<SEC-DOCUMENT>0001157523-14-000316.txt : 20140130
<SEC-HEADER>0001157523-14-000316.hdr.sgml : 20140130
<ACCEPTANCE-DATETIME>20140130161607
ACCESSION NUMBER:		0001157523-14-000316
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20140130
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20140130
DATE AS OF CHANGE:		20140130

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SURMODICS INC
		CENTRAL INDEX KEY:			0000924717
		STANDARD INDUSTRIAL CLASSIFICATION:	SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
		IRS NUMBER:				411356149
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-23837
		FILM NUMBER:		14560964

	BUSINESS ADDRESS:	
		STREET 1:		9924 W 74TH ST
		CITY:			EDEN PRAIRIE
		STATE:			MN
		ZIP:			55344
		BUSINESS PHONE:		6128292700

	MAIL ADDRESS:	
		STREET 1:		9924 WEST 74TH ST
		CITY:			EDEN PRAIRIE
		STATE:			MN
		ZIP:			55344

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BSI CORP
		DATE OF NAME CHANGE:	19970506
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a50794176.htm
<DESCRIPTION>SURMODICS, INC. 8-K
<TEXT>
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    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>UNITED
      STATES</b></font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-family: Times New Roman; font-size: 12pt"><b>SECURITIES
      AND EXCHANGE COMMISSION</b></font><br><font style="font-family: Times New Roman; font-size: 12pt"><b>Washington,
      D.C. 20549</b></font><br><br><font style="font-family: Times New Roman; font-size: 12pt"><b>FORM
      8-K</b></font><br><br><font style="font-family: Times New Roman; font-size: 12pt"><b>CURRENT
      REPORT</b></font><b><font style="font-family: Times New Roman; font-size: 12pt"><br style="font-size: 12pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 12pt">PURSUANT
      TO SECTION 13 OR 15(d)&#160;OF THE</font><font style="font-family: Times New Roman; font-size: 12pt"><br style="font-size: 12pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 12pt">SECURITIES
      EXCHANGE ACT OF 1934</font></b><br><br><br>
    </p>
    <div style="text-align:center">
    <table style="margin-left:auto;margin-right:auto; margin-bottom: 10.0px; font-family: Times New Roman; width: 65%; font-size: 10pt" cellspacing="0">
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        <td style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px; font-size: 10pt">
            <font style="font-family: Times New Roman; font-size: 10pt"><b>January
            30, 2014</b></font><font style="font-family: Times New Roman; font-size: 10pt"><br style="font-family: Times New Roman; font-size: 10pt"></font>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top">
          Date of report (Date of earliest event reported)
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <br>

    </p>
    <div style="text-align:center">
    <table style="margin-left:auto;margin-right:auto; margin-bottom: 10.0px; font-family: Times New Roman; width: 75%; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 16pt"><b>SurModics, Inc.</b></font>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top">
          (Exact Name of Registrant as Specified in its Charter)
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <br>

    </p>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-family: Times New Roman; width: 100%; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px; width: 33%" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Minnesota</b>
          </p>
        </td>
        <td style="width: 1%">
          &#160;
        </td>
        <td style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; width: 32%; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>0-23837</b>
          </p>
        </td>
        <td style="width: 1%">
          &#160;
        </td>
        <td style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; width: 33%; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>41-1356149</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px; width: 33%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (State of Incorporation)
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 1%">

        </td>
        <td style="text-align: center; padding-left: 0.0px; width: 32%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Commission File Number)
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 1%">

        </td>
        <td style="text-align: center; padding-left: 0.0px; width: 33%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (I.R.S. Employer
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            Identification No.)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-family: Times New Roman; width: 100%; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px; width: 33%" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>9924 West 74<sup>th</sup> Street</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Eden Prairie, Minnesota</b>
          </p>
        </td>
        <td style="width: 34%">
          &#160;
        </td>
        <td style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; width: 33%; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>55344</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px; width: 33%" valign="bottom">
          <font style="font-family: Times New Roman; font-size: 10pt">(Address
          of Principal Executive Offices)</font>
        </td>
        <td style="width: 34%">

