Quarterly Financial Data (Unaudited)

12 Months Ended

Sep. 30, 2011

Quarterly Financial Data (Unaudited) [Abstract]

Quarterly Financial Data (Unaudited)

12. Quarterly Financial Data (Unaudited)

The following is a summary of the unaudited quarterly results for the years ended September 30, 2011 and 2010 (in thousands, except net (loss) income per share).

	First Quarter			Second Quarter			Third Quarter			Fourth Quarter
Fiscal 2011
Revenue	$	15,168		$	17,494		$	17,967		$	17,152
(Loss) income from operations		(5,620	)		2,042			3,446			(17,386	)
Net (loss) income		(6,171	)		2,488			3,842			(12,937	)
Net (loss) income per share(1):
Basic		(0.36	)		0.14			0.22			(0.74	)
Diluted		(0.36	)		0.14			0.22			(0.74	)
Fiscal 2010
Revenue	$	17,381		$	18,360		$	18,608		$	15,549
Income (loss) from operations		2,768			(952	)		2,220			(18,089	)
Net income (loss)		1,917			(427	)		(916	)		(21,663	)
Net income (loss) per share(1):
Basic		0.11			(0.02	)		(0.05	)		(1.25	)
Diluted		0.11			(0.02	)		(0.05	)		(1.25	)

(1) The sum of the quarterly net income (loss) per share may not equal the annual net income (loss) per share because of changes in the weighted average number of shares outstanding.

In the first quarter of fiscal 2011, the Company recorded a $5.7 million goodwill impairment charge associated with the Company’s SurModics Pharmaceuticals reporting unit and a restructuring charge of $1.2 million in connection with the reorganization announced in October 2010.

In the fourth quarter of fiscal 2011, the Company recorded $17.9 million of asset impairment charges associated with the write-down of the long-lived assets of the SurModics Pharmaceuticals segment and a $1.0 million restructuring charge in connection with the reorganization announced in August 2011.

In the second quarter of fiscal 2010, the Company recorded a restructuring charge of $1.3 million, associated with a functional reorganization and an asset impairment charge of $2.1 million, associated with consolidation of the Company’s multiple facilities in Birmingham, Alabama.

In the third quarter of fiscal 2010, the Company recorded a $2.6 million impairment loss on its investment in two private medical technology companies and adjusted the asset impairment charge associated with the Birmingham, Alabama facilities by $0.2 million. The Company also recognized a $0.4 million asset impairment charge associated with prototypes and other equipment related to a development project for which no ongoing business was expected in the foreseeable future in light of market conditions.

In the fourth quarter of fiscal 2010, the Company recorded a $0.4 million inventory impairment charge, a $1.3 million non-cash asset impairment charge associated with long-lived assets, a $1.3 million asset impairment loss associated with certain fixed asset costs in Minnesota, a $13.8 million goodwill impairment charge associated with the Company’s SurModics Pharmaceuticals reporting unit, and a $5.3 million impairment loss on its investment in Nexeon MedSystems.