Surmodics, Inc. SRDX reported adjusted earnings per share of 2 cents for first-quarter fiscal 2021. The Zacks Consensus Estimate was of a loss of 6 cents. The bottomline, however, fell 60% year over year.RevenuesRevenues for the quarter came in at $22.3 million, missing the Zacks Consensus Estimate by 3.8%. Also, the top line dipped 1.3% year over year.Fiscal Q1 HighlightsIn the quarter under review, Product sales were $10.1 million, up 2% from the prior-year quarter. Royalty and license fee revenues totaled $9.3 million, down 7.9% from the prior-year quarter. Research, development and other revenues were $2.9 million, up 16% year over year.Segmental AnalysisMedical DeviceIn the reported quarter, sales at the segment summed $16.2 million, down 7% from the year-ago quarter.In Vitro DiagnosticsIn the quarter under review, sales jumped 17% to $6.1 million.Operational DetailsGross profit for the quarter came in at $18.6 million, down 4.4% year over year. Gross margin was 83.2%, down 262 basis points (bps).The company reported adjusted operating profit of $0.6 million, up 97.9% year over year. Adjusted operating margin came in at 2.9%, up 146 bps. Surmodics, Inc. Price, Consensus and EPS Surprise Surmodics, Inc. price-consensus-eps-surprise-chart | Surmodics, Inc. Quote Cash PositionThe company exited the first quarter of fiscal 2021 with cash and cash equivalents of $35.8 million compared with $30.8 million in the fourth quarter of fiscal 2020.Net cash used in operating activities came in at $4.3 million compared with $0.9 million in the year-ago period.Fiscal 2021 GuidanceDue to the continued uncertainty surrounding the duration COVID-19 pandemic, Surmodics will not issue any financial guidance for the current fiscal year for the time being.Our TakeSurmodics exited the first quarter of fiscal 2021 on a mixed note. The company saw an increase in Product sales and Research and development revenues in the quarter under review. It attained a $15-MILLION TRANSCEND clinical report milestone under the SurVeil Development and Distribution Agreement with Abbott Vascular. It also completed enrollment in the SWING first-in-human clinical trial for Sundance sirolimus-coated, below-the-knee drug coated balloon (DCB).Management remains upbeat about Surmodics’ partnership with Cook Medical for the commercialization of .014” and .018” low-profile PTA balloon catheters. The CE Mark for its SurVeil DCB and the FDA clearance for Sublime radial-access 0.014” PTA balloon catheter continued to raise optimism on the stock. Besides, the FDA nod for Pounce Thrombus Retrieval System continues to instill confidence in the stock.However, the company registered a revenue decline in its Medical Device core unit. Contraction of gross margin is also worrisome.Zacks Rank and Key PicksSurmodics currently carries a Zacks Rank #3 (Hold).Some better-ranked stocks in the broader medical space that already announced quarterly results are Hologic, Inc. HOLX, Abbott Laboratories ABT and AngioDynamics, Inc. ANGO. While Hologic sports a Zacks Rank #1 (Strong Buy), the other two presently carry a Zacks Rank#2 (Buy).You can see the complete list of today’s Zacks #1 Rank stocks here.Hologic reported first-quarter fiscal 2021 adjusted EPS of $2.86, which surpassed the Zacks Consensus Estimate by 33.6%.Abbott reported fourth-quarter 2020 adjusted EPS of $1.45, which surpassed the Zacks Consensus Estimate by 6.6%. Further, fourth-quarter worldwide sales of $10.7 billion outpaced the consensus mark by 7.9%.AngioDynamics reported second-quarter fiscal 2021 adjusted EPS of a penny. The Zacks Consensus Estimate was of a loss per share of a couple ofcents. Additionally, revenues of $72.8 million beat the consensus mark by 8%.Just Released: Zacks’ 7 Best Stocks for TodayExperts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.9% per year.These 7 were selected because of their superior potential for immediate breakout.See these time-sensitive tickers now >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report AngioDynamics, Inc. (ANGO): Free Stock Analysis Report Hologic, Inc. (HOLX): Free Stock Analysis Report Surmodics, Inc. (SRDX): Free Stock Analysis Report Abbott Laboratories (ABT): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research