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SurModics reports $17.8 million in third quarter revenues

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EDEN PRAIRIE, Minn. — SurModics reported third quarter revenues of $17.8 million, up 2% from the second quarter of this year but down 2% from the third quarter 2006, according to a press release from the company.

During the third quarter, SurModics signed its first ophthalmic licensing agreement for its I-vation sustained drug delivery implant technology with Merck, which has the potential to generate up to $308 million in licensing and other fees. However, the agreement was finalized near the end of the quarter and did not contribute to third quarter revenue, the release said.

The company recorded $7.5 million in operating income, a 21% decrease from the $9.5 million recorded for the third quarter 2006. Net income totaled $5.6 million, down from $6.4 million for the third quarter last year. Diluted earnings per share also declined to $0.31 from $0.34 for the third quarter 2006, according to the release.