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News Breaks
November 26, 2012
07:25 EDTSRDX, SRDXSurModics management to meet with Barrington
Meeting to be held in Chicago on November 28 hosted by Barrington.
News For SRDX From The Last 14 Days
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October 5, 2015
08:06 EDTSRDXSurModics receives FDA IDE approval for early feasibility study of SurVeil
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October 2, 2015
17:45 EDTSRDXSurModics sees Q4 net income reduced by approximately $1.3M
In its Quarterly Reports on Form 10-Q for the periods ended March 31 and June 30 SurModics disclosed that it had received notice from a customer alleging an overpayment of approximately $5.7M in royalties covering the period January 2009 through September 2014. On September 29, the Company entered into a settlement and release agreement resolving the Claim. Under the agreement, among other things, (a) the Company agreed to pay the customer $2.5M to settle the Claim, (b) the customer agreed to pay the Company approximately $0.5M for undisputed royalties that were earned, but unpaid, during fiscal 2015, and (c) the Company and the customer agreed to a mutual release relating to the Claim and certain other claims by the Company for royalties owed by the customer. In connection with the settlement, in the fourth quarter of fiscal 2016, the Company will recognize revenue of approximately $0.5M and record a charge of approximately $2.5M on a pre-tax basis. The net impact of these items on the Company's fourth quarter fiscal 2015 results is expected to reduce net income by approximately $1.3M, or approximately 10c per share. Neither of these items were included in the Company's previously disclosed financial guidance for fiscal 2015.

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