        </td>
        <td style="text-align: center; padding-left: 0.0px; width: 33%" valign="bottom">
          <font style="font-family: Times New Roman; font-size: 10pt">(Zip
          Code)</font>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="text-align:center">
    <table style="margin-left:auto;margin-right:auto; margin-bottom: 10.0px; font-family: Times New Roman; width: 65%; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(952) 500-7000</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top">
          (Registrant&#8217;s Telephone Number, Including Area Code)
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p style="text-indent: 30.0px; font-size: 10pt">
      <font style="font-family: Times New Roman; font-size: 10pt">Check the
      appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions&#160; </font>(see General Instruction A.2):
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <div style="margin-right: 0pt; text-indent: 0pt; margin-bottom: 10pt; width: 100%; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-family: Times New Roman; width: 100%; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="text-align: left; padding-left: 0.0px; width: 12%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Item 2.02</b>
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 88%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Results of Operations And Financial Condition.</b>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-indent: 30.0px; font-size: 10pt">
      On January 30, 2014, the Company issued a press release (the &#8220;<u>Press
      Release</u>&#8221;) announcing the results for the quarter ended December 31,
      2013.&#160;&#160;A copy of the full text of the Press Release is furnished as
      Exhibit 99.1 to this report.
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt">
      The information contained in this Item 2.02, including Exhibit 99.1,
      shall not be deemed to be &#8220;filed&#8221; for purposes of Section&#160;18 of the
      Securities Exchange Act of 1934, as amended, nor shall they be deemed to
      be incorporated by reference into any filing under the Securities Act of
      1933, as amended, except as shall be expressly set forth by specific
      reference in such a filing.
    </p>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-family: Times New Roman; width: 100%; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="text-align: left; padding-left: 0.0px; width: 12%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Item 9.01</b>
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 88%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Financial Statements and Exhibits.</b>
          </p>
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-family: Times New Roman; width: 100%; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="text-align: left; padding-left: 0.0px; width: 12%" valign="top">
          <p style="font-size: 10pt">
            <b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</b>(d)
          </p>
        </td>
        <td style="text-align: left; padding-left: 5.0px; width: 8%" valign="top">
          <p style="font-size: 10pt">
            <i>Exhibits</i>.
          </p>
        </td>
        <td style="width: 1%">
          &#160;
        </td>
        <td style="width: 79%">

        </td>
      </tr>
      <tr>
        <td style="width: 12%">

        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 8%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 79%">

        </td>
      </tr>
      <tr>
        <td style="width: 12%">

        </td>
        <td style="text-align: left; border-bottom: solid black 1.0pt; padding-left: 0.0px; width: 8%" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Exhibit</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Number</b>
          </p>
        </td>
        <td style="width: 1%">

        </td>
        <td style="text-align: left; border-bottom: solid black 1.0pt; padding-left: 0.0px; width: 79%" valign="bottom">
          <b>Description</b>
        </td>
      </tr>
      <tr>
        <td style="width: 12%">

        </td>
        <td style="text-align: left; padding-left: 0.0px; white-space: nowrap; width: 8%; padding-right: 0.0px" valign="top">
          99.1
        </td>
        <td style="width: 1%">

        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 79%" valign="top">
          Press Release dated January 30, 2014.
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="margin-right: 0pt; text-indent: 0pt; margin-bottom: 10pt; width: 100%; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt">SIGNATURES</font>
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt">
      <font style="font-family: Times New Roman; font-size: 10pt">Pursuant to
      the requirements of the Securities Exchange Act of 1934, the registrant
      has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.</font>
    </p>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-family: Times New Roman; width: 100%; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            SURMODICS, INC.
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; width: 5%" valign="top">

        </td>
        <td style="width: 45%">

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px; width: 5%" valign="top">
          Date:
        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px; width: 45%" valign="top">
          January 30, 2014
        </td>
        <td style="text-align: left; border-bottom: solid black 1.0pt; padding-left: 0.0px; width: 3%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="text-align: left; border-bottom: solid black 1.0pt; padding-left: 0.0px; width: 47%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            /s/ Andrew D. C. LaFrence
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 47%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Andrew D. C. LaFrence
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 47%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Vice President Finance and Chief Financial Officer
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="margin-right: 0pt; text-indent: 0pt; margin-bottom: 10pt; width: 100%; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      EXHIBIT INDEX
    </p>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-family: Times New Roman; width: 100%; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="text-align: left; padding-left: 0.0px; width: 8%" valign="top">
          <b>Exhibit</b>
        </td>
        <td style="width: 2%">
          &#160;
        </td>
        <td style="width: 90%">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; border-bottom: solid black 1.0pt; padding-left: 0.0px; width: 8%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Number</b>
          </p>
        </td>
        <td style="width: 2%">

        </td>
        <td style="text-align: left; border-bottom: solid black 1.0pt; padding-left: 0.0px; width: 90%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Description</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; white-space: nowrap; width: 8%; padding-right: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            99.1
          </p>
        </td>
        <td style="width: 2%">

