Here are 1-3 brief analogies for Surmodics:

• 3M for advanced medical device coatings.
• Qualcomm for medical device surface technologies.
• Lonza for medical device components and coatings.

• Symphony™ Sirolimus Drug-Coated Balloon (DCB): This proprietary drug-coated balloon is designed to treat peripheral artery disease by delivering sirolimus to the vessel wall to inhibit restenosis.
• PlaqueTec™ Drug-Coated Balloon (DCB): This drug-coated balloon is developed for the treatment of peripheral artery disease, intended to deliver an anti-restenotic drug locally to prevent vessel re-narrowing.
• Discovery™ Sirolimus Drug-Coated Balloon (DCB): This sirolimus drug-coated balloon is currently in development, focused on treating peripheral artery disease.

Surmodics (symbol: SRDX) primarily sells its products and technologies to other companies, operating on a business-to-business (B2B) model, rather than directly to individuals.

According to its most recent 10-K filing for the fiscal year ended September 30, 2023, Surmodics disclosed that sales to its largest customer accounted for 16% of its net product sales, and its two largest customers accounted for 24% of its net product sales for fiscal year 2023. However, Surmodics does not publicly disclose the specific names of these major customers in its financial reports or other public filings.

Based on its business segments and product offerings, Surmodics' customer companies generally fall into the following categories:

• Hospitals, Clinics, and other Healthcare Providers: These institutions purchase Surmodics' finished medical device products directly for use in patient care, particularly for vascular access, neurovascular, and peripheral artery disease applications.
• Medical Device Manufacturers: Other companies in the medical device industry license Surmodics' proprietary surface modification technologies for use in their own medical devices, or purchase components from Surmodics. These manufacturers also utilize Surmodics' in vitro diagnostic (IVD) molecular and immunoassay components.
• In Vitro Diagnostic (IVD) Assay Manufacturers: Companies that develop and manufacture diagnostic tests and assays are customers for Surmodics' IVD components (e.g., molecular components, immunoassay components) and custom manufacturing services for their diagnostic product lines.

Gary R. Maharaj, President and Chief Executive Officer

Gary R. Maharaj has served as President and Chief Executive Officer of Surmodics since December 2010. He also serves as a member of Surmodics' Board of Directors. Prior to joining Surmodics, Mr. Maharaj was the President and Chief Executive Officer of Arizant Inc., a provider of patient temperature management systems, from 2006 to 2010. He previously held several senior-level management positions for Augustine Medical, Inc. (the predecessor to Arizant Inc.) from 1996 to 2006, including Vice President of Marketing and Vice President of Research and Development. Mr. Maharaj also served as Vice President at Philip Adam & Associates, a product development management consulting firm, and held various management and research positions with Smith & Nephew, PLC. He holds an MBA from the University of Minnesota Carlson School of Management, an M.S. in Biomedical Engineering from the University of Texas at Arlington and the University of Texas Southwestern Medical Center at Dallas, and a B.Sc. in Physics from the University of the West Indies.

Timothy J. Arens, Senior Vice President of Finance and Information Technology and Chief Financial Officer

Timothy J. Arens has served as Senior Vice President of Finance and Information Technology and Chief Financial Officer of Surmodics since April 2020, having been appointed permanent CFO in February 2019 and serving as interim CFO at various times prior. He joined Surmodics in February 2007 as Director of Business Development. Within Surmodics, he has held roles including Senior Director and General Manager of the In Vitro Diagnostics business unit from 2010 to 2011, and Vice President of Corporate Development and Strategy from February 2013. Before joining Surmodics, Mr. Arens was the Director of Research and Analysis at St. Jude Medical, and also held positions in new product development and product management at Deluxe Corporation, Xcel Energy, U.S. Bancorp, and UCare Minnesota. He earned his BBA in Business Finance from the University of Wisconsin – Eau Claire and his MBA from the University of Minnesota Carlson School of Management.

Teryl L.W. Sides, Senior Vice President and President, Vascular Interventions

Teryl L.W. Sides has served as Senior Vice President and President, Vascular Interventions since 2022. She was previously the Senior Vice President of Product Development and Chief Marketing Officer at Surmodics from 2018. Her prior experience includes serving as Chief Executive Officer of Projectory and Vice President of Marketing and Product Development at Arizant Inc.

Charles W. Olson, Senior Vice President and President, Medical Device Coatings

Charles W. Olson is the Senior Vice President and President, Medical Device Coatings. He has also been identified as the Senior Vice President of Commercial and Business Development for Medical Devices, a role he has held at Surmodics since August 2016.

Joseph J. Stich, Senior Vice President Human Resources and President, In Vitro Diagnostics

Joseph J. Stich holds the position of Senior Vice President Human Resources and President, In Vitro Diagnostics, since 2022. He has also been noted as the Human Resources Officer since March 2020.

