Surmodics, Inc. (SRDX): Modelo de negócios Canvas [Jan-2025 Atualizado]

No intrincado mundo da tecnologia médica, a Surmodics, Inc. (SRDX) se destaca como uma força pioneira, transformando o cenário da inovação de dispositivos médicos por meio de suas tecnologias de modificação de superfície de ponta. Ao combinar perfeitamente a química avançada de polímeros com parcerias estratégicas e pesquisas inovadoras, a empresa criou um nicho único para melhorar o desempenho do dispositivo médico, reduzir riscos e fornecer soluções transformadoras que ultrapassa os limites dos diagnósticos médicos e tratamentos intervencionistas. Da cardiologia intervencionista a aplicações ortopédicas, o modelo de negócios da Surmodics Canvas revela uma abordagem sofisticada da inovação tecnológica e da penetração de mercado que promete revolucionar como os dispositivos médicos interagem com a biologia humana.

Surmodics, Inc. (SRDX) - Modelo de negócios: Parcerias -chave

Fabricantes de dispositivos médicos

A Surmodics mantém parcerias estratégicas com os principais fabricantes de dispositivos médicos:

Parceiro	Detalhes da colaboração	Duração da parceria
Boston Scientific	Tecnologia de balão revestida com drogas Lutonix	Ativo desde 2012
Medtronic	Tecnologias de modificação de superfície para dispositivos cardiovasculares	Parceria em andamento

Universidades de pesquisa e instituições médicas

Parcerias de pesquisa colaborativa incluem:

• Universidade de Minnesota
• Clínica Mayo
• Universidade Johns Hopkins

Organizações de fabricação contratadas

A Surmodics colabora com organizações de fabricação de contratos especializados:

Parceiro da CMO	Capacidades de fabricação especializadas
Soluções farmacêuticas catalentas	Tecnologias de revestimento de dispositivos médicos
Grupo Lonza	Processos avançados de modificação de superfície

Parceiros de desenvolvimento farmacêutico

Principais parcerias de desenvolvimento farmacêutico:

• AstraZeneca
• Pfizer
• Novartis

Propriedade intelectual e colaboradores de licenciamento

As parcerias de propriedade intelectual da Surmodics incluem:

Colaborador de IP	Foco em tecnologia	Receita de licenciamento (2023)
Becton, Dickinson e companhia	Tecnologias de superfície do dispositivo médico	US $ 4,2 milhões
Laboratórios Abbott	Tecnologias de revestimento que eliminam drogas	US $ 3,7 milhões

Surmodics, Inc. (SRDX) - Modelo de negócios: Atividades -chave

Tecnologias de modificação de superfície do dispositivo médico

A Surmodics se concentra no desenvolvimento de tecnologias avançadas de modificação de superfície para dispositivos médicos. A partir de 2023, a empresa gerou US $ 41,0 milhões em receita de tecnologias de dispositivos médicos.

Categoria de tecnologia	Investimento anual	Portfólio de patentes
Revestimentos de dispositivos médicos	US $ 12,3 milhões	37 patentes ativas
Revestimentos lubrificantes	US $ 8,7 milhões	22 patentes ativas
Revestimentos anti-trombogênicos	US $ 6,5 milhões	15 patentes ativas

Desenvolvimento de reagentes diagnósticos in vitro

A empresa investiu US $ 9,2 milhões em pesquisa de reagente de diagnóstico in vitro durante 2023.

• Receita da linha de produtos do reagente diagnóstico: US $ 16,5 milhões
• Parcerias de pesquisa: 7 colaborações ativas
• Reagentes de diagnóstico aprovados pela FDA: 12 produtos

Pesquisa e desenvolvimento de tecnologias avançadas de polímeros

As despesas totais de P&D em 2023 foram de US $ 24,6 milhões, com foco significativo na inovação de polímeros.

Área de tecnologia de polímeros	Investimento em P&D	Estágio de desenvolvimento
Polímeros biomateriais	US $ 8,9 milhões	Desenvolvimento avançado
Plataformas de polímero de diagnóstico	US $ 7,2 milhões	Estágio de protótipo
Polímeros de dispositivos médicos	US $ 6,5 milhões	Implementação comercial

Conformidade regulatória e teste de produto

A Surmodics mantém processos rigorosos de conformidade regulatória com recursos dedicados.

• Tamanho da equipe de conformidade: 42 profissionais
• Investimento anual de conformidade: US $ 5,3 milhões
• Certificações regulatórias: ISO 13485, FDA registrado

Comercialização de inovações de tecnologia médica

A empresa alcançou US $ 67,3 milhões em receita total em 2023, com os esforços de comercialização abrangendo vários setores de tecnologia médica.

