Surmodics Stock Price, News & Analysis

Surmodics, Inc. (SRDX) is a medical technology company that focuses on supporting the detection and treatment of disease through specialized technologies for the health care industry. According to company disclosures, Surmodics is a provider of performance coating technologies for intravascular medical devices and chemical and biological components for in vitro diagnostic immunoassay tests and microarrays. The company also develops and commercializes vascular intervention medical devices designed to address unmet clinical needs. Surmodics is headquartered in Eden Prairie, Minnesota and its common stock has traded on the Nasdaq Global Select Market under the symbol SRDX.

Business Focus and Core Technologies

Surmodics describes itself as a provider of performance coating technologies used on intravascular medical devices. These technologies include proprietary surface modification and drug-delivery coating capabilities that are licensed to medical device manufacturers. The company reports that it earns performance coating royalties and license fee revenue and highlights customer utilization of its Serene™ hydrophilic coating, as well as development of its next-generation Preside™ hydrophilic medical device coating.

In addition to coatings, Surmodics supplies chemical and biological components that are incorporated into in vitro diagnostic immunoassay tests and microarrays. These components support diagnostic test kits produced by the company’s customers. Surmodics’ mission, as repeatedly stated in its public communications, is to improve the detection and treatment of disease through its technologies and products.

Medical Device Segment

Surmodics reports a Medical Device business that includes product sales, performance coating royalties and license fees, and research and development and other revenue. Within this segment, the company highlights two major technology areas:

• Performance Coatings for Intravascular Devices: Surmodics provides hydrophilic and other surface modification coatings, including its Serene hydrophilic coating and the Preside hydrophilic coating platform. These coatings are used by customers on intravascular medical devices and generate royalty and license fee revenue.
• Vascular Intervention Devices: Surmodics develops and commercializes vascular intervention medical devices that it describes as highly differentiated and engineered to demanding requirements. The company cites the Pounce™ Thrombectomy Platform and the SurVeil™ drug-coated balloon (DCB) as key products in this area.

The Pounce Thrombectomy Platform is described as a family of fully mechanical thrombectomy devices intended for the non-surgical removal of emboli and thrombi in the peripheral arterial vasculature. The platform includes the Pounce Thrombectomy System, Pounce LP (Low-Profile) Thrombectomy System, and Pounce XL Thrombectomy System. Company communications state that these devices are FDA-cleared, do not require thrombolytics, aspiration, or capital equipment, and are indicated for use in peripheral arteries within specified diameter ranges. Surmodics notes that the Pounce devices are designed as “grab-and-go” solutions composed of a delivery catheter, basket wire with nitinol self-expanding baskets, and a funnel catheter that together capture and remove thrombus or embolus.

The SurVeil drug-coated balloon is another important product in the Medical Device segment. Surmodics has reported results from the TRANSCEND clinical trial, a global randomized study showing that the SurVeil DCB was non-inferior to the IN.PACT Admiral DCB for safety and efficacy in patients with femoropopliteal arterial disease while using a substantially lower drug dose. The company also notes that SurVeil DCB product revenue and license fee revenue have been significant drivers of its Medical Device financial results, and that it has an exclusive distribution relationship with Abbott for commercial shipments of the product.

In Vitro Diagnostics (IVD) Segment

Surmodics’ In Vitro Diagnostics (IVD) business generates revenue from chemical and biological components used in immunoassay tests and microarrays. Company disclosures reference product lines such as distributed antigens, colorimetric substrates, and microarray slide/surface products. These components are sold to diagnostic manufacturers and contribute to the company’s IVD revenue, which Surmodics reports has experienced growth across product lines in recent periods.

Clinical Evidence and Registry Programs

Surmodics supports its vascular intervention technologies with clinical and real-world evidence programs. For the Pounce Thrombectomy Platform, the company sponsors the PROWL registry, described as an open-label, retrospective, multi-center U.S. registry collecting real-world efficacy and safety outcomes data for endovascular interventions using the Pounce Platform. The registry is designed to enroll up to 500 patients at up to 30 sites and includes patients with a wide range of clinical characteristics and symptom durations.

Analyses of PROWL data have been presented at major vascular and interventional cardiology conferences. Surmodics has reported outcomes from a 160-patient cohort with symptomatic infrainguinal limb ischemia, including procedural success rates, safety endpoints, and thrombus removal metrics. A sex-specific analysis of the same 160-patient subset has also been presented, examining differences in procedural and technical success between female and male patients treated with the Pounce Platform.

Corporate Developments and Ownership

Surmodics has communicated that it entered into a definitive Merger Agreement with BCE Parent, LLC and BCE Merger Sub, Inc., affiliates of GTCR LLC. Under this agreement, an affiliate of GTCR agreed to acquire all outstanding shares of Surmodics common stock for cash consideration per share. The company reported that its shareholders approved the merger at a special meeting and that the transaction would result in Surmodics becoming a privately held company and its common stock no longer being listed on the Nasdaq Stock Market upon completion.

According to a Form 8-K filed on November 19, 2025, the merger was consummated on that date, with Merger Sub merging with and into Surmodics, and Surmodics surviving as a wholly owned subsidiary of BCE Parent, LLC. At the effective time of the merger, each outstanding share of Surmodics common stock (subject to specified exceptions) was converted into the right to receive a stated cash amount. The company also reported that, in connection with the merger, it repaid and terminated its prior credit agreement and related interest rate swap, and that a change in control occurred with new directors and officers appointed in accordance with the merger agreement.

