Surmodics, Inc. (SRDX): Canvas du modèle d'entreprise [Jan-2025 Mis à jour]

Dans le monde complexe de la technologie médicale, Surmodics, Inc. (SRDX) se distingue comme une force pionnière, transformant le paysage de l'innovation des dispositifs médicaux grâce à ses technologies de modification de surface de pointe. En mélangeant de manière transparente la chimie avancée des polymères avec des partenariats stratégiques et des recherches révolutionnaires, la société a taillé un créneau unique pour améliorer les performances des dispositifs médicaux, réduire les risques et fournir des solutions transformatrices qui repoussent les limites des diagnostics médicaux et des traitements interventionnels. De la cardiologie interventionnelle aux applications orthopédiques, la toile du modèle commercial de Surmodics révèle une approche sophistiquée de l'innovation technologique et de la pénétration du marché qui promet de révolutionner comment les dispositifs médicaux interagissent avec la biologie humaine.

Surmodics, Inc. (SRDX) - Modèle d'entreprise: Partenariats clés

Fabricants d'appareils médicaux

Surmodics maintient des partenariats stratégiques avec les principaux fabricants de dispositifs médicaux:

Partenaire	Détails de collaboration	Durée du partenariat
Boston Scientific	Technologie de ballon enduit de médicament de Lutonix	Actif depuis 2012
Medtronic	Technologies de modification de surface pour les dispositifs cardiovasculaires	Partenariat en cours

Universités de recherche et institutions médicales

Les partenariats de recherche collaborative comprennent:

• Université du Minnesota
• Clinique de mayo
• Université Johns Hopkins

Organisations de fabrication de contrats

Surmodics collabore avec des organisations de fabrication de contrats spécialisées:

Partenaire CMO	Capacités de fabrication spécialisées
Solutions pharmatriques catalennes	Technologies de revêtement de dispositifs médicaux
Groupe Lonza	Processus de modification de surface avancés

Partenaires de développement pharmaceutique

Partenariats clés de développement pharmaceutique:

• Astrazeneca
• Pfizer
• Novartis

Propriété intellectuelle et collaborateurs de licences

Les partenariats de propriété intellectuelle de Surmodics comprennent:

Collaborateur IP	Focus technologique	Revenus de licence (2023)
Becton, Dickinson et compagnie	Technologies de surface du dispositif médical	4,2 millions de dollars
Laboratoires Abbott	Technologies de revêtement à élution médicamenteuse	3,7 millions de dollars

Surmodics, Inc. (SRDX) - Modèle d'entreprise: Activités clés

Technologies de modification de surface du dispositif médical

Surmodics se concentre sur le développement de technologies avancées de modification de surface pour les dispositifs médicaux. En 2023, la société a généré 41,0 millions de dollars en revenus de technologies médicales.

Catégorie de technologie	Investissement annuel	Portefeuille de brevets
Revêtements de dispositifs médicaux	12,3 millions de dollars	37 brevets actifs
Revêtements lubrifiants	8,7 millions de dollars	22 brevets actifs
Revêtements anti-thrombogènes	6,5 millions de dollars	15 brevets actifs

Développement de réactifs diagnostiques in vitro

La société a investi 9,2 millions de dollars dans la recherche in vitro de réactifs diagnostiques en 2023.

• Réactifs diagnostiques Revenus de la gamme de produits: 16,5 millions de dollars
• Partenariats de recherche: 7 collaborations actives
• Réactifs de diagnostic approuvés par la FDA: 12 produits

Recherche et développement de technologies de polymère avancées

Les dépenses totales de R&D pour 2023 étaient de 24,6 millions de dollars, avec un accent significatif sur l'innovation en polymère.

Zone de technologie des polymères	Investissement en R&D	Étape de développement
Polymères biomatériaux	8,9 millions de dollars	Développement avancé
Plates-formes de polymère diagnostique	7,2 millions de dollars	Étape prototype
Polymères de dispositif médical	6,5 millions de dollars	Mise en œuvre commerciale

Conformité réglementaire et tests de produits

Surmodics maintient des processus de conformité réglementaire rigoureux avec des ressources dédiées.

• Taille de l'équipe de conformité: 42 professionnels
• Investissement annuel de conformité: 5,3 millions de dollars
• Certifications réglementaires: ISO 13485, FDA enregistrée

Commercialisation des innovations technologiques médicales

La société a réalisé 67,3 millions de dollars de revenus totaux pour 2023, avec des efforts de commercialisation couvrant plusieurs secteurs de technologie médicale.