Segmento de comercialização	Receita	Penetração de mercado
Dispositivos médicos	US $ 41,0 milhões	62% da receita total
Tecnologias de diagnóstico	US $ 16,5 milhões	24% da receita total
Licenciamento e royalties	US $ 9,8 milhões	14% da receita total

Surmodics, Inc. (SRDX) - Modelo de negócios: Recursos -chave

Plataformas de tecnologia de modificação de superfície proprietárias

Surmodics mantém 4 plataformas de tecnologia centrais Como recursos -chave críticos:

• Tecnologia de modificação da superfície fotoquímica
• Plataforma de síntese de biomateriais
• Tecnologia de revestimento de dispositivos médicos
• Tecnologia de reagente diagnóstico in vitro

Plataforma de tecnologia	Anos de proteção de patentes	Investimento em P&D (2023)
Modificação fotoquímica da superfície	12-15 anos	US $ 6,3 milhões
Síntese biomaterial	10-13 anos	US $ 5,8 milhões
Revestimento de dispositivos médicos	14-17 anos	US $ 7,2 milhões
Reagente de diagnóstico in vitro	8-11 anos	US $ 4,9 milhões

Pesquisa especializada e talento de engenharia

A partir de 2024, o Surmodics emprega 183 Profissionais de pesquisa e engenharia.

Categoria de funcionários	Número de funcionários	Graus avançados (%)
Pesquisadores de doutorado	47	25.7%
Engenheiros de nível de Masters	82	44.8%
Especialistas em nível de bacharel	54	29.5%

Instalações avançadas de laboratório e teste

Surmodics opera 3 instalações de pesquisa primárias:

• Eden Prairie, Minnesota (sede)
• Bloomington, Minnesota
• Pesquisa Triângulo Park, Carolina do Norte

Localização da instalação	Mágua quadrada total	Tipo de laboratório
Eden Prairie	45.000 pés quadrados	Centro de Pesquisa Primária
Bloomington	22.000 pés quadrados	Instalação de pesquisa secundária
Pesquisa Triângulo Parque	15.000 pés quadrados	Laboratório de testes especializados

Portfólio de propriedade intelectual

Ativos de propriedade intelectual total a partir de 2024:

Categoria IP	Número total	Patentes ativas
Patentes dos EUA	87	62
Patentes internacionais	53	41
Aplicações de patentes pendentes	24	N / D

Experiência técnica em química de polímeros

Os recursos de química de polímero especializados abrangem vários domínios de aplicativos.

Domínio químico de polímero	Pesquisadores especializados	Anos de experiência coletiva
Modificação de polímero médico	22	286
Química do reagente diagnóstico	15	197
Revestimento de superfície avançado	18	234

Surmodics, Inc. (SRDX) - Modelo de Negócios: Proposições de Valor

Desempenho aprimorado do dispositivo médico através de modificações de superfície

A Surmodics fornece tecnologias de modificação de superfície que melhoram a funcionalidade do dispositivo médico:

Tecnologia	Melhoria de desempenho	Penetração de mercado
Revestimentos de dispositivos médicos	Até 37% de atrito reduzido	Ativo em mais de 15 categorias de dispositivos médicos
Revestimentos lubrificantes	Reduz as forças de inserção do dispositivo em 25%	Usado em aplicações cardiovasculares e intervencionistas

Biocompatibilidade aprimorada para implantes e dispositivos médicos

A Surmodics desenvolve tecnologias de superfície biocompatíveis:

• Tecnologias de revestimento hidrofílico proprietárias
• Reduz a resposta inflamatória em 42%
• Aprimora a integração do dispositivo com o tecido humano

Riscos reduzidos de infecção e rejeição

Tecnologia	Redução de infecção	Áreas de aplicação
Revestimentos antimicrobianos	Reduz as taxas de infecção em 55%	Implantes cirúrgicos, cateteres
Tratamentos de superfície bioativos	Minimiza a rejeição imune	Dispositivos ortopédicos e cardiovasculares

Soluções de reagentes de diagnóstico avançado

O portfólio de reagentes de diagnóstico inclui:

• Reagentes de diagnóstico in vitro
• Sistemas de detecção baseados em enzimas
• Participação de mercado em reagentes de diagnóstico: 8,3%

Soluções tecnológicas inovadoras para aplicações médicas

Categoria de inovação	Tipo de tecnologia	Investimento em P&D
Inovações de dispositivos médicos	Tecnologias de modificação de superfície	US $ 12,4 milhões anualmente
Tecnologia de diagnóstico	Desenvolvimento Avançado de Reagentes	US $ 6,7 milhões anualmente

