SurModics Sinks; China Grentech Jumps

NEW YORK (TheStreet) -- SurModics(SRDX) fell well short of Wall Street's expectations for its fiscal fourth-quarter results on Wednesday, and its stock was paying the price in afterhours action.

After the closing bell, the Eden Prairie, Minn.-based developer of drug delivery technology products posted an adjusted loss of $900,000, or a nickel per share, for the three months ended on Sept. 30. Revenue totaled $15.5 million, down 16% on a sequential basis. That performance compared to the average estimate of analysts polled by Thomson Reuters for a profit of 13 cents a share in the September period on revenue of $19.3 million.

"We are disappointed with our fiscal 2010 performance," said Phil Ankeny, the company's interim CEO, in a statement. "While the environment remains challenging, and the Company continues to navigate through several revenue transitions, we know we are capable of doing better---and we are committed to doing better."

The stock was last quoted at $10.01, down 23.7%, according to Nasdaq.com, on volume of nearly 20,000. Based on a regular session close at $13.11, the shares were down 45% so far in 2010, but they had rallied ahead of the report, rising 5.5% on Wednesday on more than double their average daily volume. The levels seen in extended trading are already below the stock's 52-week low of $10.62 set on Sept. 14.

SurModics also gave an outlook for 2011 that's a far cry from the current consensus view. The company forecast between a non-GAAP loss of 15 cents and a profit of 5 cents a share for the year on revenue ranging from $55 million to $63 million. The Thomson Reuters average estimate is for earnings of 63 cents a share on revenue of $82.8 million.

Another mover to the downside after the bell was Kulicke & Soffa Industries(KLIC), which was last quoted off 7% to $5.92 on volume of more than 130,000.

The Fort Washington, Pa.-based maker of semiconductor and LED [light-emitting diode] manufacturing equipment looks to have disappointed with its revenue outlook for its fiscal first quarter ending in December.

It said it expects revenue of $125 million and $135 million for the December period, a projection that's down almost 50% sequentially at the top of its range from its total of $259.3 million in the September period, and far beneath the current average analysts' estimate of $214.6 million.