        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 90%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Press Release dated January 30, 2014.
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a50794176-ex991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2014 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-size: 8pt; font-family: Times New Roman">
    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 12pt"><b>SurModics
      Reports First Quarter Fiscal 2014 Results</b></font>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        <font style="font-family: Times New Roman; font-size: 12pt"><b>GAAP
        EPS Decreases 10% to $0.26 per share, Reflecting One-Time Events in
        Each Quarter</b></font>
      </li>
      <li style="margin-bottom: 10.0px">
        <font style="font-family: Times New Roman; font-size: 12pt"><b>Pro
        Forma EPS Increases 17% to $0.21 per share on 5% Pro Forma Revenue
        Rise in Q1 2014</b></font>
      </li>
      <li style="margin-bottom: 10.0px">
        <font style="font-family: Times New Roman; font-size: 12pt"><b>Investment
        in Drug Coated Balloon Development Continues</b></font>
      </li>
      <li style="margin-bottom: 10.0px">
        <font style="font-family: Times New Roman; font-size: 12pt"><b>Full
        Year 2014 EPS Outlook Range Raised to $0.85 to $0.97 per share as a
        Result of Strategic Investment Gain</b></font>
      </li>
    </ul>
    <p>
      EDEN PRAIRIE, Minn.--(BUSINESS WIRE)--January 30, 2014--SurModics, Inc.
      (Nasdaq:SRDX), a leading provider of surface modification and in vitro
      diagnostic technologies to the healthcare industries, today announced
      results for its fiscal 2014 first quarter.
    </p>
    <p>
      Commenting on the Company&#8217;s performance, SurModics&#8217; President and Chief
      Executive Officer, Gary Maharaj said, &#8220;Our first quarter financial
      results reflect solid pro forma revenue and earnings per share growth
      even in a challenging market environment. I am particularly pleased that
      we delivered strong operating margin performance even as we accelerated
      our investment in our drug coated balloon program.&#8221;
    </p>
    <p>
      <b>First Quarter Revenue and Earnings Summary</b>
    </p>
    <p>
      <u>GAAP Results</u>
    </p>
    <p>
      GAAP revenue for the fiscal 2014 first quarter totaled $13.9 million,
      unchanged from the fiscal 2013 first quarter, which included a one-time
      $0.6&#160;million catch up royalty payment. Excluding this payment, revenue
      in the first quarter of fiscal 2014 increased 5% from the prior-year
      period.
    </p>
    <p>
      Diluted earnings per share from continuing operations totaled $0.26
      compared with $0.29 in the prior-year period. Earnings in the first
      quarters of fiscal 2014 and 2013 were positively impacted by a gain on
      one of our strategic investments. In particular, SurModics realized a
      $0.7 million benefit, or $0.05 per share, in the first quarter of fiscal
      2014 from a clinical earnout milestone payment as a result of the 2013
      sale of Vessix Vascular to Boston Scientific. In the first quarter of
      fiscal 2013, the Company recorded a $1.2 million gain, or $0.08 per
      share, from the Vessix sale.
    </p>
    <p>
      <u>NON-GAAP Earnings per Share</u>
    </p>
    <p>
      Pro forma earnings per share were $0.21 in the first quarter of fiscal
      2014 compared with $0.18 in the prior-year quarter. Pro forma earnings
      per share excludes the above noted one-time catch up royalty payment in
      the first quarter of fiscal 2013, as well as the Vessix Vascular
      strategic investment gains recorded in the first quarters for both
      fiscal 2013 and 2014.
    </p>
    <div style="margin-right: 0pt; text-indent: 0pt; margin-bottom: 10pt; width: 100%; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Medical Device Summary</b>
    </p>
    <p>
      The Medical Device business unit accounted for approximately
      three-quarters of the Company&#8217;s total first quarter revenue. This unit,
      which includes hydrophilic coatings and device drug delivery
      technologies, posted revenue of $10.5 million, unchanged from the
      year-ago period. The fiscal 2013 first quarter included the one-time
      $0.6&#160;million catch up hydrophilic coating royalty payment noted above.
      Excluding this payment, Medical Device revenues in the fiscal 2014 first
      quarter increased 6% from the prior-year period. First quarter
      hydrophilic coating royalty revenue decreased 3% to $7.1 million from
      the year-ago period. After adjusting for the fiscal 2013 one-time
      payment, first quarter fiscal 2014 hydrophilic coating royalty revenue
      increased 5% compared with the year-ago period.
    </p>
    <p>
      Medical Device generated $5.3 million of operating income during the
      quarter, a 9% decrease from the same quarter in fiscal 2013, primarily
      reflecting the planned incremental investment in drug coated balloon
      preclinical development.
    </p>
    <p>
      Additional highlights include:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        For the quarter, 4 medical device customers launched new products
        utilizing SurModics hydrophilic coatings; and
      </li>
      <li style="margin-bottom: 10.0px">
        Coronary sector revenue strengthened in the quarter, up 3% after two
        consecutive quarters of declines.
      </li>
    </ul>
    <p>
      <b>In Vitro Diagnostics Summary</b>
    </p>
    <p>
      For the first quarter of 2014, revenue for the In Vitro Diagnostics
      (IVD) business unit totaled $3.3&#160;million, up slightly from the first
      quarter of fiscal 2013. The IVD business unit generated $0.7 million of
      operating income in the first quarter of 2014 compared with $0.8 million
      in the prior year quarter. Additional IVD highlights include:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        13 consecutive quarters of year-over-year revenue growth
      </li>
      <li style="margin-bottom: 10.0px">
        Addition of 28 new IVD Test Manufacturers
      </li>
      <li style="margin-bottom: 10.0px">
        Strong revenue from microarray slides, a targeted growth area in
        Molecular Diagnostics for this business unit
      </li>
    </ul>
    <p>
      <b>Balance Sheet Strength</b>
    </p>
    <p>
      As of December 31, 2013, the Company had $53.1 million of cash and
      investments. SurModics generated cash from operating activities of $4.3
      million in the first quarter of 2014 compared with $5.4&#160;million in the
      same prior-year quarter. The Company repurchased 380,011 common shares
      of stock for $8.9 million in the first quarter of fiscal 2014 under the
      July 2013 $20.0 million repurchase authorization. As of December 31,
      2013, $2.6 million remained outstanding under this repurchase
      authorization, which was then fully utilized in January 2014.
    </p>
