Dain Rauscher Initiates Coverage of SurModics With a BUY-AGGRESSIVE Rating.EDEN PRAIRIE Eden Prairie A city of eastern Minnesota, a residential suburb of Minneapolis. Population: 57,300. , Minn.--(BUSINESS WIRE)--Nov. 15, 1999-- SurModics, Inc. (Nasdaq:SRDX), a manufacturer of surface modification coatings for medical devices, today announced that Wendy Wendy is a female name which may be used as a short form for Gwendolyn, or in its own right. Its popularity is attributed to the character Wendy Darling from the children's play and novel Peter Pan, by J.M. Barrie. The character Wendy was inspired by a real girl. Clements Clements is a name that can refer to the following: People First Name Surname
Clements said, "We believe the company's PhotoLink(R) technology is superior to its competitors based on relatively unlimited design potential. We expect SurModics to generate annual revenue growth of 25 to 35 percent, and the PhotoLink technology is expected to drive EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. growth of 40 to 45 percent annually over the next three to five years. We are initiating coverage of SurModics, Inc. with a BUY-AGGRESSIVE rating and a 12-month price target of $20 per share." SurModics recently reported its financial results for the fiscal year ended September September: see month. 30, 1999. Fiscal year 1999 revenues increased 38 percent to $13.5 million. Net income at statutory tax rates increased 115 percent to $2.3 million, or $.28 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared to $1.1 million, or $.16 per diluted share, in fiscal 1998. The company signed 14 new license agreements during the year and now has license agreements with 44 companies covering more than 100 different products. Please be advised that statements of fact, information, estimates, opinions, forecasts, projections and other forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. contained within this release are solely those of the security analysts or the firms that produce the report. Any such forward-looking statements may change without notice. These statements are not to be construed as a recommendation by SurModics, Inc. to buy or sell the company's securities and do not indicate its approval or support. Full research reports on SurModics are available by contacting each of the covering firms. SurModics, Inc. is a leading provider of surface modification solutions to medical device manufacturers. To learn more about SurModics, go to our Web site at www.surmodics.com. Forward-Looking Statements Certain statements contained in this press release are considered "forward-looking statements" which provide current expectations or forecasts of future events, including the Company's expectations regarding the growth in revenues and earnings. These forward-looking statements are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Reform Act of 1995. Such statements involve a variety of risks and uncertainties, known and unknown. Investors are advised to consult any further disclosures by the Company on this subject in its filings with the Securities and Exchange Commission. |
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