The platform's utility is supported by real-world data:

• Pounce Thrombectomy Platform sales growth was 35% year-over-year in Q3 Fiscal 2025.
• In the PROWL registry subset analysis of 60 patients, 96.8% procedural flow restoration was demonstrated.
• In the PROWL registry of 160 patients, 78.8% of cases required no additional clot removal treatments following Pounce System use.
• The device-related major adverse event rate in the 160-patient PROWL registry was just 0.6%.
• The average use time for the device was 24.1 minutes.

The platform expanded its reach with the Pounce XL Thrombectomy System receiving FDA 510(k) clearance, indicated for vessels 5.5-10 mm in diameter, joining the Pounce Thrombectomy System (3.5-6 mm) and Pounce LP System (2-4 mm).

Drug-coated balloon (SurVeil) with a substantially lower drug dose

The SurVeil drug-coated balloon (DCB) offers a value proposition centered on comparable efficacy to the market-leading IN.PACT Admiral DCB but with a significantly reduced drug load. This is a direct benefit for safety profiles.

The TRANSCEND trial confirmed this advantage:

Metric	SurVeil DCB	IN.PACT Admiral DCB
Paclitaxel Drug Load	2.0 μg/mm²	3.5 μg/mm² (75% higher)
12-Month Primary Patency	82.2%	85.9%
12-Month Primary Safety Endpoint Freedom Rate	91.8%	89.9%

Financially, the revenue stream from SurVeil is normalizing. The company expects SurVeil DCB product revenue to decrease by approximately $7.5 million in fiscal 2025 due to lower demand from Abbott. Furthermore, SurVeil DCB license fee revenue was $0.0 million in Q3 Fiscal 2025, compared to $1.1 million in Q3 Fiscal 2024, as the TRANSCEND trial completed in Q2 Fiscal 2025.

Reliable chemical and biological components for in vitro diagnostics (IVD)

The In Vitro Diagnostics (IVD) segment provides chemical and biological components for diagnostic testing. This segment showed resilience despite some timing issues impacting revenue in early 2025.

Here are the reported revenue figures for this segment:

• IVD Revenue was $6.6 million in Q1 Fiscal 2025 (ended December 31, 2024).
• IVD Revenue grew 6% year-over-year in Q3 Fiscal 2025 (ended June 30, 2025).

The Q1 FY2025 dip to $6.6 million (a 5% decrease) was attributed to unfavorable order timing for distributed antigen and diagnostic test chemical components.

Finance: draft 13-week cash view by Friday.

Surmodics, Inc. (SRDX) - Canvas Business Model: Customer Relationships

Dedicated account management for large OEM licensing partners

The relationship with large OEM licensing partners is critical, particularly for the Medical Device segment's performance coatings. Abbott Vascular, Inc. is the exclusive distribution partner for the SurVeil Drug-Coated Balloon (DCB) product.

• SurVeil DCB license fee revenue recognition ceased subsequent to March 31, 2025.
• Expected decrease in SurVeil DCB product revenue for fiscal year 2025: approximately $7.5 million due to lower commercial shipments from Abbott.
• Medical Device performance coating royalties and license fee revenue for Q1 Fiscal Year 2025: $9.4 million, a 14% increase year-over-year.
• Medical Device performance coating royalties and license fee revenue for Q3 Fiscal Year 2025: $9.7 million, a 4% increase year-over-year.

Direct sales force engagement with interventional cardiologists and radiologists

Surmodics, Inc. established a field sales team in fiscal 2022 to sell proprietary vascular intervention products directly to U.S. healthcare providers. This direct engagement supports the commercialization of the Pounce Thrombectomy Platform.

• Pounce Thrombectomy Platform sales growth year-over-year in Q3 Fiscal Year 2025: 35%.
• SG&A expenses increased by 53% in fiscal 2022 due to investments in direct sales personnel.
• The Pounce Thrombectomy Platform has a combined vessel diameter range of 2-10mm.