    <div style="margin-right: 0pt; text-indent: 0pt; margin-bottom: 10pt; width: 100%; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      Maharaj said, &#8220;Our strong cash position and cash flow enables us to
      opportunistically return capital to shareholders, fund internal growth
      initiatives, as well as to pursue strategic corporate development
      activities.&#8221;
    </p>
    <p>
      <b>Fiscal 2014 Outlook</b>
    </p>
    <p>
      SurModics reaffirms its previously stated revenue outlook for fiscal
      2014. The Company expects full-year revenue from continuing operations
      to be in the range of $58 million to $62 million. Including an increase
      in research and development primarily to support drug coated balloon
      initiatives, the Company estimates diluted GAAP earnings to be in the
      range of $0.85 to $0.97 per share; this represents a $0.05&#160;per share
      increase as a result of the gain on the Vessix strategic investment
      which occurred in the first quarter. The previous guidance was for GAAP
      earnings in the range of $0.80 to $0.92 per share which did not include
      impacts from strategic gains or losses. GAAP cash flow from operating
      activities is expected to range between $17.6 million and $18.6 million
      for fiscal 2014, unchanged from earlier guidance. Capital expenditures
      for fiscal 2014 are expected to range from $2.2 million to $2.5 million,
      which is also unchanged.
    </p>
    <p>
      <b>Live Webcast</b>
    </p>
    <p>
      SurModics will host a webcast at 5 p.m. ET (4 p.m. CT) today to discuss
      first quarter results. To access the webcast, go to the investor
      relations portion of the Company&#8217;s website at <u>www.surmodics.com</u>
      and click on the webcast icon. A replay of the first quarter conference
      call will be available by dialing 800-406-7325 and entering conference
      call ID passcode 4663820. The audio replay will be available beginning
      at 7 p.m. CT on Thursday, January 30, 2014, until 7&#160;p.m.&#160;CT on Thursday,
      February 6, 2014.
    </p>
    <p>
      <b>About SurModics, Inc.</b>
    </p>
    <p>
      SurModics&#8217; mission is to exceed our customers&#8217; expectations and enhance
      the well-being of patients by providing the world&#8217;s foremost, innovative
      surface modification technologies and <i>in vitro</i> diagnostic
      chemical components. The Company partners with the world&#8217;s leading and
      emerging medical device, diagnostic and life science companies to
      develop and commercialize innovative products designed to improve
      patient diagnosis and treatment. Core offerings include surface
      modification coating technologies that impart lubricity, prohealing, and
      biocompatibility capabilities; and components for <i>in vitro</i>
      diagnostic test kits and microarrays. SurModics is headquartered in Eden
      Prairie, Minnesota. For more information about the Company, visit <u>www.surmodics.com</u>.
      The content of SurModics&#8217; website is not part of this press release or
      part of any filings that the Company makes with the SEC.
    </p>
    <div style="margin-right: 0pt; text-indent: 0pt; margin-bottom: 10pt; width: 100%; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Safe Harbor for Forward-Looking Statements</b>
    </p>
    <p>
      This press release contains forward-looking statements. Statements that
      are not historical or current facts, including statements about beliefs
      and expectations regarding our ability to achieve sustainable long-term
      growth and value creation, our expectations regarding the Company&#8217;s
      performance in the near- and long-term, including our revenue, earnings
      and cash flow expectations for fiscal 2014, are forward-looking
      statements. Forward-looking statements involve inherent risks and
      uncertainties, and important factors could cause actual results to
      differ materially from those anticipated, including (1)&#160;reliance on
      third parties (including our customers and licensees) and their failure
      to successfully develop, obtain regulatory approval for, market and sell
      products incorporating our technologies may adversely affect our
      business operations, our ability to realize the full potential of our
      pipeline (including our drug-coated balloon initiatives), and our
      ability to achieve our corporate goals; (2) possible adverse market
      conditions and possible adverse impacts on our cash flows, and (3) the
      factors identified under &#8220;Risk Factors&#8221; in Part I, Item 1A of our Annual
      Report on Form 10-K for the fiscal year ended September 30, 2013, and
      updated in our subsequent reports filed with the SEC. These reports are
      available in the Investors section of our website at <u>www.surmodics.com</u>
      and at the SEC website at <u>www.sec.gov</u>. Forward-looking statements
      speak only as of the date they are made, and we undertake no obligation
      to update them in light of new information or future events.
    </p>
    <p>
      <b>Use of Non-GAAP Financial Information</b>
    </p>
    <p>
      In addition to reporting financial results in accordance with generally
      accepted accounting principles, or GAAP, SurModics is reporting non-GAAP
      financial results including non-GAAP net income and non-GAAP diluted net
      income per share. We believe that these non-GAAP measures provide
      meaningful insight into our operating performance excluding certain
      event-specific matters, and provide an alternative perspective of our
      results of operations. We use non-GAAP measures, including those set
      forth in this release, to assess our operating performance and to
      determine payout under our executive compensation programs. We believe
      that presentation of certain non-GAAP measures allows investors to
      review our results of operations from the same perspective as management
      and our board of directors and facilitates comparisons of our current
      results of operations. The method we use to produce non-GAAP results is
      not in accordance with GAAP and may differ from the methods used by
      other companies. Non-GAAP results should not be regarded as a substitute
      for corresponding GAAP measures but instead should be utilized as a
      supplemental measure of operating performance in evaluating our
      business. Non-GAAP measures do have limitations in that they do not
      reflect certain items that may have a material impact upon our reported
      financial results. As such, these non-GAAP measures presented should be
      viewed in conjunction with both our financial statements prepared in
      accordance with GAAP and the reconciliation of the supplemental non-GAAP
      financial measures to the comparable GAAP results provided for the
      specific periods presented, which are attached to this release.
    </p>
    <div style="margin-right: 0pt; text-indent: 0pt; margin-bottom: 10pt; width: 100%; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-family: Times New Roman; width: 100%; font-size: 8pt" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="7">