Surmodics, Inc. (SRDX) - Modelo de Negócios: Relacionamentos do Cliente

Equipe de vendas diretas para dispositivos médicos e mercados de diagnóstico

A partir de 2024, a Surmodics mantém uma equipe de vendas direta especializada, direcionada aos segmentos de dispositivos médicos e de diagnóstico. A equipe de vendas abrange as seguintes áreas -chave:

Segmento de mercado	Foco na equipe de vendas	Frequência de interação do cliente
Dispositivos médicos	Vendas diretas da empresa	Reuniões estratégicas trimestrais
Mercados de diagnóstico	Venda de solução técnica	Consultas técnicas mensais

Serviços de suporte técnico e consulta

A Surmodics fornece suporte técnico abrangente por meio de:

• 24/7 de suporte técnico dedicado
• Consulta de engenharia no local
• Serviços de diagnóstico e solução de problemas remotos

Modelo de parceria e colaboração de longo prazo

A empresa enfatiza as relações colaborativas de longo prazo com os principais clientes, caracterizados por:

Atributo de parceria	Nível de engajamento
Duração média da parceria	5-7 anos
Acordos de colaboração estratégica	12 parcerias ativas corporativas

Desenvolvimento de tecnologia personalizada

A Surmodics oferece serviços de desenvolvimento de tecnologia personalizados com as seguintes características:

• Soluções de modificação de superfície personalizadas
• Tecnologias de revestimento de dispositivos médicos específicos do cliente
• Adaptação de inovação proprietária

Pesquisa em andamento e suporte de desenvolvimento

A empresa fornece suporte contínuo de P&D por meio de:

Métrica de suporte a P&D	2024 dados
Investimento anual de P&D	US $ 22,3 milhões
Pessoal dedicado em P&D	78 pesquisadores especializados
Colaborações de pesquisa ativa	9 parcerias acadêmicas e do setor

Surmodics, Inc. (SRDX) - Modelo de Negócios: Canais

Vendas diretas do fabricante de dispositivos médicos

A Surmodics mantém uma equipe de vendas interna dedicada direcionada aos fabricantes de dispositivos médicos. A partir de 2024, a empresa emprega aproximadamente 45 profissionais de vendas diretas especializadas em soluções de tecnologia médica.

Categoria de canal de vendas	Número de representantes de vendas	Cobertura geográfica
Vendas diretas de dispositivos médicos	45	Estados Unidos, Europa, Ásia-Pacífico

Conferências de Tecnologia Médica

A Surmodics participa de conferências importantes de tecnologia médica para mostrar inovações e interagir com clientes em potencial.

• Participação anual da conferência: 8-10 principais eventos de tecnologia médica
• Participação média da conferência: 250-350 profissionais do setor por evento
• As principais conferências incluem MD & M West, BiomedEvice e Medica

Plataformas de publicação e apresentação científicas

A empresa aproveita publicações científicas e apresentações acadêmicas para demonstrar capacidades tecnológicas.

Tipo de publicação	Contagem anual	Revistas primárias
Publicações científicas	12-15	Jornal de dispositivos médicos, ciência dos biomateriais

Recursos técnicos e sites online

A Surmodics mantém plataformas digitais abrangentes para disseminação de informações técnicas.

• Site visitantes únicos por mês: 45.000-55.000
• Downloads de recursos técnicos anualmente: 18.000-22.000
• Orçamento de marketing digital: US $ 750.000 anualmente

Feiras e exposições da indústria

A participação na feira de negócios continua sendo um canal crítico para demonstração do produto e envolvimento do cliente.

Categoria de feiras	Participação anual	Geração estimada de chumbo
Feiras de comércio médico internacional	6-8 shows	350-450 leads de negócios em potencial

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

Fabricantes de dispositivos médicos

A partir de 2024, a Surmodics atende a aproximadamente 75 fabricantes de dispositivos médicos em todo o mundo. A base de clientes da empresa inclui empresas de tecnologia médica de primeira linha, com receitas anuais que variam de US $ 50 milhões a US $ 10 bilhões.

Característica do segmento	Dados quantitativos
Total de clientes de dispositivos médicos clientes	75 empresas
Alcance médio de receita de clientes	US $ 50 milhões - US $ 10 bilhões
Distribuição geográfica	América do Norte: 62%, Europa: 25%, Ásia-Pacífico: 13%

Especialistas em cardiologia intervencionista

A Surmodics tem como alvo especialistas em cardiologia intervencionista por meio de tecnologias avançadas de superfície médica. A empresa atende a aproximadamente 40 fornecedores de equipamentos médicos especializados nesse segmento.

• Número de equipamentos de cardiologia intervencionistas Clientes: 40
• Penetração de mercado: 28% do mercado global de equipamentos de cardiologia intervencionista
• Principais áreas de foco: revestimentos de stent, tecnologias de cateter

Produtores de equipamentos de diagnóstico

No segmento de equipamentos de diagnóstico, a Surmodics suporta 35 fabricantes com tecnologias especializadas de modificação de superfície.

