Date of Award

Fall 12-15-2022

Document Type

Project (696 or 796 registration)

Degree Name

Master of Science in Accounting & Finance


Graduate Studies

Committee Chair

Dr. Mohamed Elnannan


This report aims to provide a financial analysis built from qualitative and quantitative data on Surmodics, Inc., a medical device manufacturer headquartered in Eden Prairie. I will discuss how the firm is performing and compare its financial results to a competitor in the industry, Cardiovascular Systems, Inc. Surmodics has been awaiting approval for various new devices, none more important than the SurVeil DCB. The delays in regulatory approval for these products have delayed millions in revenue for Surmodics, and any further delay increases the company’s level of risk. Throughout the various sections of this report, it will become clear that while CSII is the larger company, Surmodics has a better strategy and higher growth potential than Cardiovascular Systems, Inc.



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