Third, to drive topline revenue growth and optimize cash flow from our IVD and Medical Device coatings offerings.Ġ4:29 Starting with SurVeil. Second, to become the first-line treatment for patients with our Sublime Radial platform and Pounce Arterial and venous thrombectomy platform. And as a reminder, these are first, to achieve the PMA for SurVeil and support Abbott's commercialization efforts. Tim will provide additional detail on our quarterly results later in today's call.Ġ3:57 During our first quarter, we continued to make progress on our key strategic objectives for the year. We reported GAAP diluted loss per share of negative $0.20 and non-GAAP diluted loss per share of $0.13. Total revenue for the quarter increased 3% to $23 million in the first quarter of fiscal ‘22 compared to $22.3 million in the prior year quarter on solid performance from both our Medical Device and Vitro Diagnostics businesses. As a result, we are affirming our fiscal 2022 financial guidance, which I remind you, does not include any revenue associated with the $30 million SurVeil PMA milestone payment.Ġ3:18 Moving on to a summary of our first quarter performance, which was in line with our expectations. Despite these recent and what we believe to be transient headwinds, we remain optimistic about our ability to deliver on our fiscal 2022, financial and strategic objectives. In addition, limited sales rep access to Cath labs has also resulted in hospitals postponing value analysis committee meetings.Ġ2:43 In addition, staffing shortages have impacted our suppliers, regulatory agencies and even Surmodics as our employee absence season has recently spiked above normal levels due to the virus, both in the U.S. The pandemic has placed continued pressures on the global healthcare system as various disruptions emerge.Ġ2:24 The Omicron Variant has resulted in elective procedure delays, exacerbated staffing shortages among healthcare providers, and encouraged patients to safety first on some of the procedures. We continue to put these learnings to use to mitigate risks to our business.
#Srdx transcription how to#
During the past two years, the pandemic has taught us how to effectively manage uncertainty and disruptions.
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We're pleased with our performance this quarter as it relates to both our financial and strategic objectives in an environment of continuing instability.Ġ2:02 Let's begin with an update on the impact of COVID on our business. Good morning and thank you for joining us for our first quarter earnings call. A press release disclosing our quarterly results was issued this morning and is available on our website at .Ġ1:43 I will now turn the call over to Gary Maharaj. This conference call is being webcast and is accessible through the Investor Relations section of the Surmodics website, where the audio recording of the webcast will also be archived for future reference. We'll also refer to non-GAAP measures because we believe they provide useful information for our investors.Ġ1:21 Today's news release contains reconciliation tables to GAAP results. Surmodics disclaims any duty to update or revise our forward-looking statements as a result of new information, future events, developments or otherwise. These forward-looking statements are covered under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and include statements regarding Surmodics' future financial and operating results or other statements that are not historical facts.Ġ0:52 Please be advised that actual results could differ materially from those stated or implied by our forward-looking statements resulting from certain risks and uncertainties, including those described in our SEC filings. Before we begin, I would like to remind you that during this call, we will make forward-looking statements. Good morning and welcome to Surmodics' fiscal 2022 first quarter earnings call. Please go ahead, sir.Ġ0:25 Thank you, Casey. Today's conference is being recorded.Ġ0:15 At this time, I would like to turn the conference over to Tim Arens, Senior Vice President of Finance and Chief Financial Officer. The machine-assisted output provided is partly edited and is designed as a guide.Ġ0:08 Good day, and welcome to the Surmodics First Quarter Fiscal 2022 Earnings Conference Call. Timestamps within the transcript are designed to help you navigate the audio should the corresponding text be unclear. ( NASDAQ: SRDX) Q1 2022 Earnings Conference Call Febru8:30 AM ETīrooks O’Neil - Lake Street Capital Marketsĭisclaimer*: This transcript is designed to be used alongside the freely available audio recording on this page.
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