Technical support and application training for coating customers

The core of the performance coatings business relies on license agreements with medical device manufacturers, requiring ongoing support for the application of proprietary surface modification and drug-delivery coating technologies. Growth in customer utilization of the Serene™ hydrophilic coating drives royalty revenue.

Metric	Q1 FY2025 Amount	Q3 FY2025 Amount
Performance Coatings Royalty/License Revenue	$9.4 million	$9.7 million
Year-over-Year Growth in Royalty/License Revenue (Q1)	14%	N/A

Transactional sales for IVD component orders

In Vitro Diagnostics (IVD) revenue is transactional, dependent on the timing of customer orders for distributed antigen and diagnostic test chemical components.

• IVD revenue for Q1 Fiscal Year 2025: $6.6 million, a 5% decrease year-over-year.
• IVD revenue for Q2 Fiscal Year 2025: $7.4 million, a 3% increase compared to Q2 Fiscal Year 2024.
• IVD revenue for Q3 Fiscal Year 2025: The search results indicate an increase, but the exact amount is not explicitly separated from Total Revenue excluding SurVeil DCB license fee revenue, which was $29.6 million.

Surmodics, Inc. (SRDX) - Canvas Business Model: Channels

You're looking at how Surmodics, Inc. gets its products into the hands of users, which involves a mix of direct selling, partnerships, and technology transfer.

Direct sales force for Pounce Thrombectomy Systems to hospitals/clinics

Surmodics, Inc. supports the commercial release of its Pounce Thrombectomy Platform, which includes the Pounce, Pounce LP, and Pounce XL systems, through a direct sales channel targeting hospitals and clinics. This platform addresses a combined vessel diameter range of 2-10 mm for peripheral artery clot removal. The focus on this direct channel is showing traction; for instance, in the third quarter of fiscal 2025, the company delivered 35% growth in Pounce Thrombectomy Platform sales year-over-year. The Pounce XL Thrombectomy System, cleared by the FDA and in limited market release (LMR) since January 2025, expands the platform's utility into larger iliac and femoral arteries (5.5-10 mm vessels). The Pounce Thrombectomy System itself was introduced in 2021, with the Pounce LP system following in 2024.

Exclusive distribution agreements, like the one with Abbott for SurVeil

A significant channel involves exclusive distribution agreements, most notably with Abbott for the SurVeil drug-coated balloon (DCB). This relationship is winding down in terms of upfront payments and product shipments. Surmodics, Inc. expected the SurVeil DCB license fee revenue to decrease by $3.6 million in fiscal 2025, with no further recognition of this specific license fee revenue occurring subsequent to March 31, 2025. Furthermore, the company projected that SurVeil DCB product revenue would decrease by approximately $7.5 million in fiscal 2025 due to lower commercial shipments from Abbott. For the third quarter of fiscal 2025, SurVeil DCB license fee revenue recognized was $0.0 million, down from $1.1 million in the third quarter of fiscal 2024. The product sales revenue from this channel in Q3 FY2025 was down by $1.7 million compared to the same period last year.

Direct sales of IVD components to diagnostic manufacturers

Surmodics, Inc. also sells chemical components for In Vitro Diagnostics (IVD) tests directly to diagnostic manufacturers. This segment shows consistent, though sometimes variable, revenue. In the third quarter of fiscal 2025, In Vitro Diagnostics revenue was $7.4 million, which was an increase of $0.4 million, or 6%, compared to $7.0 million in the third quarter of fiscal 2024. However, looking at the first quarter of fiscal 2025 (ending December 31, 2024), IVD revenue was $6.6 million, a decrease of $0.4 million, or 5%, from the prior year's first quarter, attributed to timing of orders for distributed antigen and diagnostic test chemical components.

Licensing agreements for technology transfer and royalties

The company monetizes its surface technology expertise through royalties and license fees from other medical device companies using its coatings, such as the Serene™ hydrophilic coating. This revenue stream demonstrated growth in the third quarter of fiscal 2025. Medical Device performance coating royalties and license fee revenue reached $9.7 million in Q3 FY2025, an increase of $0.3 million, or 4%, over the $9.3 million reported in Q3 FY2024. In the first quarter of fiscal 2025, this royalty revenue was $9.4 million, up 14% (or $1.2 million) from $8.2 million in Q1 FY2024, driven by customer utilization of the Serene coating.