Segment de commercialisation	Revenu	Pénétration du marché
Dispositifs médicaux	41,0 millions de dollars	62% des revenus totaux
Technologies diagnostiques	16,5 millions de dollars	24% des revenus totaux
Licence et redevances	9,8 millions de dollars	14% des revenus totaux

Surmodics, Inc. (SRDX) - Modèle commercial: Ressources clés

Plates-formes de technologie de modification de surface propriétaire

Surmodics maintient 4 plateformes technologiques de base En tant que ressources clés critiques:

• Technologie de modification de la surface photochimique
• Plate-forme de synthèse des biomatériaux
• Technologie de revêtement de dispositifs médicaux
• Technologie des réactifs diagnostiques in vitro

Plate-forme technologique	Années de protection des brevets	Investissement en R&D (2023)
Modification de surface photochimique	12-15 ans	6,3 millions de dollars
Synthèse des biomatériaux	10-13 ans	5,8 millions de dollars
Revêtement de dispositif médical	14-17 ans	7,2 millions de dollars
Réactif diagnostique in vitro	8-11 ans	4,9 millions de dollars

Recherche spécialisée et talent d'ingénierie

Depuis 2024, Surmodics emploie 183 professionnels de la recherche et de l'ingénierie.

Catégorie des employés	Nombre d'employés	Diplômes avancés (%)
Chercheurs de doctorat	47	25.7%
Ingénieurs de niveau des maîtres	82	44.8%
Spécialistes de niveau baccalauréat	54	29.5%

Installations avancées de laboratoire et de test

Surmodics fonctionne 3 installations de recherche primaires:

• Eden Prairie, Minnesota (siège)
• Bloomington, Minnesota
• Park Triangle de recherche, Caroline du Nord

Emplacement de l'installation	Total en pieds carrés	Type de laboratoire
Eden Prairie	45 000 pieds carrés	Centre de recherche primaire
Bloomington	22 000 pieds carrés	Installation de recherche secondaire
Park de triangle de recherche	15 000 pieds carrés	Laboratoire de test spécialisé

Portefeuille de propriété intellectuelle

Actifs totaux de propriété intellectuelle en 2024:

Catégorie IP	Nombre total	Brevets actifs
Brevets américains	87	62
Brevets internationaux	53	41
Demandes de brevet en instance	24	N / A

Expertise technique en chimie des polymères

Les capacités de chimie des polymères spécialisées couvrent plusieurs domaines d'application.

Domaine de chimie des polymères	Chercheurs spécialisés	Années d'expérience collective
Modification des polymères médicaux	22	286
Chimie des réactifs diagnostiques	15	197
Revêtement de surface avancé	18	234

Surmodics, Inc. (SRDX) - Modèle d'entreprise: propositions de valeur

Performances améliorées des dispositifs médicaux grâce à des modifications de surface

Surmodics fournit des technologies de modification de surface qui améliorent la fonctionnalité des dispositifs médicaux:

Technologie	Amélioration des performances	Pénétration du marché
Revêtements de dispositifs médicaux	Jusqu'à 37% ont réduit la friction	Actif dans plus de 15 catégories de dispositifs médicaux
Revêtements lubrifiants	Réduit les forces d'insertion de l'appareil de 25%	Utilisé dans les applications cardiovasculaires et interventionnelles

Biocompatibilité améliorée pour les implants et les appareils médicaux

Surmodics développe des technologies de surface biocompatibles:

• Technologies de revêtement hydrophile propriétaires
• Réduit la réponse inflammatoire de 42%
• Améliore l'intégration de l'appareil avec les tissus humains

Réduction des risques d'infection et de rejet

Technologie	Réduction de l'infection	Zones de candidature
Revêtements antimicrobiens	Réduit les taux d'infection de 55%	Implants chirurgicaux, cathéters
Traitements de surface bioactifs	Minimise le rejet immunitaire	Dispositifs orthopédiques et cardiovasculaires

Solutions de réactif diagnostique avancé

Le portefeuille de réactifs diagnostiques comprend:

• Réactifs diagnostiques in vitro
• Systèmes de détection basés sur les enzymes
• Part de marché dans les réactifs diagnostiques: 8,3%

Solutions technologiques innovantes pour les applications médicales

Catégorie d'innovation	Type de technologie	Investissement en R&D
Innovations de dispositifs médicaux	Technologies de modification de surface	12,4 millions de dollars par an
Technologie de diagnostic	Développement avancé des réactifs	6,7 millions de dollars par an

Surmodics, Inc. (SRDX) - Modèle d'entreprise: Relations clients

Équipe de vente directe pour les dispositifs médicaux et les marchés de diagnostic