        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="top" colspan="9">
          <b>SurModics, Inc. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="top" colspan="9">
          <b>Condensed Consolidated Statements of Income</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="top" colspan="9">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (in thousands, except per share data)
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="top" colspan="7">
          <b>Three Months Ended</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="top" colspan="7">
          <b>December 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom" colspan="3">
          <b>2013</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom" colspan="3">
          <b>2012</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="7">
          (Unaudited)
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Revenue
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Royalties and license fees
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          7,465
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          7,516
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Product sales
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          5,400
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          5,353
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 10.0px" valign="top">
          Research and development
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          1,018
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          982
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 20.0px" valign="top">
          Total revenue
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          13,883
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          13,851
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Operating expenses
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Product costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          2,005
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          1,959
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Research and development
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          3,698
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          3,362
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 10.0px" valign="top">
          Selling, general and administrative
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          3,851
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          3,653
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 20.0px" valign="top">
          Total operating costs and expenses
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          9,554
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          8,974
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Income from operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          4,329
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          4,877
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          Investment income
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          767
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          1,248
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Income from continuing operations before income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          5,096
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          6,125
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          Income tax provision
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          (1,466
        </td>
        <td style="text-align: left; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          (1,877
        </td>
        <td style="text-align: left; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="top">
          Net income
        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          3,630
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          4,248
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="top">
          Basic net income per share
        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          0.26
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          0.29
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="top">
          Diluted net income per share
        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          0.26
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          0.29
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Weighted average shares outstanding
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Basic
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          13,756
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          14,655
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Diluted
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          14,009
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          14,863
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; text-indent: 0pt; margin-bottom: 10pt; width: 100%; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-family: Times New Roman; width: 100%; font-size: 8pt" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="top" colspan="9">
          <b>SurModics, Inc. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="top" colspan="9">
          <b>Condensed Consolidated Balance Sheets</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="top" colspan="9">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (in thousands)
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom" colspan="3">
          <b>December 31,</b>
        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top">

