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Biotech / Medical : SRDX - SurModics - Biotech IPO

SRDX 31.15

+5.7%

Apr 28 3:59 PM EDT

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From: Lance Bredvold	2/15/2024 12:25:41 PM
	of 83

Earnings report on Feb 1 was exquisite and as usual Gary made no effort to sugar coat the results. Thus there was a huge drop in stock price to $27.xx which I'd have loved to take advantage of. I caught the downdraft late in the day, placed an order at my maximum level of $30 and did not have a fill. Nuts. Product sales are up roughly 25% through our new sales force which I think sold about $5mm in product. However, that is not near breakeven level for the Irish factory and so profits are not yet available. But easily predictable within a few years if nothing goes wrong. Lot's more overhead costs cause Gary to predict a loss of $1 to $1.40 this year even after a very positive -.06 for the first quarter. I continue to be very comfortable with prospects even though my holdings have increased to about 5% of my portfolio. Wish they were 10%. Although I'm just a little surprised that our CEO is not predicting a higher EPS for full year 2024 given the great first quarter, I assume there are a bunch of new product introductions which will cost significant money to obtain FDA approval. Underpromise and overperform seems to be the mantra at SRDX as it had been in the late 1990's when I first became involved.

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