Surmodics, Inc. SRDX

Competitive advantage analysis · healthcare

Medical Devices & Diagnostics
Overall moat score
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Ranked against 159 peers in Medical Devices

The dashed ring is the peer median. Defense scores are percentile ranks against peers, so 50 is roughly the typical company in this group.

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Pricing Power & Consumable Moat

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Signals, strengths and risks for Pricing Power & Consumable Moat

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Signals, strengths and risks for R&D Pipeline & Capital Returns

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Signals, strengths and risks for FCF Quality & Cash Conversion

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Signals, strengths and risks for Commercial Execution

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Signals, strengths and risks for Capital Structure & Resilience

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Signals, strengths and risks for Growth Durability

Where SRDX ranks in Medical Devices

Surmodics, Inc. ranks #158 of 160 scored companies in Medical Devices by moat score — the top 99%. The widest moat in the group is iRadimed Corporation (IRMD) at 83/100.

# Company Moat score Rating
152 Monogram Technologies Inc. MGRM 0/100 Weak
153 NanoVibronix, Inc. NAOV 0/100 Weak
154 Inari Medical, Inc. NARI 0/100 Weak
155 NAYA Biosciences, Inc. NAYA 0/100 Weak
156 Nevro Corp. NVRO 0/100 Weak
157 ReShape Lifesciences, Inc. RSLS 0/100 Weak
158 Surmodics, Inc. SRDX 0/100 Weak
159 Xylo Technologies Ltd. XYLO 0/100 Weak
160 Zomedica Corp. ZOM 0/100 Weak

See every Medical Devices & Diagnostics company ranked by moat score →

How SRDX scores on the Medical Devices & Diagnostics defenses

Pricing Power & Consumable Moat

Not measurable · 25% of the moat score

In MedTech, pricing power is rarely about the machine — it is about what the machine consumes.

R&D Pipeline & Capital Returns

Not measurable · 20% of the moat score

Research spending is how a device company keeps its installed base current, but spending alone proves nothing.

FCF Quality & Cash Conversion

Not measurable · 20% of the moat score

MedTech companies grow by acquisition, and the resulting intangible amortisation depresses reported earnings without consuming any cash.

Commercial Execution

Not measurable · 15% of the moat score

Devices are sold into hospitals and labs through committees, tenders and long qualification cycles, which makes the sales organisation expensive and hard to replicate.

Capital Structure & Resilience

Not measurable · 12% of the moat score

Serial acquirers carry debt, and the question is whether the cash flows underneath it are dependable enough to service it through a downturn.

Growth Durability

Not measurable · 8% of the moat score

Growth durability separates an expanding installed base from a good product cycle.

How each Medical Devices & Diagnostics defense is measured, in full →

Understanding SRDX's moat

What is Surmodics, Inc.'s moat score?

Surmodics, Inc. (SRDX) scores 0 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as weak. It ranks #158 of 160 scored companies in Medical Devices, the top 99%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 159 companies in Medical Devices.

How does Surmodics, Inc. compare with other Medical Devices companies?

Surmodics, Inc. ranks #158 of 160 scored companies in Medical Devices by moat score. The widest moat in Medical Devices is iRadimed Corporation (IRMD) at 83/100. The companies ranked closest are ReShape Lifesciences, Inc. (RSLS) at 0 just above it and Xylo Technologies Ltd. (XYLO) at 0 just below it.

How is the moat score calculated?

Each company is scored with an industry-specific template — Medical Devices & Diagnostics in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 159 companies in Medical Devices. The defenses are then weighted to produce the overall score out of 100.

Why is Surmodics, Inc. scored with the Medical Devices & Diagnostics template?

Medical device and diagnostics companies place an instrument once and then sell the consumables, reagents and service that instrument needs for the next decade. The economics are a razor-and-blade model wrapped in regulatory approval and clinician habit, so the MedTech template scores the durability of that installed base rather than the size of any single product launch.

Which competitive defenses are measured for Surmodics, Inc.?

The Medical Devices & Diagnostics template measures 6 defenses, and SRDX scores: Pricing Power & Consumable Moat (not measurable), R&D Pipeline & Capital Returns (not measurable), FCF Quality & Cash Conversion (not measurable), Commercial Execution (not measurable), Capital Structure & Resilience (not measurable), Growth Durability (not measurable). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.

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