SurModics Inc. announced unaudited consolidated earnings results for the fourth quarter and year ended September 30, 2009. For the quarter, the company reported revenue of $19.2 million compared with $23.2 million in the year-earlier period. Operating income was $4.0 million compared with $5.3 million in the prior-year period. Income before income taxes was $4.2 million compared to $1.4 million for the same period last year. Net income was $2.7 million compared with a net loss of $0.8 million in the same period last year. Diluted earnings per share were $0.16 compared with $0.05 in the fourth quarter of fiscal 2008. Results for the fourth quarter of fiscal 2008 include a $4.3 million or approximately $0.24 per diluted share one-time, non-cash impairment loss on the company's investment in OctoPlus. Operating cash flow for the fourth quarter was $6.6 million, compared with $16.2 million in the fourth quarter of fiscal 2008. For the year, the company reported revenue of $121.5 million a 25% increase compared with fiscal 2008 revenue of $97.1 million. The company reported operating income of $57.5 million compared with $27.3 million in the prior year. Net income of $37.6 million, compared with $14.7 million last year; and diluted net income per share of $2.15, compared with $0.80 in fiscal 2008. On a non-GAAP basis, for fiscal 2009, total revenue was $86.8 million, operating income was $27.7 million, net income was $18.7 million, and diluted net income per share was $1.07. On a non-GAAP basis, for fiscal 2008, total revenue was $111.2 million, operating income was $41.4 million, net income was $27.7 million, and diluted net income per share was $1.51. Non-GAAP results for fiscal 2009 exclude the recognition of previously deferred revenue totaling approximately $35 million, in connection with Merck's termination of its agreement with SurModics. Operating cash flow was $31.3 million compared with $39.8 million in fiscal year 2008. Income before income taxes was $59.5 million compared to $26.8 million for the same period last year. Net purchases of property and equipment was $29.3 million compared to $23.8 million for the same period last year.

SurModics Inc. expected to Report Q1 2010 Results on January 25, 2010. This event was calculated by Capital IQ (Created on November 4, 2009).

SurModics Inc. and NuPathe Inc. announced that the companies have entered into a license agreement for drug delivery technology. The companies have been collaborating since 2007 on the development of a biodegradable sustained release formulation of an approved dopamine agonist. The result is NuPathe's NP201, the first long-acting treatment available in broadly acceptable dose form that maintains the potential to provide sustained relief from Parkinson's disease without motor response complications. NP201 leverages NuPathe's long-acting delivery (LAD(TM)) technology and SurModics' proprietary biodegradable polymer matrix implant technology to achieve optimal drug release over an extended period of time. Under the licensing agreement, NuPathe will lead and fund development and commercialization. SurModics will provide technical and manufacturing expertise and will be eligible to receive licensing fees and milestone payments related to development of products for the treatment of Parkinson's disease and other clinical indications. SurModics will also receive royalties on product sales.