---
schema_version: "secwatch.filing_event.v1"
accession: "0001157523-23-000165"
form_type: "8-K"
ticker: null
cik: "0000924717"
company_name: "SURMODICS INC"
filed_at: "2023-02-03T23:59:59+00:00"
generated_at: "2026-06-20T01:36:28.088820+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Surmodics cuts workforce 13% after FDA requests more data for SurVeil DCB; expects $1.0-1.2M charges in Q2 FY2023

## Summary
- Workforce reduction of approximately 13%; completion expected within Q2 fiscal 2023 (ends March 31, 2023).
- FDA requested additional information for SurVeil drug-coated balloon premarket approval application, delaying milestone payment.
- Expected restructuring charges of $1.0M to $1.2M in Q2 fiscal 2023 for severance, benefits, and outplacement.

## SEC filing metadata
- accession: 0001157523-23-000165
- form_type: 8-K
- cik: 0000924717
- company_name: SURMODICS INC
- filed_at: 2023-02-03T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.05, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/924717/000115752323000165/0001157523-23-000165-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/924717/000115752323000165/a53301410.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001157523-23-000165
- JSON: https://secwatch.observer/filing/0001157523-23-000165.json
- Plain text: https://secwatch.observer/filing/0001157523-23-000165.txt

## Key facts
- Restructurings & Charges
  SURMODICS INC announced a restructuring with charges of approximately $1.0 million to $1.2 million (approximately 13%).
  - Type: restructuring
  - Charge: approximately $1.0 million to $1.2 million
  - Headcount: approximately 13%
  source text: On January 30, 2023, Surmodics, Inc. (the “Company”) initiated certain organizational changes designed to align its human resources with its business needs and to reduce its use of cash. The organizational changes were prompted by the decision of the U.S. Food and Drug administration to request additional information and data related to the premarket approval application for the Company’s SurVeilTM drug-coated balloon, which led the Company to reassess the timing of a potential related milestone payment that would be due following approval and subsequent commercial revenue related to its distribution of the product. The organizational changes will result in a reduction in the Company’s workforce by approximately 13%. In connection with the workforce reduction, the Company expects to record total restructuring charges of approximately $1.0 million to $1.2 million in the second quarter of fiscal 2023. These charges represent cash expenditures for severance, benefits continuation, outpl
  evidence_url: https://www.sec.gov/Archives/edgar/data/924717/000115752323000165/0001157523-23-000165-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.