En 2024, Surmodics maintient une équipe de vente directe spécialisée ciblant les dispositifs médicaux et les segments de marché de diagnostic. L'équipe de vente couvre les domaines clés suivants:

Segment de marché	Focus de l'équipe de vente	Fréquence d'interaction client
Dispositifs médicaux	Ventes directes de l'entreprise	Réunions stratégiques trimestrielles
Marchés diagnostiques	Vente de solution technique	Consultations techniques mensuelles

Services de support technique et de consultation

Surmodics fournit un soutien technique complet à travers:

• Hotline de support technique dédié 24/7
• Consultation d'ingénierie sur place
• Services de diagnostic à distance et de dépannage

Partenariat à long terme et modèle de collaboration

La société met l'accent sur les relations collaboratives à long terme avec les clients clés, caractérisée par:

Attribut de partenariat	Niveau d'engagement
Durée du partenariat moyen	5-7 ans
Accords de collaboration stratégiques	12 partenariats d'entreprise actifs

Développement technologique personnalisé

Surmodics propose des services de développement technologique sur mesure avec les caractéristiques suivantes:

• Solutions de modification de surface personnalisées
• Technologies de revêtement de dispositifs médicaux spécifiques au client
• Adaptation de l'innovation propriétaire

Aide à la recherche et au développement en cours

L'entreprise fournit un soutien continu en R&D:

Métrique de support R&D	2024 données
Investissement annuel de R&D	22,3 millions de dollars
Personnel de R&D dédié	78 chercheurs spécialisés
Collaborations de recherche active	9 partenariats académiques et industriels

Surmodics, Inc. (SRDX) - Modèle d'entreprise: canaux

Ventes de fabricants de dispositifs médicaux directs

Surmodics maintient une équipe de vente interne dédiée ciblant les fabricants de dispositifs médicaux. Depuis 2024, l'entreprise emploie environ 45 professionnels directs des ventes spécialisés dans les solutions de technologie médicale.

Catégorie de canal de vente	Nombre de représentants commerciaux	Couverture géographique
Ventes directes des dispositifs médicaux	45	États-Unis, Europe, Asie-Pacifique

Conférences de technologie médicale

Surmodics participe à des conférences de technologie médicale clés pour présenter les innovations et réseauter avec des clients potentiels.

• Participation annuelle de la conférence: 8-10 événements de technologie médicale majeurs
• Association moyenne de la conférence: 250-350 professionnels de l'industrie par événement
• Les conférences clés incluent MD&M West, BiomeDevice et Medica

Plateformes de publication et de présentation scientifiques

L'entreprise tire parti des publications scientifiques et des présentations académiques pour démontrer les capacités technologiques.

Type de publication	Compte annuel	Revues primaires
Publications scientifiques	12-15	Journal of Medical Devices, Biomaterials Science

Ressources techniques en ligne et sites Web

Surmodics maintient des plateformes numériques complètes pour la diffusion technique de l'information.

• Site Web Visiteurs uniques par mois: 45 000 à 55 000
• Téléchargements de ressources techniques chaque année: 18 000-22 000
• Budget de marketing numérique: 750 000 $ par an

Salons et expositions commerciales de l'industrie

La participation des salons du commerce reste un canal critique pour la démonstration des produits et l'engagement des clients.

Catégorie de salon	Participation annuelle	Génération de leads estimée
Salons internationaux de commerce médical	6-8 spectacles	350-450 Leads potentiels commerciaux

Surmodics, Inc. (SRDX) - Modèle d'entreprise: segments de clientèle

Fabricants d'appareils médicaux

En 2024, Surmodics dessert environ 75 fabricants de dispositifs médicaux dans le monde. La clientèle de l'entreprise comprend des sociétés de technologie médicale de premier plan avec des revenus annuels allant de 50 millions de dollars à 10 milliards de dollars.

Caractéristique du segment	Données quantitatives
Clients du fabricant de dispositifs médicaux totaux	75 entreprises
Gamme de revenus des clients moyens	50 millions de dollars - 10 milliards de dollars
Distribution géographique	Amérique du Nord: 62%, Europe: 25%, Asie-Pacifique: 13%

Spécialistes en cardiologie interventionnelle

Surmodics cible les spécialistes de la cardiologie interventionnelle par le biais de technologies de surface médicale avancées. La société dessert environ 40 fournisseurs d'équipements médicaux spécialisés dans ce segment.