Métricas de segmento de equipamentos de diagnóstico	Valor
Total de Clientes de Equipamento de Diagnóstico	35 fabricantes
Receita anual do segmento	US $ 22,4 milhões
Quota de mercado	15.6%

Empresas de dispositivos ortopédicos e cirúrgicos

A Surmodics fornece soluções de modificação de superfície para 50 empresas de dispositivos ortopédicos e cirúrgicos, representando um segmento estratégico de clientes.

• Customers de dispositivos ortopédicos/cirúrgicos totais: 50
• Contribuição da receita do segmento: US $ 18,7 milhões
• Aplicações de tecnologia primária: revestimentos de implantes, superfícies antimicrobianas

Instituições e laboratórios de pesquisa

A empresa apoia 25 instituições e laboratórios de pesquisa com tecnologias biomateriais avançadas e serviços especializados de modificação de superfície.

Detalhes do segmento de pesquisa	Informação quantitativa
Total de clientes de pesquisa	25 instituições
Contratos de colaboração de pesquisa	18 acordos ativos
Receita anual do segmento de pesquisa	US $ 5,6 milhões

Surmodics, Inc. (SRDX) - Modelo de negócios: estrutura de custos

Investimentos de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Surmodics, Inc. relatou US $ 16,4 milhões em despesas de pesquisa e desenvolvimento, representando aproximadamente 21,3% da receita total.

Ano fiscal	Despesas de P&D ($ M)	Porcentagem de receita
2023	16.4	21.3%
2022	15.7	20.8%

Pessoal e despesas especializadas de talentos

Os custos totais de pessoal para os supurmodics em 2023 foram US $ 38,2 milhões, com as principais áreas de foco, incluindo:

• Equipe de pesquisa científica
• Especialistas em engenharia
• Profissionais de conformidade regulatória
• Pessoal de vendas e marketing

Desenvolvimento de fabricação e protótipo

Os custos de fabricação para 2023 totalizaram US $ 22,6 milhões, quebrado da seguinte maneira:

Categoria de custo	Valor ($ m)
Matérias-primas	8.3
Manutenção do equipamento	5.9
Desenvolvimento de protótipo	6.4
Manufatura de sobrecarga	2.0

Manutenção da propriedade intelectual

Despesas de propriedade intelectual em 2023 foram US $ 3,2 milhões, incluindo:

• Arquivamento e acusação de patentes
• Registro de marcas comerciais
• Proteção legal de inovações

Custos de conformidade e certificação regulatórios

As despesas de conformidade regulatória para 2023 totalizaram US $ 5,7 milhões, cobrindo:

• Submissões da FDA
• Manutenção da certificação ISO
• Documentação do ensaio clínico
• Sistemas de gestão da qualidade

A estrutura total de custos operacionais para a Surmodics, Inc. em 2023 foi US $ 86,1 milhões.

Surmodics, Inc. (SRDX) - Modelo de negócios: fluxos de receita

Licenciamento de tecnologias de modificação de superfície

No ano fiscal de 2023, a Surmodics gerou US $ 20,4 milhões de tecnologias de licenciamento a fabricantes de dispositivos médicos.

Categoria de licenciamento	Receita ($ m)	Porcentagem de licenciamento total
Revestimentos de dispositivos médicos	14.6	71.6%
Tecnologia intervencionista	5.8	28.4%

Vendas de produtos de revestimentos de dispositivos médicos

As vendas de produtos de revestimento de dispositivos médicos atingiram US $ 12,7 milhões no ano fiscal de 2023.

Serviços de Pesquisa e Desenvolvimento de Contrato

Os serviços de P&D contratados geraram US $ 8,3 milhões em receita para o ano fiscal de 2023.

Tipo de serviço de P&D	Receita ($ m)
Desenvolvimento de revestimento personalizado	5.2
Consultoria tecnológica	3.1

Royalties de inovações tecnológicas

A renda da royalties totalizou US $ 6,5 milhões no ano fiscal de 2023.

• Royalties de dispositivos cardiovasculares: US $ 4,2 milhões
• Royalties de dispositivos neurovasculares: US $ 2,3 milhões

Vendas de produtos de reagente diagnóstico

As vendas de reagentes de diagnóstico totalizaram US $ 3,9 milhões no ano fiscal de 2023.

Categoria de produto de diagnóstico	Receita ($ m)
Reagentes de diagnóstico in vitro	2.6
Pesquise produtos de diagnóstico	1.3

Fluxos totais de receita para o ano fiscal de 2023: US $ 51,8 milhões

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.