SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions  (see General Instruction A.2):

⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations And Financial Condition.

On August 3, 2011, SurModics, Inc. (the “Company”) issued a press release announcing the results for the quarter ended June 30, 2011. A copy of the full text of the press release is furnished as Exhibit 99.1 to this report.

Item 9.01 Financial Statements and Exhibits.

 (d)       Exhibits.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

EXHIBIT INDEX

Exhibit 99.1

SurModics Reports Third Quarter 2011 Results

Raising Earnings Guidance for Full Year Fiscal 2011

EDEN PRAIRIE, Minn.--(BUSINESS WIRE)--August 3, 2011--SurModics, Inc. (Nasdaq: SRDX), a leading provider of drug delivery and surface modification technologies to the healthcare industry, today reported financial results for the third quarter ended June 30, 2011.

Third Quarter Summary:

• GAAP results:
  • Revenue of $18.0 million, up 3% sequentially
  • Operating income of $3.4 million
  • Net income of $3.8 million
  • Diluted EPS of $0.22
• Revenue summary:
  • Royalties and license fees – $7.5 million, down 2% sequentially
  • Product sales – $5.8 million, unchanged sequentially
  • R&D revenue – $4.6 million, up 15% sequentially
• Revenue by business unit:
  • Medical Device – $9.6 million, down 4% sequentially
  • Pharmaceuticals – $5.0 million, up 19% sequentially
  • In Vitro Diagnostics – $3.4 million, up 3% sequentially
• Non-GAAP results (assuming normalized effective tax rate):
  • Adjusted net income of $2.3 million
  • Adjusted diluted EPS of $0.13
• Operating profit by business unit:
  • Medical Device – $4.5 million
  • Pharmaceuticals – ($0.8) million
  • In Vitro Diagnostics – $1.4 million
  • Corporate – ($1.7) million
• Operating cash flow of $3.8 million
• Cash and investments of $63.2 million; zero debt
• 5 new licenses signed with SurModics customers
• 2 new customer product classes launched by SurModics customers
• Updated guidance for fiscal year 2011:
  • Full year revenue in the range of $65 to $68 million; raising the low end of the previous range from $63 to $65 million
  • Non-GAAP diluted EPS in the range of $0.28 to $0.38 per share, up from the previous range of $0.13 to $0.26
  • GAAP diluted EPS in the range of $0.03 to $0.13, compared to the previous range of a loss of ($0.21) to a loss of ($0.08)

“SurModics had a strong third quarter, delivering sequential growth in revenue and operating income of 3% and 69%, respectively,” said Gary Maharaj, SurModics' president and chief executive officer. “Our renewed focus on our core businesses and disciplined execution in each business contributed to our success during the quarter. Furthermore, we were pleased with the underlying momentum of the business, led by the signing of five new license agreements in our Medical Device business including some in high growth strategic areas for SurModics, as well as the recent launch of our new assay diluent product in our IVD business. Having defined our core business in a crisp and clear manner, we are now actively implementing our strategic plan and are confident in our ability to reach our revised financial targets for the fiscal year. In addition, we are pleased with the progress we are making in our review of strategic alternatives for the Pharmaceuticals business.”

Revenue for the third quarter of fiscal 2011 was $18.0 million, up 3% sequentially compared with $17.5 million in the second quarter, driven by growth in our In Vitro Diagnostics and Pharmaceuticals businesses, offset slightly by lower revenue in our Medical Device business. Operating income was $3.4 million, compared with $2.0 million in the second quarter, driven by higher revenue and prudent expense management. Net income was $3.8 million, compared with $2.5 million in the second quarter. Diluted earnings per share was $0.22, compared with $0.14 in the second quarter. On a non-GAAP basis, assuming a normalized effective tax rate: adjusted net income was $2.3 million, compared with $1.5 million in the second quarter; and adjusted diluted earnings per share was $0.13, compared with $0.08 in the second quarter.

SurModics’ cash and investment balance totaled $63.2 million as of June 30, 2011, with no debt. Operating cash flow for the third quarter was $3.8 million.