        </td>
        <td style="text-align: center; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="top" colspan="3">
          <b>September 30,</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom" colspan="3">
          <b>2013</b>
        </td>
        <td style="text-align: center; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">

        </td>
        <td style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom" colspan="3">
          <b>2013</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="6">
          (Unaudited)
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Assets
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Cash and short term investments
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          22,997
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          25,707
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Accounts receivable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          5,110
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          5,332
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Inventories
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          2,832
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          3,326
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Other current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          895
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          1,365
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 10.0px" valign="top">
          Current assets of discontinued operations
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          46
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          46
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Total current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          31,880
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          35,779
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Property and equipment, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          12,486
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          12,845
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Long-term investments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          30,149
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          32,397
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 10.0px" valign="top">
          Other assets
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          20,541
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          20,902
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 20.0px" valign="top">
          Total assets
        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          95,056
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          101,923
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Liabilities and Stockholders&#8217; Equity
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Current liabilities
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          4,195
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          5,837
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 10.0px" valign="top">
          Current liabilities of discontinued operations
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          126
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          139
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 20.0px" valign="top">
          Total current liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          4,321
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          5,976
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Other liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          1,787
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          2,130
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 10.0px" valign="top">
          Total stockholders&#8217; equity
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          88,948
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          93,817
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 20.0px" valign="top">
          Total liabilities and stockholders&#8217; equity
        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          95,056
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          101,923
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; text-indent: 0pt; margin-bottom: 10pt; width: 100%; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-family: Times New Roman; width: 100%; font-size: 8pt" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="7">

        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="top" colspan="9">
          <b>SurModics, Inc. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="top" colspan="9">
          <b>Condensed Consolidated Statements of Cash Flows</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="top" colspan="9">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (In thousands)
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="top" colspan="7">
          <b>Three Months Ended</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="top" colspan="7">
          <b>December 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom" colspan="3">
          <b>2013</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom" colspan="3">
          <b>2012</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="7">
          (Unaudited)
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Operating Activities:
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Net income
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          3,630
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          4,248
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          697
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          722
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Stock-based compensation
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          813
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          392
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Net other operating activities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          (976
        </td>
        <td style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          (1,146
        </td>
        <td style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Change in operating assets and liabilities:
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Accounts receivable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          222
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          653
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Accounts payable and accrued liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          (1,642
        </td>
        <td style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          (1,499
        </td>
        <td style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          947
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          1,623
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Deferred revenue
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          (11
        </td>
        <td style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          (13
        </td>
        <td style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 10.0px" valign="top">
          Net change in other operating assets and liabilities
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          570
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          427
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 20.0px" valign="bottom">
          Net cash provided by operating activities from continuing operations
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          4,250
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          5,407
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Investing Activities:
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Net purchases of property and equipment
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          (56
        </td>
        <td style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          (857
        </td>
        <td style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Cash (transferred to) received from discontinued operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          (13
        </td>
        <td style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          75
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 10.0px" valign="top">
          Net other investing activities
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          610
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          1,220
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 20.0px" valign="bottom">
          Net cash provided by investing activities of continuing operations
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          541
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          438
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Financing Activities:
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Purchase of common stock to fund employee taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          (1,097
        </td>
        <td style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="top" colspan="2">
          &#8213;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Repurchase of common stock
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          (9,424
        </td>
        <td style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="top" colspan="2">
          &#8213;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 10.0px" valign="top">
          Net other financing activities
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          751
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          80
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 20.0px" valign="bottom">
          Net cash (used in) provided by financing activities of continuing
          operations
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          (9,770
        </td>
        <td style="text-align: left; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          80
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 20.0px" valign="bottom">
          Net cash (used in) provided by continuing operations
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          (4,979
        </td>
        <td style="text-align: left; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          5,925
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Discontinued operations:
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Net cash (used in) provided by operating activities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          (13
        </td>
        <td style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          75
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 10.0px" valign="top">
          Net cash provided by (used in) financing activities
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          13
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          (75
        </td>
        <td style="text-align: left; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 20.0px" valign="bottom">
          Net cash (used in) provided by discontinued operations
        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="top" colspan="2">
          &#8213;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="top" colspan="2">
          &#8213;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Net change in cash and cash equivalents
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          (4,979
        </td>
        <td style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          5,925
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Cash and Cash Equivalents:
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 10.0px" valign="bottom">
          Beginning of period
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          15,495
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          15,540
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 10.0px" valign="bottom">
          End of period
        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          10,516
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          21,465
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; text-indent: 0pt; margin-bottom: 10pt; width: 100%; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-family: Times New Roman; width: 100%; font-size: 8pt" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="15">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="top" colspan="20">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>SurModics, Inc. and Subsidiaries</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="top" colspan="20">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Supplemental Segment Information</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="top" colspan="20">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (in thousands)
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="20">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="20">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Unaudited)
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="15">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom" colspan="15">
          <b>Three Months Ended December 31,</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom" colspan="7">
          <b>2013</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom" colspan="7">
          <b>2012</b>
        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom" colspan="2">
          <b>% Change</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="bottom">
          <b>Revenue</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom" colspan="2">
          <b>% of Total</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom" colspan="2">
          <b>% of Total</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Medical Device
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          10,549
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          76.0
        </td>
        <td style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          10,531
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          76.0
        </td>
        <td style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          0.2
        </td>
        <td style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 10.0px" valign="bottom">
          In Vitro Diagnostics
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          3,334
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          24.0
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          3,320
        </td>
        <td style="text-align: left; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          24.0
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-bottom: 2.0px; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          0.4
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 20.0px" valign="bottom">
          Total revenue
        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          13,883
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          100.0
        </td>
        <td style="text-align: left; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          13,851
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          100.0
        </td>
        <td style="text-align: left; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-bottom: 4.0px; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          0.2
        </td>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top">

