Surmodics has agreed to be acquired by GTCR for $43.00 per share in cash, valuing the company at approximately $627 million. This acquisition price represents a 41.1% premium over Surmodics' 30-day average closing price through May 28, 2024. The deal, approved unanimously by Surmodics' Board, is expected to close in the second half of 2024, subject to shareholder and regulatory approval. Post-acquisition, Surmodics will delist from Nasdaq and become privately held.

EDEN PRAIRIE, Minn.--(BUSINESS WIRE)--Surmodics, Inc. (Nasdaq: SRDX), a leading provider of medical device and in vitro diagnostic technologies to the healthcare industry, today reported financial results for its second quarter ended March 31, 2024, and updated financial guidance for its fiscal year ending September 30, 2024. Second Quarter Fiscal 2024 Financial SummaryTotal Revenue of $32.0 million, an increase of 18% year-over-yearTotal Revenue excluding SurVeil™ drug-coated balloon (“DCB”) license fee revenue(1) of $30.9 million, an increase of 19% year-over-yearGAAP net income of $0.2 million, compared to a net loss of $(7.7) million in the prior-year periodAdjusted EBITDA(2) of $4.8 million, compared to $(1.5) million in the prior-year periodSecond Quarter and Recent Business HighlightsOn January 22, 2024, Surmodics announced the successful early clinical use and limited market evaluation (LME) of the Pounce LP (Low Profile) Thrombectomy System, which is designed for removal of acute-to-chronic thrombi and emboli in peripheral arteries ranging from 2 mm to 4 mm, such as those found below the knee.Today, Surmodics is announcing the completion of LME and commercial launch of two new mechanical thrombectomy systems for the peripheral venous and arterial vasculatures, the Pounce Venous Thrombectomy System and the Pounce LP Thrombectomy System. The Pounce Venous Thrombectomy System, which transitioned to commercial launch in March, is designed to remove mixed-morphology, wall-adherent peripheral venous clot in a single treatment session while minimizing the need for thrombolytics.The Pounce LP Thrombectomy System, which transitioned to commercial launch in April, addresses an important unmet need for the prompt removal of acute-to-chronic thrombi or emboli in below-the-knee arteries 2 to 4 mm in diameter while minimizing the need for thrombolytics

Today, Surmodics is announcing the completion of LME and commercial launch of two new mechanical thrombectomy systems for the peripheral venous and arterial vasculatures, the Pounce Venous Thrombectomy System and the Pounce LP Thrombectomy System.