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SurModics Grows Its Client List; Selling Its Coatings To J&J, Other Stent Makers.(THE IBD 100)
Byline: Jonah Keri
In the medical field, finding the right niche can prove hugely profitable. SurModics is living proof.
The Eden Prairie, Minn.-based firm makes coatings used for an array of medical devices, including catheters and pacemakers. The firm gets the biggest chunk of its revenue from drug-eluting stents.
About half of SurModics' total sales come from Johnson & Johnson -- a curse and a blessing for the firm. SurModics' artery-clearing Cypher stents have helped J&J grab market share away from Boston Scientific. Meanwhile, SurModics has achieved steady growth, hiking earnings by 24% or more in eight of the last nine quarters.
Relying too much on one customer can come back to burn a company. To that end, SurModics has cultivated relationships with other clients. It provides coatings used in Foxhollow Technologies' Silverhawk plaque excision system, for one. The percentage of revenue that J&J provides for ...
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