As part of the merger completion process, Surmodics notified Nasdaq of the anticipated and actual consummation of the merger, requested a trading halt, and requested that Nasdaq file a Form 25 to remove the company’s common stock from listing and registration under Section 12(b) of the Exchange Act. The company also indicated its intention to file a Form 15 to deregister its common stock under Section 12(g) and suspend its reporting obligations under Sections 13 and 15(d) of the Exchange Act.

Cybersecurity and Operational Resilience

In a Form 8-K dated June 5, 2025, Surmodics reported that it had discovered a cyber incident in which a third party gained unauthorized access to certain information technology systems and data. The company stated that it initiated containment measures, took certain systems offline, implemented its security incident response plan, and notified law enforcement. Surmodics reported that its critical IT systems had been restored and that it continued to restore and validate remaining systems and data according to a recovery plan.

The company noted that, throughout the incident, it was able to accept customer orders and ship products without material interruption by using alternatives to its normal IT systems. Surmodics also disclosed that it maintains cyber insurance and expects this coverage to address much of the expenditures related to the incident, subject to deductibles and exclusions, while acknowledging ongoing risks related to the event.

Mission and Strategic Priorities

Across its public communications, Surmodics consistently states that its mission is to improve the detection and treatment of disease. The company describes a strategy that includes facilitating the long-term growth of its products, controlling expenses, and advancing its vascular intervention portfolio and performance coating technologies. It has emphasized the importance of its Pounce Thrombectomy Platform, SurVeil drug-coated balloon, and hydrophilic coating technologies such as Serene and Preside, alongside its in vitro diagnostics product lines.

Frequently Asked Questions (FAQ)

• What does Surmodics, Inc. do?
  
  Surmodics, Inc. provides performance coating technologies for intravascular medical devices and supplies chemical and biological components for in vitro diagnostic immunoassay tests and microarrays. It also develops and commercializes vascular intervention medical devices, including the Pounce Thrombectomy Platform and the SurVeil drug-coated balloon.
• How does Surmodics participate in the medical device market?
  
  The company licenses its proprietary surface modification and drug-delivery coating technologies to medical device manufacturers, generating performance coating royalties and license fee revenue. It also sells medical device products such as thrombectomy systems and drug-coated balloons through its Medical Device segment.
• What is the Pounce™ Thrombectomy Platform?
  
  The Pounce Thrombectomy Platform is a family of fully mechanical thrombectomy devices designed for the non-surgical removal of emboli and thrombi in the peripheral arterial vasculature. It includes the Pounce Thrombectomy System, Pounce LP Thrombectomy System, and Pounce XL Thrombectomy System, which use a delivery catheter, basket wire, and funnel catheter to capture and remove clot without thrombolytics, aspiration, or capital equipment.
• What is the SurVeil™ drug-coated balloon (DCB)?
  
  SurVeil DCB is a drug-coated balloon developed by Surmodics for the treatment of femoropopliteal arterial disease. The company has reported results from the TRANSCEND clinical trial indicating that SurVeil DCB was non-inferior to the IN.PACT Admiral DCB for safety and efficacy while using a substantially lower drug dose. Surmodics has an exclusive distribution relationship with Abbott for commercial shipments of SurVeil DCB.
• What does Surmodics offer to the in vitro diagnostics (IVD) market?
  
  Surmodics supplies chemical and biological components used in in vitro diagnostic immunoassay tests and microarrays. Its IVD revenue is driven by product lines that include distributed antigens, colorimetric substrates, and microarray slide/surface products, which are used by diagnostic manufacturers.
• What is the PROWL registry?
  
  PROWL is an open-label, retrospective, multi-center U.S. registry sponsored by Surmodics that evaluates the Pounce Thrombectomy Platform for non-surgical removal of emboli and thrombi in the peripheral arterial vasculature. The registry is designed to collect real-world efficacy and safety outcomes data for up to 500 patients at up to 30 sites and has generated analyses of 160-patient cohorts, including sex-specific outcomes.
• Where is Surmodics headquartered?
  
  Surmodics states that it is headquartered in Eden Prairie, Minnesota.
• What happened to Surmodics’ public stock listing on Nasdaq?
  
  Following the completion of a merger on November 19, 2025, in which Surmodics became a wholly owned subsidiary of BCE Parent, LLC, the company requested that Nasdaq file a Form 25 to remove its common stock from listing and registration. Surmodics also indicated its intention to file a Form 15 to deregister its common stock and suspend its reporting obligations, and has stated that, upon completion of the transaction, it would be a privately held company and its common stock would no longer be listed on the Nasdaq Stock Market.
• Who acquired Surmodics, Inc.?
  
  Surmodics entered into a Merger Agreement with BCE Parent, LLC and BCE Merger Sub, Inc., affiliates of GTCR LLC. According to the company’s Form 8-K, on November 19, 2025, Merger Sub merged with and into Surmodics, and Surmodics became a wholly owned subsidiary of BCE Parent, LLC, an affiliate of GTCR.
• What is Surmodics’ stated mission?
  
  Surmodics’ mission, as described in its public communications, is to improve the detection and treatment of disease by using its technology to provide solutions to medical device and diagnostic challenges.