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Silk Road Medical, Inc. (NASDAQ: SILK) is revolutionizing the treatment of carotid artery disease through innovative medical devices and procedures. Located in Sunnyvale, California, and Plymouth, Minnesota, the company is dedicated to reducing the risk of stroke—a leading cause of disability and death worldwide. Silk Road Medical has developed the groundbreaking TransCarotid Artery Revascularization (TCAR) procedure, a minimally invasive technique that combines surgical principles of neuroprotection with advanced endovascular methods to treat carotid artery blockages. With over 85,000 TCAR procedures performed in the United States by the end of 2023, the company is rapidly replacing traditional surgical methods and improving patient outcomes.
Silk Road Medical’s core products include the ENROUTE® Transcarotid Neuroprotection System and the ENROUTE® Transcarotid Stent System. These devices are designed to work seamlessly with the TCAR procedure, providing high-rate blood flow reversal to protect the brain during surgery. The company’s technology has been clinically proven to lower the risks of stroke, death, and cranial nerve injury compared to traditional methods like Carotid Endarterectomy (CEA).
The company is not just focused on innovation but also on market expansion. A key recent achievement is the exclusive distribution agreement with Genesis MedTech Group to bring TCAR products to China. This partnership aims to address the high incidence of carotid artery disease in China, significantly contributing to better patient care and outcomes.
Financially, Silk Road Medical has shown robust growth. For the third quarter of 2023, the company reported a revenue of $44.4 million, a 19% increase compared to the same period in the prior year. The company projects full-year 2024 revenues to range from $194 million to $198 million, marking a 10% to 12% growth over the previous year. Despite challenges like increased operation costs and a net loss of $14.1 million in the first quarter of 2024, the company remains optimistic about its future, driven by increased TCAR adoption and new product innovations such as the NPS PLUS.
CEO Chas McKhann, with over 25 years of leadership experience in the medical device industry, is steering the company towards further innovations and market penetration. Under his leadership, Silk Road Medical is not only maintaining but expanding its commitment to delivering brighter patient outcomes through continuous learning, observation, and improvement in vascular care.
Silk Road Medical, Inc. (NASDAQ: SILK) reported robust financial results for Q4 and full year 2022. Q4 revenue reached $40.1 million, a 42% increase year-over-year, driven by heightened adoption of TCAR procedures. Full year revenue hit $138.6 million, up 37% from 2021, with a gross profit of $100.8 million. However, gross margin slightly declined to 73% due to rising manufacturing costs. The company's net loss for Q4 was $12.6 million, or $0.34 per share, an improvement from the previous year. Looking ahead, guidance for 2023 forecasts revenue between $176 million and $184 million.
Silk Road Medical (NASDAQ: SILK) announced plans to release its financial results for Q4 and the full year 2022 on February 28, 2023, after market close. Following this, management will host an audio webcast at 1:30 PM PT / 4:30 PM ET. The company specializes in reducing stroke risks through its innovative TransCarotid Artery Revascularization (TCAR) procedure, which combines surgical neuroprotection principles with minimally invasive techniques. Interested participants can register online for the conference call. For further details, visit Silk Road Medical's investor relations page.
Silk Road Medical, Inc. (NASDAQ: SILK) announced its participation in the 41st Annual J.P. Morgan Healthcare Conference. Management will present on January 10, 2023, at 4:30 p.m. PT. Interested parties can access a live and archived webcast via the company's website.
Based in Sunnyvale, California, Silk Road Medical focuses on reducing stroke risks through its innovative TransCarotid Artery Revascularization (TCAR) procedure, which treats carotid artery blockages with a minimally invasive approach.
Silk Road Medical (SILK) reported a 51% increase in Q3 2022 revenue, totaling $37.4 million, driven by growing adoption of TCAR. Gross profit reached $28.1 million with a consistent gross margin of 75%. Operating expenses rose to $37.3 million, reflecting increased personnel and investments in R&D. The net loss narrowed to $10.3 million or $0.29 per share, compared to a greater loss last year. The company expects full-year revenue between $134 million and $137 million, signifying 32% to 35% growth year-over-year.
Silk Road Medical (Nasdaq: SILK) announced its participation in upcoming investor conferences. The presentations will occur at:
- Stifel 2022 Healthcare Conference on November 15 at 10:20 a.m. Eastern Time
- 4th Annual Wolfe Research Healthcare Conference on November 16 at 1:20 p.m. Eastern Time
- 34th Annual Piper Sandler Healthcare Conference on November 30 at 3:00 p.m. Eastern Time
Webcasts of the presentations will be available in the “Investors” section of their website.
Silk Road Medical (Nasdaq: SILK) announced it will report its third quarter 2022 financial results on November 8th, 2022, after market close. A live audio webcast will follow, starting at 1:30 p.m. PT / 4:30 p.m. ET. Interested participants can register here. Silk Road Medical, based in Sunnyvale, focuses on reducing stroke risks through its TransCarotid Artery Revascularization (TCAR) procedure.
Silk Road Medical (NASDAQ: SILK) has announced a public offering of 2,325,582 shares at $43.00 each, intending to raise approximately $100 million. The underwriters have a 30-day option to purchase an additional 348,837 shares. Proceeds will support expansion of sales and operations, R&D, clinical studies, and potential facility leasing. While potential debt repayment and acquisitions are mentioned, no current agreements exist. Closing is expected on October 21, 2022, pending customary conditions.
Silk Road Medical (Nasdaq: SILK) announced preliminary financial data for Q3 2022, reporting an estimated revenue of $37.4 million, a 51% increase from $24.7 million in Q3 2021. Gross profit is estimated between $27.8 million and $28.2 million, resulting in a gross margin of 74% to 75%. Operating expenses rose to an estimated $37.2 million to $37.6 million, up 17-18% from the previous year. The estimated net loss decreased to between $10.2 million and $10.6 million, down from $13.9 million in Q3 2021. Cash reserves stand at $105.1 million.
Silk Road Medical (NASDAQ: SILK) has announced a proposed underwritten public offering of $100 million of its common stock, with an option for underwriters to purchase an additional 15% of shares sold. The offering's completion is subject to market conditions. Proceeds will be allocated to expand operations, increase R&D, and support clinical trials, with potential debt repayment and acquisitions. The offering is registered under Form S-3 with the SEC. J.P. Morgan and BofA Securities are the lead managers for this transaction.
Silk Road Medical (NASDAQ: SILK) has successfully enrolled the first patient in its ROADSTER 3 study, designed to evaluate TCAR treatment for patients with carotid artery disease at standard surgical risk. The study will include up to 400 patients across 60 sites, assessing major adverse events and other secondary endpoints. This milestone meets FDA post-approval study requirements and aims to confirm TCAR's safety and efficacy in real-world settings. The procedure, led by Dr. Animesh Rathore, marks a significant step in validating this less invasive treatment option.
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