Surmodics Receives FDA Approval For SurVeil Drug-Coated Balloon
Portfolio Pulse from Benzinga Newsdesk
Surmodics has received FDA approval for its SurVeil Drug-Coated Balloon (DCB). Abbott holds exclusive worldwide commercialization rights for the product, and Surmodics will manufacture and supply it. Surmodics will receive a $27 million milestone payment from Abbott and expects to recognize $24.0 to $24.5 million of revenue in Q3 of fiscal year 2023.
June 20, 2023 | 10:34 am
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POSITIVE IMPACT
Abbott has exclusive worldwide commercialization rights for Surmodics' FDA-approved SurVeil DCB, which may boost its product offerings.
Abbott's exclusive commercialization rights for the SurVeil DCB will allow the company to expand its product offerings in the medical device market. This FDA approval is a positive development for Abbott, as it may lead to increased sales and revenue.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Surmodics received FDA approval for its SurVeil DCB and will receive a $27 million milestone payment from Abbott, positively impacting its revenue.
The FDA approval of Surmodics' SurVeil DCB is a significant milestone for the company. The $27 million payment from Abbott and the expected revenue recognition of $24.0 to $24.5 million in Q3 of fiscal year 2023 will have a positive impact on Surmodics' financial performance.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100