Here's a quick look at the revenue components for the third quarter of fiscal 2025, which helps map the channel performance:

Revenue Channel/Component	Q3 Fiscal 2025 Amount	Year-over-Year Change (Q3 FY2024 vs Q3 FY2025)
Medical Device Performance Coating Royalties & License Fees	$9.7 million	Increased 4% ($0.3 million)
In Vitro Diagnostics (IVD) Revenue	$7.4 million	Increased 6% ($0.4 million)
SurVeil DCB License Fee Revenue	$0.0 million	Decreased from $1.1 million
Total Revenue	$29.6 million	Decreased 3%

The Pounce Thrombectomy Platform sales are a key growth driver within the Medical Device segment, offsetting headwinds elsewhere. The company's overall focus for the remainder of fiscal 2025, excluding the declining SurVeil DCB license fee revenue, was on achieving total revenue between $115.0 million and $117.0 million.

The distribution methods Surmodics, Inc. employs can be summarized by the product type:

• Pounce Thrombectomy Systems: Primarily direct sales force engagement.
• Serene Coating: Channel is exclusive distribution through partners like Abbott.
• IVD Components: Direct sales to diagnostic manufacturers.
• Technology Platforms: Revenue via licensing agreements and royalties.

Finance: review the Q4 2025 revenue forecast against the updated guidance range by next Tuesday.

Surmodics, Inc. (SRDX) - Canvas Business Model: Customer Segments

You're looking at the customer base for Surmodics, Inc. right as the company is transitioning ownership, which definitely impacts how you view each group's near-term focus. Here's the breakdown of the core segments Surmodics serves, based on the latest reported figures leading up to the late 2025 acquisition closing.

Global Medical Device Manufacturers (OEMs) using Performance Coatings

This segment represents the core technology licensing and royalty stream. These Original Equipment Manufacturers (OEMs) use Surmodics, Inc.'s proprietary surface modification and drug-delivery coating technologies for their intravascular devices, spanning neurovascular, peripheral, and coronary markets. The utilization of these coatings directly translates to Surmodics, Inc.'s royalty revenue.

For instance, in the first quarter of fiscal year 2025 (ended December 31, 2024), Medical Device performance coating royalties and license fee revenue saw a strong increase of 14%, reaching $9.4 million, largely due to the continued growth in customer utilization of the Serene™ hydrophilic coating. This shows direct reliance from these large manufacturers on Surmodics, Inc.'s coating intellectual property.

Interventional Physicians (Cardiologists, Radiologists) using Pounce Devices

This group consists of the end-users-the physicians performing procedures-who rely on Surmodics, Inc.'s fully mechanical, non-aspiration-based vascular intervention medical devices, primarily the Pounce Thrombectomy Platform. These devices are engineered for rapid, non-surgical clot removal in peripheral arteries.

The commercial traction for this segment was significant in the third quarter of fiscal year 2025 (ended June 30, 2025), where Pounce Thrombectomy Platform sales delivered 35% growth year-over-year. Furthermore, clinical validation, which drives physician adoption, is key; the PROWL registry study analyzed 160 patients and demonstrated a 91.7% procedural success rate for the platform.

The platform's expansion is notable:

• The Pounce Thrombectomy System targets 3.5-6 mm peripheral arteries.
• The Pounce LP Thrombectomy System targets 2-4 mm peripheral arteries.
• The Pounce XL Thrombectomy System, which received FDA 510(k) clearance on October 1, 2024, expands reach to larger peripheral arteries up to 10 mm in diameter.

In Vitro Diagnostic (IVD) Companies for Chemical/Biological Components

The IVD customer segment involves companies utilizing Surmodics, Inc.'s chemical and biological components for their in vitro diagnostic immunoassay tests and microarrays within the diagnostic and biomedical research markets. This is a component-supply relationship.

