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SurModics reports $28.4 million in adjusted first-quarter revenue

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EDEN PRAIRIE, Minn. — SurModics reported first-quarter GAAP total revenue of $63.2 million as compared with $23.8 million reported during the first quarter of fiscal 2008, according to a press release from the company.

Non-GAAP total revenue was $28.4 million, compared with $25.3 million a year ago.

During the first quarter, SurModics reported record revenue and earnings due to a terminated agreement with Merck, which resulted in the recognition of $34.8 million of previously deferred revenue. The company also reported $44.8 million in first quarter revenue from its ophthalmology market.

First-quarter adjusted operating income totaled $12.9 million, up from $9.1 million recorded during the same period last year. Adjusted net income totaled $8.4 million, up from $6.6 million during the same period last year. Adjusted diluted earnings per share also increased, rising to $0.48 as compared with $0.36 during the first quarter of fiscal 2008, according to the release.