SurModics, a provider of drug delivery and surface modification technologies to the healthcare industry, has reported revenues of $15.55m for the fourth quarter ended 30 September 2010, a decrease of 16%, compared to $19.21m for the comparable period in 2009.
SurModics has posted a net loss of $21.66m for the fourth quarter 2010, or $1.25 loss per diluted share, compared to net income of $2.71m, or $0.16 per diluted share, for the comparable period in 2009.
Loss from operations was $18.09m, compared to income from operations of $3.97m for the comparable period in 2009.
For the full year ended 30 September 2010, the company has posted a net loss of $21.09m, or $1.21 loss per diluted share, compared to net income of $37.55m, or $2.15 per diluted share, for the year ago period.
Revenue was $69.9m for the 12 months, compared to $121.53m for the year ago period.
Loss from operations was $14.05m, compared to income from operations of $57.5m for the year ago period.
SurModics interim chief executive officer, senior vice president and chief financial officer Phil Ankeny said that they were disappointed with their fiscal 2010 performance.
“In October, we announced a new organisational structure to better meet the needs of our customers and improve our resource deployment,” Ankeny said.
“We also implemented a 13% reduction in force, which will result in savings of approximately $3.0 to $3.5m on an annualised basis.”