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Surmodics, Inc. (NASDAQ:SRDX), a medical technology company with a market capitalization of $419 million, reported Wednesday that it experienced a cybersecurity incident on June 5, when an unauthorized third party gained access to certain information technology systems and data. The company, which has maintained a GOOD financial health score according to InvestingPro analysis, disclosed the event in a statement based on a filing with the Securities and Exchange Commission.
According to Surmodics, after detecting the breach, it initiated containment measures, took some IT systems offline, and activated its security incident response plan. Law enforcement was notified about the incident. The company’s strong liquidity position, with current assets exceeding short-term obligations by over 5 times, provides financial stability during such operational challenges. For deeper insights into Surmodics’ financial strength and future prospects, InvestingPro subscribers can access comprehensive analysis and additional metrics.
The company stated it has worked with external IT experts to contain, assess, and remediate the situation. As of the time of the filing, Surmodics said its critical IT systems have been restored and data validation is ongoing. Remaining systems and data are being restored and validated according to a recovery plan.
Surmodics reported that it continued to accept customer orders and ship products during the incident, using alternatives to its normal IT systems, and that there was no material interruption to customer service.
The company is continuing to analyze the scope of the data accessed by the unauthorized party. Surmodics said that, to its knowledge, none of its data—including third-party data it holds—has been released or used for fraudulent purposes.
The company maintains cyber insurance and expects it will cover much of the expenditures related to the incident, subject to deductibles and exclusions. Surmodics noted that it remains subject to various risks as a result of the incident, including the adequacy of processes during the disruption, potential litigation, regulatory scrutiny, and possible changes in customer behavior.
This information is based on a statement included in a recent SEC filing. With the company’s next earnings report scheduled for July 30, 2025, investors can gain additional insights into the incident’s impact and the company’s overall performance through InvestingPro’s detailed research reports, which offer comprehensive analysis of over 1,400 US stocks.
In other recent news, Surmodics, Inc. has announced the commercial release of its Pounce™ XL Thrombectomy System, aimed at the endovascular removal of clots in peripheral arteries. This new addition to their thrombectomy platform is designed for arteries ranging from 5.5 to 10 mm in diameter, expanding the company’s capability to address a wider range of vessel sizes. The Pounce™ XL system is part of a comprehensive platform that includes the Pounce™ and Pounce LP systems, which cater to smaller artery sizes. The technology employs a proprietary dual-basket mechanism, eliminating the need for thrombolytics or aspiration and minimizing blood loss and other risks. Interim data from the PROWL registry has shown promising results, with an average use time of 20.3 minutes and a high rate of patients not requiring further treatment. The system has been FDA-cleared and has been in limited market release since January 2025, with reports of successful clinical use. Surmodics’ CEO, Gary Maharaj, highlighted the system’s simplicity and effectiveness, noting its growing adoption in clinical settings.
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