        </td>
        <td style="text-align: center; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="top" colspan="7">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Three Months Ended</b>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">

        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">

        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">

        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">

        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">

        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">

        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">

        </td>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">

        </td>
        <td style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="top" colspan="7">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>December 31,</b>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom" colspan="3">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>2013</b>
          </p>
        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom" colspan="3">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>2012</b>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 50.0px" valign="top" colspan="8">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Operating Income</b>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 60.0px" valign="top" colspan="8">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Medical Device
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="middle">
          <p style="margin-top: 0px; margin-bottom: 0px">
            5,328
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            5,840
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 60.0px" valign="top" colspan="8">
          <p style="margin-top: 0px; margin-bottom: 0px">
            In Vitro Diagnostics
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="middle">
          <p style="margin-top: 0px; margin-bottom: 0px">
            671
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            751
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 70.0px" valign="top" colspan="8">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Total segment operating income
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="middle">
          <p style="margin-top: 0px; margin-bottom: 0px">
            5,999
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            6,591
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 60.0px" valign="top" colspan="8">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Corporate
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="middle">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (1,670
          </p>
        </td>
        <td style="text-align: left; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            )
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (1,714
          </p>
        </td>
        <td style="text-align: left; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            )
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 70.0px" valign="top" colspan="8">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Total operating income
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="middle">
          <p style="margin-top: 0px; margin-bottom: 0px">
            4,329
          </p>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            $
          </p>
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            4,877
          </p>
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; text-indent: 0pt; margin-bottom: 10pt; width: 100%; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-family: Times New Roman; width: 100%; font-size: 8pt" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="15">
          <b>SurModics, Inc. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="15">
          <b>Supplemental Non-GAAP Information</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="15">
          <b>For the Three Months Ended December 31, 2013</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="15">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (In thousands, except per share data)
          </p>
        </td>
      </tr>
      <tr>
        <td colspan="15">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="15">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Unaudited)
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom" colspan="3">
          <b>As Reported</b>
        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top">

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="bottom" colspan="3">

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="bottom" colspan="3">
          <b>Adjusted</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="bottom">

        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom" colspan="3">
          <b>GAAP(1)</b>
        </td>
        <td style="text-align: center; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">