Data from the first quarter of fiscal 2025 (ended December 31, 2024) showed this segment experienced a 5% decrease in revenue, landing at $6.6 million. This dip was attributed to unfavorable order timing for distributed antigen and diagnostic test chemical components.

Private Equity Firm GTCR, as the Imminent New Owner

While not a traditional end-user customer, GTCR represents the most significant financial stakeholder segment as of late 2025. The definitive agreement was to acquire Surmodics, Inc. for $43.00 per share in cash, equating to an approximate equity value of $627 million. By November 2025, a major regulatory hurdle was cleared when the U.S. District Court denied the Federal Trade Commission's request for a preliminary injunction, allowing the deal to move toward closing.

The financial impact of this segment is the agreed-upon transaction value, which delivered liquidity to shareholders at the $41 per share price following the final court order termination.

Here's a quick view of the transaction context:

Metric	Value
Agreed Acquisition Price Per Share	$43.00 (Initial Agreement)
Finalized/Expected Closing Price Per Share	$41.00 (Market trading near this level post-injunction denial)
Approximate Equity Value	$627 million
Key Regulatory Hurdle Overcome	Denial of FTC Preliminary Injunction (November 2025)

The FTC's initial challenge centered on concerns that the combination of GTCR's majority-owned Biocoat and Surmodics, Inc. would create a highly concentrated market, controlling over 50% of the market for hydrophilic coatings.

Surmodics, Inc. (SRDX) - Canvas Business Model: Cost Structure

You're looking at the expenses Surmodics, Inc. incurred to run and develop its business through late 2025, which were heavily influenced by the pending acquisition by GTCR and ongoing regulatory review.

Significant Research and Development (R&D) expenses for device pipeline represent a core, ongoing cost. You see this investment reflected in the financials, though some costs were offset by refunds. For the three months ended June 30, 2025 (Q3 FY2025), Research and Development expense decreased by $2.2 million year-over-year. This decrease was partly due to a $1.1 million refund of previously incurred costs related to the TRANSCEND clinical trials. For the first quarter of fiscal 2025 (three months ended December 31, 2024), R&D expense was reported at $8.367 million. The pipeline development is critical, as evidenced by the 37% growth in R&D and other revenue seen in Q3 FY2025, showing activity in that area.

Sales, General, and Administrative (SG&A) costs were significantly impacted by the proposed acquisition. These costs are reported within operating costs and expenses, excluding product costs. A key driver was the merger-related charges. Specifically, in the first quarter of fiscal 2025, Surmodics, Inc. incurred $2.3 million in merger-related charges, which were reported in SG&A expense, covering costs associated with the pending acquisition and the response to the FTC's Second Request. Later in the year, for the third quarter of fiscal 2025, these charges rose to $5.3 million. The full fiscal year 2025 guidance assumed approximately $16.0 million in total merger-related charges. Absent these specific, non-recurring charges, the underlying operating expense discipline was a focus.

Manufacturing and inventory costs for Pounce and IVD products factor into the Product Costs line. Product gross margin for the first quarter of fiscal 2025 stood at 55.1%, an improvement from the prior year, supported by a favorable product mix. Product gross profit in that quarter was $9.1 million. However, by the third quarter of fiscal 2025, the product gross margin had compressed to 48.8%, with product gross profit falling to $8.2 million. This margin pressure was partly due to a $1.0 million decline in SurVeil DCB product gross profit, stemming from under absorption and production inefficiencies related to below-scale production and inventory expiration.

Litigation and legal defense costs related to the FTC challenge are embedded within the SG&A structure, particularly within the merger-related charges. The FTC challenged the GTCR acquisition in March 2025, citing antitrust concerns over market concentration in outsourced hydrophilic coatings. The response to the FTC's Second Request was explicitly cited as a driver for the $2.3 million in merger-related expenses recognized in Q1 FY2025. The company stated it would vigorously defend the case in court after the FTC filed for an injunction to block the $627 million deal. A judge later denied the FTC's bid to block the takeover in November 2025, though closing conditions remained.

