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Tuesday, 30 December 2003
December 30, 2003 SurModics (SRDX)
Hello Friends! As you will read from the previous post, I just purchased 250 shares of Surmodics (SRDX) and promised I would look it over with you so that you could see why I bought shares in this stock. I have been a stock-holder of SRDX in the past in one of my retirement accounts, and last month, my stock club purchased some shares. In fact, with all of this activity around this stock, I could have SWORN that I had already listed it right here! But I didn't. As always, you are free to use any ideas on this site but PLEASE discuss them with your own financial advisors to find out if they are suitable for your investment requirements!

According to money.cnn.com, SRDX "...provides surface modification solutions to the medical device industry through its patented PhotoLink process." Currently, the big product for SRDX is their involvement in the coated stent business for Johnson & Johnson's Cordis division. As I write (25 minutes before the close), SRDX is trading at $24.38/share, up $2.02 or 9.03% on the day.

Looking through Yahoo.com for the latest quarterly results, I found the story of October 29, 2003, on yahoo.com from BUSINESS WIRE for the fourth quarter results. Revenue for the fourth quarter ended September 30, 2003, increased 45% to $12.6 million from $8.7 million last year. Net income increased 71% in the quarter to $4.4 million or $.25/diluted share from $2.6 million or $.15/diluted share last year.

Morningstar.com shows that revenue has been consistently increasing the past five years from $9.8 million in 1998, $13.5 million in 1999, $18.3 million in 2000, $22.7 million in 2001, $29.5 million in 2002 and $39.3 million in the trailing twelve months.

Earnings/share have increased fairly steadily from $.27/share in 1999 to $.68/share in the trailing twelve months. Free cash flow has been positive but inconsistent lately with $4 million reported in 2000 per Morningstar, $6 million in 2001, $1 million in 2002, and $6 million in trailing twelve months.

The balance sheet looks just fine with $5.3 million in cash per Morningstar, with $10.4 million in other current assets vs. $11.0 million in current liabilities and $.2 million in long-term debt.

Looking at "key statistics" on Yahoo for SRDX, I find that the market cap is a small $424.94 million. The trailing p/e is a bit rich at 31.16 but the forward p/e (fye 30-Sep-05) is better at 18.63. In fact the five year PEG is an absolute bargain at 0.53. Price/sales isn't as nice at 9.02!

There are only 17.44 million shares outstanding with 14.10 million of them that float. Fully 36.23% of the float is out short at 5.11 million, which is a HUGE amount for this stock representing 13.921 trading days of short interest...as of 12/8/03.

No dividend is paid and the last stock split was a 2:1 on December 7, 2000.

Overall, I like this stock a lot. I believe that the alliance with JNJ in the coronary artery stent business provides a HUGE opportunity...and SRDX has other products "up its 'corporate' sleeve". I like it so much in fact I BOUGHT shares! I am aware of the one report of bleeding after stent usage but apparently this was a normal event considering the procedure and was not specifically aggravated by this stent. At least that is my understanding.

I do not see anything but disappoingment for all of those short sales! Anyway, that is my take on this stock. If you have any questions, comments, or words of encouragement, please feel free to post them right here (!) or drop me a line at bobsadviceforstocks@lycos.com

Bob



Posted by bobsadviceforstocks at 2:47 PM CST | Post Comment | Permalink

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