The company operates through two segments: Medical Device (surface modification and drug-delivery coating technologies for coronary, peripheral, neurovascular and structural heart applications) and In Vitro Diagnostics (diagnostic immunoassay and molecular tests). Proprietary surface modification and drug-delivery coating capabilities are licensed to medical device manufacturers.
Cyborg Score Rationale
Gross margin fell to 73.8% from 81.2%, with operating cash flow declining from $10.5M to $248K in 2024. The company was acquired in November 2025, making public market performance data obsolete, though it maintains strong technology positioning in high-margin segments.
Top Insights
(November 2025) Acquired by private equity firm GTCR LLC—company no longer trades publicly
(2024) Revenue ~$120M with gross margins at 73.8%, down from 81.2% prior year
Two-segment model: Medical Device (intravascular coatings) and In Vitro Diagnostics generate recurring licensing revenue
Strategic positioning in high-margin specialty medical device coatings with patent-protected surface modification technology
Named Competitors
Cardiovascular segment — Intravascular devices and coronary solutions
Vascular interventions — Intravascular medical devices and stents
Diagnostic reagents — IVD immunoassay components and testing reagents
Recent Developments
(November 2025) Merger with BCE Merger Sub, Inc. (GTCR affiliate) completed; Surmodics became private subsidiary
(2024) Operating cash flow significantly declined to $248K despite positive EBITDA of $3.0M
(2024) Gross margin compression to 73.8% driven by SG&A cost increases despite lower R&D
Open the full interactive Surmodics, Inc. report
Strategic research, analyst-debate audio, full Cyborg Score breakdown across 11 dimensions, and saved-company audio playlists.