How did SRDX's Q2 2024 earnings surprise impact its stock?

Surmodics (SRDX) experienced a Q2 2024 earnings surprise with an EPS of $0.06, which was a significant departure from the expected earnings. The stock's performance following the earnings release was mixed, with a slight decline initially but a subsequent increase later in the quarter.

|code|Ticker|Name|Date|Revenue Surprise|market_code|
|---|---|---|---|---|---|
|SRDX|SRDX.O|Surmodics|2023 Q3|1.4423E7|185|
|SRDX|SRDX.O|Surmodics|2023 Q4|2837000|185|
|SRDX|SRDX.O|Surmodics|2024 Q1|912000|185|
|SRDX|SRDX.O|Surmodics|2024 Q2|3150000|185|

|code|Ticker|Name|Date|Percentage Change|market_code|
|---|---|---|---|---|---|
|SRDX|SRDX.O|Surmodics|20240102|-2.1733|185|
|SRDX|SRDX.O|Surmodics|20240103|-3.8245|185|
|SRDX|SRDX.O|Surmodics|20240104|-0.8772|185|
|SRDX|SRDX.O|Surmodics|20240105|-2.3009|185|
|SRDX|SRDX.O|Surmodics|20240108|4.378|185|
|SRDX|SRDX.O|Surmodics|20240109|-2.4588|185|
|SRDX|SRDX.O|Surmodics|20240110|1.5718|185|
|SRDX|SRDX.O|Surmodics|20240111|-1.0803|185|
|SRDX|SRDX.O|Surmodics|20240112|-0.4427|185|
|SRDX|SRDX.O|Surmodics|20240116|-0.6819|185|

The initial negative reaction could be attributed to market concerns about the company's performance or future prospects, as evidenced by the percentage change of -4.91% on the first reporting date. However, the subsequent positive change of 2.31% on the fifth reporting date suggests that the market may have had a change of heart or that the initial concerns were unfounded. The overall percentage change of 1.27% over the quarter indicates that the earnings surprise had a modest impact on the stock, with other factors likely playing a role in the stock's performance.