Outlook
As a result of better-than-expected nine-month results and our expectations for the remainder of the year, the Company is raising the low end of its full year expected revenue range from $63 to $65 million, and now expects its full year revenue to be between $65 and $68 million. Non-GAAP diluted EPS is now expected to be in the range of $0.28 to $0.38 per share, up from our previous range of $0.13 to $0.26 per share. Including event-specific charges such as restructuring charges and goodwill impairment charges, GAAP diluted earnings per share is now expected to be in the range of $0.03 to $0.13, compared to our previous range of a loss of ($0.21) to a loss of ($0.08).

Live Webcast
SurModics will host a webcast at 5:00 p.m. ET (4:00 p.m. CT) today to discuss the quarterly results. To access the webcast, go to the investor relations portion of the Company’s website at www.surmodics.com, and click on the webcast icon. A replay of the third quarter conference call will be available by dialing 800-406-7325 and entering conference call ID 4461515. The audio replay will be available beginning at 7:00 p.m. CT on Wednesday, August 3, until 7:00 p.m. CT on Wednesday, August 11.

About SurModics, Inc.
SurModics’ vision is to extend and improve the lives of patients through technology innovation. The Company partners with the world’s foremost medical device, pharmaceutical and life science companies to develop and commercialize innovative products that result in improved diagnosis and treatment for patients. Core offerings include: drug delivery technologies (coatings, microparticles, nanoparticles, and implants); surface modification coating technologies that impart lubricity, prohealing, and biocompatibility capabilities; and components for in vitro diagnostic test kits and specialized surfaces for cell culture and microarrays. SurModics is headquartered in Eden Prairie, Minnesota and its SurModics Pharmaceuticals subsidiary is located in Birmingham, Alabama. For more information about the Company, visit www.surmodics.com. The content of SurModics’ website is not part of this release or part of any filings the Company makes with the SEC.

Safe Harbor for Forward-Looking Statements
This press release contains forward-looking statements. Statements that are not historical or current facts, including statements about beliefs and expectations, such as our expectations regarding the Company’s performance in the near- and long-term, including our revenues and earnings expectations for fiscal 2011, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and important factors could cause actual results to differ materially from those anticipated, including (1) our ability to successfully complete our review of strategic alternatives for our Pharmaceuticals business; (2) our reliance on third parties (including our customers and licensees) and their failure to successfully develop, obtain regulatory approval for, market and sell products incorporating our technologies may adversely affect our business operations, our ability to realize the full potential of our pipeline, and our ability to achieve our corporate goals; and (3) the factors identified under "Risk Factors" in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended September 30, 2010, and updated in our subsequent reports filed with the SEC. These reports are available in the Investors section of our website at www.surmodics.com and at the SEC website at www.sec.gov. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them in light of new information or future events.

Use of Non-GAAP Financial Information
In addition to reporting financial results in accordance with generally accepted accounting principles, or GAAP, SurModics is reporting non-GAAP financial results including non-GAAP revenue, non-GAAP operating income, non-GAAP net income and non-GAAP diluted net income per share. We believe that these non-GAAP measures provide meaningful insight into our operating performance excluding certain event-specific charges, and provide an alternative perspective of our results of operations. We use non-GAAP measures, including those set forth in this release, to assess our operating performance and to determine payout under our executive compensation programs. We believe that presentation of certain non-GAAP measures allows investors to review our results of operations from the same perspective as management and our board of directors and facilitates comparisons of our current results of operations. The method we use to produce non-GAAP results is not in accordance with GAAP and may differ from the methods used by other companies. Non-GAAP results should not be regarded as a substitute for corresponding GAAP measures but instead should be utilized as a supplemental measure of operating performance in evaluating our business. Non-GAAP measures do have limitations in that they do not reflect certain items that may have a material impact upon our reported financial results. As such, these non-GAAP measures presented should be viewed in conjunction with both our financial statements prepared in accordance with GAAP and the reconciliation of the supplemental non-GAAP financial measures to the comparable GAAP results provided for the specific periods presented, which are attached to this release.

CONTACT:
SurModics, Inc.
Phil Ankeny, Senior Vice President and Chief Financial Officer, 952-500-7000