        </td>
        <td style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom" colspan="3">
          <b>Adjustments</b>
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom" colspan="3">
          <b>Non-GAAP(2)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Revenue</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Royalties and license fees
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          7,465
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          7,465
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Product sales
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          5,400
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          5,400
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 10.0px" valign="bottom">
          Research and development
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          1,018
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          1,018
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 20.0px" valign="bottom">
          Total revenue
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          13,883
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          13,883
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="bottom">
          <b>Operating income</b>
        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          4,329
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          4,329
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="bottom">
          <b>Net income</b>
        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          3,630
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          (681
        </td>
        <td style="text-align: left; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-bottom: 4.0px; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          (3)
        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          2,949
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="bottom">
          <b>Diluted net income per share(4)</b>
        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          0.26
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          0.21
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="15">
          (1) Reflects operating results in accordance with U.S. generally
          accepted accounting principles (GAAP).
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="15">
          (2) Adjusted Non-GAAP amounts consider a reduction in net investment
          income of $681 to reflect income recognized in fiscal 2014
          associated with a contingent milestone payment related to the sale
          of Vessix Vascular shares in fiscal 2013. This gain did not generate
          a tax expense as there was an offsetting reversal of a capital loss
          valuation reserve.
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="15">
          (3) Reflects the after-tax impact of the investment income
          adjustment noted in (2) above. The investment income resulted in a
          reversal of a capital loss valuation allowance which resulted in a
          net zero tax impact.
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="15">
          (4) Diluted net income per share is calculated using the diluted
          weighted average shares outstanding for the period presented.
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-right: 0pt; text-indent: 0pt; margin-bottom: 10pt; width: 100%; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-family: Times New Roman; width: 100%; font-size: 8pt" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="14">
          <b>SurModics, Inc. and Subsidiaries</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="14">
          <b>Supplemental Non-GAAP Information</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="14">
          <b>For the Three Months Ended December 31, 2012</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="14">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (In thousands, except per share data)
          </p>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="14">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top" colspan="14">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Unaudited)
          </p>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="bottom" colspan="3">
          <b>As Reported</b>
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="bottom" colspan="3">

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px" valign="bottom" colspan="3">
          <b>Adjusted</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="bottom">

        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom" colspan="3">
          <b>GAAP(1)</b>
        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom" colspan="3">
          <b>Adjustments</b>
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">

        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px" valign="bottom" colspan="3">
          <b>Non-GAAP(2)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          <b>Revenue</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Royalties and license fees
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          7,516
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          (570
        </td>
        <td style="text-align: left; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          (3)
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          6,946
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="bottom">
          Product sales
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          5,353
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          5,353
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 10.0px" valign="bottom">
          Research and development
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          982
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt" colspan="3">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: solid black 1.0pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          982
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 20.0px" valign="bottom">
          Total revenue
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          13,851
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          (570
        </td>
        <td style="text-align: left; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-bottom: 4.0px; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          (3)
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          13,281
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="bottom">
          <b>Operating income</b>
        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          4,877
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          (570
        </td>
        <td style="text-align: left; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-bottom: 4.0px; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          (3)
        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          4,307
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="bottom">
          <b>Net income</b>
        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          4,248
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          (1,536
        </td>
        <td style="text-align: left; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="text-align: center; padding-bottom: 4.0px; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          (4)
        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          2,712
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="bottom">
          <b>Diluted net income per share(5)</b>
        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          0.29
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="text-align: center; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="text-align: right; border-bottom: double black 2.25pt; padding-left: 0.0px; white-space: nowrap; padding-right: 0.0px" valign="bottom">
          0.18
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="15">
          (1) Reflects operating results in accordance with U.S. generally
          accepted accounting principles (GAAP).
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="15">
          (2) Adjusted Non-GAAP amounts consider adjustments to reduce royalty
          revenue associated with a one-time $570 catch up payment received in
          the first quarter of fiscal 2013, a reduction in net investment
          income of $1,174 associated with the sale of shares of Vessix
          Vascular and adjustment to the income tax provision, excluding the
          net investment gains which did not generate a tax expense as there
          was an offsetting reversal of a capital loss valuation allowance,
          utilizing a 36.5% incremental effective tax rate.
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="15">
          (3) Reflects the pre-tax impact of the $570 one-time royalty catch
          up payment noted in (2) above.
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="15">
          (4) Adjusted to reflect the items noted in (2) above.
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="15">
          (5) Diluted net income per share is calculated using the diluted
          weighted average shares outstanding for the period presented.
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      CONTACT:<br>SurModics, Inc.<br>Andy LaFrence, 952-500-7000<br>Vice
      President of Finance and Chief Financial Officer
    </p>
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</SEC-DOCUMENT>
