Bad news for SurModics: as this Twin Cities Business News article details, the company is suffering from difficulties from its medical device business, particularly their stent coatings. The company will cut its staff by 9%.
This is a critical transition for SurModics to implement the components of our strategic plan that focus and position our business for maximum long-term success,” President and CEO Gary Maharaj said in a statement. “Importantly, we expect to maintain our commitment to R&D investment to drive growth opportunities in our core medical device and in vitro diagnostics businesses.
But we note that the negative impact is largely in the device business. We can expect based on their statement that Sur Modics will focus on an industry where it remains competitive -such as its IVD area, particularly its protein and array slide products.