• Nombre d'équipements de cardiologie interventionnels Clients: 40
• Pénétration du marché: 28% du marché mondial des équipements de cardiologie interventionnelle
• Domaines de mise au point principaux: revêtements de stent, technologies de cathéter

Producteurs d'équipements de diagnostic

Dans le segment des équipements de diagnostic, Surmodics soutient 35 fabricants avec des technologies de modification de surface spécialisées.

Métriques du segment des équipements de diagnostic	Valeur
Clients totaux d'équipement de diagnostic	35 fabricants
Revenus annuels du segment	22,4 millions de dollars
Part de marché	15.6%

Sociétés de dispositifs orthopédiques et chirurgicaux

Surmodics fournit des solutions de modification de surface à 50 sociétés de dispositifs orthopédiques et chirurgicaux, représentant un segment de clientèle stratégique.

• Clients totaux de dispositifs orthopédiques / chirurgicaux: 50
• Contribution des revenus du segment: 18,7 millions de dollars
• Applications technologiques primaires: revêtements d'implant, surfaces antimicrobiennes

Institutions de recherche et laboratoires

La société soutient 25 établissements de recherche et laboratoires avec des technologies de biomatériaux avancées et des services de modification de surface spécialisés.

Détails du segment de recherche	Informations quantitatives
Total des clients de recherche	25 institutions
Contrats de collaboration de recherche	18 accords actifs
Revenu du segment de recherche annuel	5,6 millions de dollars

Surmodics, Inc. (SRDX) - Modèle d'entreprise: Structure des coûts

Investissements de recherche et développement

Pour l'exercice 2023, Surmodics, Inc. 16,4 millions de dollars en frais de recherche et développement, représentant environ 21,3% des revenus totaux.

Exercice fiscal	Dépenses de R&D ($ m)	Pourcentage de revenus
2023	16.4	21.3%
2022	15.7	20.8%

Personnel et dépenses de talents spécialisés

Les coûts totaux du personnel pour les surmodiques en 2023 étaient 38,2 millions de dollars, avec des domaines de mise au point clés, notamment:

• Personnel de recherche scientifique
• Spécialistes de l'ingénierie
• Professionnels de la conformité réglementaire
• Personnel de vente et de marketing

Fabrication et développement de prototypes

Les coûts de fabrication pour 2023 ont totalisé 22,6 millions de dollars, en panne comme suit:

Catégorie de coûts	Montant ($ m)
Matières premières	8.3
Entretien de l'équipement	5.9
Développement de prototypes	6.4
Fabrication des frais généraux	2.0

Maintenance de la propriété intellectuelle

Les dépenses de propriété intellectuelle en 2023 étaient 3,2 millions de dollars, y compris:

• Dépôt de brevet et poursuite
• Enregistrement des marques
• Protection juridique des innovations

Coûts de conformité et de certification réglementaires

Les dépenses de conformité réglementaire pour 2023 sont équipées de 5,7 millions de dollars, couvrant:

• Soumissions de la FDA
• Maintenance de certification ISO
• Documentation des essais cliniques
• Systèmes de gestion de la qualité

La structure totale des coûts opérationnels pour Surmodics, Inc. en 2023 était 86,1 millions de dollars.

Surmodics, Inc. (SRDX) - Modèle d'entreprise: Strots de revenus

Licence des technologies de modification de surface

Au cours de l'exercice 2023, Surmodics a généré 20,4 millions de dollars, des technologies de licence aux fabricants de dispositifs médicaux.

Catégorie de licence	Revenus ($ m)	Pourcentage de licence totale
Revêtements de dispositifs médicaux	14.6	71.6%
Technologie interventionnelle	5.8	28.4%

Ventes de produits de revêtements de dispositifs médicaux

Les ventes de produits de dispositif médical ont atteint 12,7 millions de dollars au cours de l'exercice 2023.

Services de recherche et développement contractuels

Les services de R&D contractuels ont généré 8,3 millions de dollars de revenus pour l'exercice 2023.

Type de service R&D	Revenus ($ m)
Développement de revêtement personnalisé	5.2
Conseil technologique	3.1

Redevances des innovations technologiques

Les revenus de redevances ont totalisé 6,5 millions de dollars au cours de l'exercice 2023.

• Royalités des dispositifs cardiovasculaires: 4,2 millions de dollars
• Royalités des appareils neurovasculaires: 2,3 millions de dollars

Ventes de produits de réactif diagnostique

Les ventes de réactifs diagnostiques s'élevaient à 3,9 millions de dollars au cours de l'exercice 2023.

Catégorie de produits diagnostiques	Revenus ($ m)
Réactifs diagnostiques in vitro	2.6
Recherchez des produits de diagnostic	1.3

Total des sources de revenus pour l'exercice 2023: 51,8 millions de dollars

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.