Surmodics - Public Comps and Valuation Multiples

Surmodics Overview

About Surmodics

Surmodics Inc is a provider of performance coating technologies for intravascular medical devices and chemical and biological components for in vitro diagnostic (IVD) immunoassay tests and microarrays. The company's reportable segments are; Medical Device and In Vitro Diagnostics. Maximum revenue for the company is derived from its Medical Device segment which is involved in the manufacturing and licensing of performance coatings, including surface modification coating technologies and drug-delivery coating technologies. This segment also manufactures vascular intervention medical devices, including drug-coated balloons, mechanical thrombectomy devices, and radial access balloon catheters and guide sheaths. Geographically, the company derives key revenue from its domestic market.

Founded

1979

HQ

Employees

389

Website

surmodics.com

Sectors

Medical Devices
Medical Supplies
DeepTech
HealthTech

Financials

LTM Revenue $118M

LTM EBITDA $10.8M

EV

$400M

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Surmodics Financials

As of September 2025, Surmodics reported last 12-month revenue of $118M and EBITDA of $10.8M.

In the same period, Surmodics generated $85.6M in LTM gross profit and -$19.3M in net income.

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Surmodics P&L

In the most recent fiscal year, Surmodics reported revenue of $126M and EBITDA of $4.7M.

Surmodics expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$118M	XXX	$126M	XXX	XXX	XXX
Gross Profit	$85.6M	XXX	$54.7M	XXX	XXX	XXX
Gross Margin	73%	XXX	43%	XXX	XXX	XXX
EBITDA	$10.8M	XXX	$4.7M	XXX	XXX	XXX
EBITDA Margin	9%	XXX	4%	XXX	XXX	XXX
EBIT	-$16.7M	XXX	-$5.6M	XXX	XXX	XXX
EBIT Margin	-14%	XXX	-4%	XXX	XXX	XXX
Net Profit	-$19.3M	XXX	-$11.5M	XXX	XXX	XXX
Net Margin	-16%	XXX	-9%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Surmodics including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $118M. EBITDA for the last twelve months was $10.8M. In the most recent fiscal year, Surmodics achieved $126M in revenue and $4.7M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$118M	Analyst estimates available to subscribers	$126M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$85.6M	Analyst estimates available to subscribers	$54.7M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	72.6% gross margin	Analyst estimates available to subscribers	43.4% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$10.8M	Analyst estimates available to subscribers	$4.7M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	9.2% EBITDA margin	Analyst estimates available to subscribers	3.8% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	-$16.7M	Analyst estimates available to subscribers	-$5.6M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	-14.2% EBIT margin	Analyst estimates available to subscribers	-4.5% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$19.3M	Analyst estimates available to subscribers	-$11.5M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-16.4% net profit margin	Analyst estimates available to subscribers	-9.2% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Surmodics

This financial data table provides comprehensive performance metrics for Surmodics, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Surmodics generated $118M in revenue over the last twelve months.
The company achieved $10.8M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $85.6M.
Net income over the last twelve months reached -$19.3M.

Fiscal Year Performance

In the most recent fiscal year, Surmodics reported $126M in total revenue.
Fiscal year EBITDA was $4.7M.
The company maintained a gross profit margin of 43.4% in the most recent fiscal year.
EBITDA margin for the fiscal year was 3.8%.
Net profit margin reached -9.2% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Surmodics. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Surmodics Stock Performance

Surmodics has current market cap of $400M, and EV of $400M.

Market Cap Evolution

Surmodics Stock Data

As of October 17, 2025, Surmodics's stock price is $28.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$400M	$400M	XXX	XXX	XXX	XXX	$-0.28

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Surmodics Valuation Multiples

Surmodics's trades at 3.2x EV/Revenue multiple, and 64.5x EV/EBITDA.

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Surmodics Financial Valuation Multiples

As of October 17, 2025, Surmodics has market cap of $400M and EV of $400M.

Equity research analysts estimate Surmodics's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Surmodics has a P/E ratio of -20.7x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$400M	XXX	$400M	XXX	XXX	XXX
EV (current)	$400M	XXX	$400M	XXX	XXX	XXX
EV/Revenue	3.4x	XXX	3.2x	XXX	XXX	XXX
EV/EBITDA	37.0x	XXX	64.5x	XXX	XXX	XXX
EV/EBIT	-23.9x	XXX	-46.9x	XXX	XXX	XXX
EV/Gross Profit	4.7x	XXX	n/a	XXX	XXX	XXX
P/E	-20.7x	XXX	-29.4x	XXX	XXX	XXX
EV/FCF	-67.6x	XXX	-99.3x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Surmodics Margins & Growth Rates

Surmodics's last 12 month revenue growth is 4%

Surmodics's revenue per employee in the last FY averaged $0.3M, while opex per employee averaged $0.2M for the same period.

Surmodics's rule of 40 is 13% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Surmodics's rule of X is 18% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Surmodics Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	4%	XXX	0%	XXX	XXX	XXX
EBITDA Margin	9%	XXX	5%	XXX	XXX	XXX
EBITDA Growth	35%	XXX	-2%	XXX	XXX	XXX
Rule of 40	13%	XXX	9%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	18%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.3M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.2M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	48%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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