Surmodics (SRDX) participates in several addressable markets with its main products and services:

• Medical Device Coatings: The global medical coatings market is estimated at USD 11.67 billion in 2025 and is projected to reach USD 16.28 billion by 2030, with a Compound Annual Growth Rate (CAGR) of 6.89% during that period. Another report indicates the global medical coatings market size was valued at USD 4.64 billion in 2023 and is projected to grow to USD 10.85 billion by 2032, exhibiting a CAGR of 9.8%. North America held a significant share, with a market size of USD 2.52 billion in 2023.
• Drug-Coated Balloons (DCBs): The global drug-eluting balloons market is estimated at USD 0.79 billion in 2025 and is expected to reach USD 1.19 billion by 2030, growing at a CAGR of 8.48%. Another projection for the global drug-eluting balloon catheters market size is to reach $1.5 billion by 2033, growing at a CAGR of 8.7% from 2024 to 2033.
• PTA Balloon Catheters: The global PTA balloon catheter market size was estimated at USD 2,652.7 million (approximately $2.65 billion) in 2023 and is projected to reach USD 4,628.3 million (approximately $4.63 billion) by 2030, growing at a CAGR of 8.3%. The North American PTA balloon catheter market held the largest share in 2023, at 47.95%.
• Mechanical Thrombectomy Devices: null
• In Vitro Diagnostics (IVD) Technologies: The global in vitro diagnostics market, valued at US$109,065.5 million (approximately $109.07 billion) in 2025, is projected to reach US$157,632.5 million (approximately $157.63 billion) by 2030, advancing at a CAGR of 7.6%.

Surmodics (SRDX) has identified several key drivers expected to fuel its future revenue growth over the next two to three years. These drivers are primarily centered on the expansion and adoption of its interventional products and the continued strength of its medical device and in vitro diagnostics (IVD) segments.

1. Expansion and Adoption of the Pounce Thrombectomy Platform: The Pounce Thrombectomy Platform, which includes the Pounce, Pounce LP, and Pounce XL Thrombectomy Systems, is a significant growth catalyst. The Pounce XL Thrombectomy System received U.S. Food and Drug Administration (FDA) 510(k) clearance in October 2024, expanding the platform's utility to larger peripheral arteries (5.5 mm to 10 mm in diameter) and significantly broadening its addressable market. Surmodics expects to initiate a limited market release for the Pounce XL system in the first half of 2025, with full commercialization to follow. Sales of the Pounce Thrombectomy Platform demonstrated strong year-over-year growth of 35% in the third quarter of fiscal year 2025.
2. Commercialization and Continued Adoption of the SurVeil Drug-Coated Balloon (DCB): The SurVeil DCB, approved by the FDA in June 2023, is commercialized globally by Abbott, with Surmodics manufacturing and supplying the device. The publication of the TRANSCEND clinical trial results in April 2025, which demonstrated the SurVeil DCB's non-inferiority to the IN.PACT™ Admiral™ DCB for safety and efficacy with a substantially lower drug dose, is expected to support its adoption among physicians. While recent license fee revenue from SurVeil DCB has seen a decline year-over-year, the ongoing product sales remain a revenue contributor.
3. Growth in Medical Device Performance Coatings (Serene™ and Preside™): Surmodics is a leader in surface modification technologies for intravascular medical devices. The company continues to see strong growth in customer utilization of its Serene™ hydrophilic coating, contributing to increased medical device performance coating royalties and license fee revenue. Furthermore, Surmodics is expanding its next-generation Preside™ hydrophilic coatings pipeline, with the first customer beginning early commercialization of a device coated with this technology in the third quarter of fiscal year 2025, indicating future growth potential in this segment.
4. Consistent Performance and Growth in the In Vitro Diagnostics (IVD) Segment: The In Vitro Diagnostics segment has demonstrated consistent growth, driven by sales of distributed antigen products and microarray slide/surface products. This segment reported a 6% increase in revenue year-over-year in the third quarter of fiscal year 2025, with growth observed across all product lines.

Share Repurchases

• In fiscal year 2024 (ending September 30, 2024), Surmodics repurchased approximately $1.01 million of its common stock.
• In fiscal year 2023 (ending September 30, 2023), the company repurchased approximately $917.67 thousand of its common stock.
• In fiscal year 2022 (ending September 30, 2022), total share repurchases amounted to approximately $951.82 thousand.

Share Issuance

• For the nine months ended June 30, 2025 (fiscal year 2025), Surmodics issued common stock totaling $663 thousand.
• For the three months ended June 30, 2025 (fiscal year 2025), the company issued common stock valued at $168 thousand.

Inbound Investments

• On May 29, 2024, Surmodics entered into a definitive agreement to be acquired by GTCR, a private equity firm, for approximately $627 million, or $43.00 per share in cash.
• The acquisition, which will make Surmodics a privately held company, was approved by Surmodics' shareholders on August 13, 2024, and is expected to close in the second half of calendar year 2024 or the second fiscal quarter of 2025.

Outbound Investments

• In fiscal year 2021, Surmodics acquired all outstanding shares of Vetex Medical Limited for an upfront cash payment of $39.9 million, with potential additional payments of up to $7 million.
• The company made payments related to the 2018 Embolitech, LLC intellectual property acquisition, including $1.0 million in fiscal 2021, $0.5 million in fiscal 2022, $1.0 million in fiscal 2023, and $0.9 million in fiscal 2024.
• An additional $1.8 million payment to the sellers of Vetex was made in the fourth quarter of fiscal 2024.

Capital Expenditures

• Capital expenditures were $3.49 million in fiscal year 2024, $2.92 million in fiscal year 2023, and $3.37 million in fiscal year 2022.
• In the first quarter of fiscal year 2025 (ending December 31, 2024), capital expenditures were $0.3 million.
• For fiscal year 2024, the company expected capital expenditures of up to $5 million, which included investments postponed from fiscal year 2023.