Here's a look at some of the key expense components for the reported periods in fiscal 2025:

Cost Component (Period)	Amount (in thousands)	Notes
Research and Development (Q1 FY2025)	$8,367	Three months ended December 31, 2024.
Operating Costs Excluding Product Costs (Q1 FY2025)	$25,000	Increased 13% year-over-year.
Merger-Related Charges (Q1 FY2025)	$2,264	Reported within SG&A.
Operating Costs Excluding Product Costs (Q3 FY2025)	$26,200	Decreased $1.0 million year-over-year.
Merger-Related Charges (Q3 FY2025)	$5,300	Reported within SG&A.
Total Estimated Merger-Related Charges (FY2025 Guidance)	$16,000	Total expected for the full fiscal year.

You should also note the costs associated with product execution:

• Product Gross Margin (Q1 FY2025): 55.1%
• Product Gross Margin (Q3 FY2025): 48.8%
• SurVeil DCB Product Gross Profit Decline (Q3 FY2025 vs Q3 FY2024): $1.0 million

The legal defense costs are intertwined with the merger charges, which totaled $5.3 million in Q3 FY2025 alone. Finance: draft 13-week cash view by Friday.

Surmodics, Inc. (SRDX) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers for how Surmodics, Inc. (SRDX) brings in cash as of late 2025. It's a mix of device sales, recurring royalties, and the tail end of a major licensing deal. Honestly, the story is about where the growth is coming from while other areas normalize.

The revenue streams are clearly segmented across their core technologies and product lines. For the first quarter of fiscal year 2025 (Q1 FY2025), we saw specific contributions from these areas, which helps map out the current financial reality for Surmodics, Inc. (SRDX).

Here's a quick look at the Q1 FY2025 revenue components:

Revenue Source	Q1 FY2025 Amount	Year-over-Year Change Context
Performance Coatings Royalties and License Fees	$9.4 million	Increased $1.2 million, or 14%, driven by Serene™ hydrophilic coating utilization
In Vitro Diagnostics (IVD) Segment Revenue	$6.6 million	Decreased $0.4 million, or 5%, due to unfavorable order timing
SurVeil DCB License Fee Revenue (Portion of Total)	$1.251 million	Part of the expected total decrease for FY2025
Medical Device Product Sales (Excluding DCB License Fee)	$10.116 million (Implied from total MD product sales minus license fee)	Partially offset by growth in Pounce thrombectomy platforms

Product sales from the Pounce Thrombectomy Platform show significant momentum. By the third quarter of fiscal 2025 (Q3 FY2025), sales for this platform delivered 35% growth year-over-year within the Medical Device segment. This growth continued even as other product revenues faced headwinds.

The royalty and license fee revenue stream from performance coatings remains a reliable source. In Q1 FY2025, this category totaled $9.4 million. More recently, in Q3 FY2025, this revenue grew to $9.7 million, up 4% compared to Q3 FY2024's $9.3 million. This stream is clearly benefiting from customer adoption of technologies like the Serene™ hydrophilic coating.

Revenue from the In Vitro Diagnostics (IVD) segment was $6.6 million in Q1 FY2025. While Q1 saw a slight dip, the segment showed strength later in the year; for Q3 FY2025, IVD revenue was $7.4 million, marking a 6% increase year-over-year. That's solid execution across their product portfolio.

The SurVeil DCB license fee revenue is a diminishing stream. Surmodics, Inc. continues to expect this specific license fee revenue to decrease by $3.6 million in the full fiscal year 2025. Furthermore, the company anticipated no further recognition of this specific license fee revenue subsequent to March 31, 2025. The impact was visible in Q3 FY2025, where SurVeil DCB license fee revenue was $0.0 million, down from $1.1 million in Q3 FY2024.

You should also note the expected impact on product sales related to the DCB:

• The company expected SurVeil DCB product revenue to decrease by approximately $7.5 million in fiscal 2025.
• This product revenue decrease was primarily driven by lower demand for commercial shipments from Abbott.
• In Q3 FY2025 alone, SurVeil DCB product sales revenue decreased by $1.7 million year-over-year.

Finance: draft 13-week cash view by Friday.