Welcome to our dedicated page for Silk Road Medical news (Ticker: SILK), a resource for investors and traders seeking the latest updates and insights on Silk Road Medical stock.
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, a company dedicated to reducing stroke risks, will participate in the Morgan Stanley 20th Annual Global Healthcare Conference in New York. The presentation is scheduled for September 13, 2022, at 12:55 p.m. Eastern Time. Interested parties can access the live and archived webcast on the company's website. Silk Road Medical specializes in a pioneering procedure known as TransCarotid Artery Revascularization (TCAR), which combines surgical and endovascular techniques to treat carotid artery blockages effectively.
Silk Road Medical, Inc. (Nasdaq: SILK) reported Q2 2022 revenue of $33.2 million, a 25% increase year-over-year, driven by higher TCAR adoption. Gross profit rose to $24.2 million, though gross margin slightly decreased to 73% due to manufacturing expansion costs. Operating expenses increased by 29% to $38.4 million, leading to a net loss of $15.4 million, or $0.44 per share. The company has $108.9 million in cash and projects 2022 revenue between $128 million and $133 million, reflecting 26% to 31% growth.
Silk Road Medical (Nasdaq: SILK) will report its second quarter 2022 financial results on July 26, 2022, after market close. An audio webcast will follow at 1:30 p.m. PT / 4:30 p.m. ET. The company focuses on reducing stroke risk with its TransCarotid Artery Revascularization (TCAR) procedure, which combines neuroprotection and minimally invasive techniques. For more details, visit their website or register for the event online.
Silk Road Medical (Nasdaq: SILK) announced a prospective study, ROADSTER 3, to evaluate the TCAR® system for carotid artery disease in standard surgical risk patients. This post-market study fulfills FDA conditions for the ENROUTE® Transcarotid Stent System's expanded labeling. Targeting 400 patients across 50 sites, it aims to assess safety and efficacy through primary endpoints like major adverse events within 30 days post-procedure. The study showcases the company's commitment to less invasive treatment options, with leading vascular surgeons overseeing the research.
Silk Road Medical (NASDAQ: SILK) announced an expansion of CMS coverage for its TCAR system, now including standard surgical risk patients in the TCAR Surveillance Project. This decision follows recent FDA approval for expanded indications of the ENROUTE Transcarotid Stent System. The TCAR procedure, which has seen over 45,000 applications, aims to reduce stroke risk through a minimally invasive approach. This coverage expansion offers significant benefits for carotid artery disease patients, improving access to a reliable treatment option.
Silk Road Medical (NASDAQ: SILK) has secured a new five-year loan arrangement with Oxford Finance, amounting to up to $200 million in term loans and $50 million in revolving credit. This financing increases the company's total available liquidity to approximately $340 million. The term loan features a 5.85% interest rate and allows for additional funding tranches based on revenue generation. Silk Road aims to utilize these funds to bolster growth and advance its TransCarotid Artery Revascularization (TCAR) procedure, enhancing stroke prevention efforts.
Silk Road Medical (Nasdaq: SILK) reported a 27% increase in revenue for Q1 2022, totaling $28.0 million, driven by TCAR adoption. Gross profit rose to $19.4 million, though gross margin decreased to 69% due to COVID-19 impacts and manufacturing costs. Operating expenses surged 33% to $35.4 million, leading to a net loss of $16.7 million or $0.48 per share. The company projects full-year revenue between $127 million and $132 million, reflecting 25%-30% growth.
Silk Road Medical (NASDAQ: SILK) announced FDA approval for expanded indications of its ENROUTE stent, now available for patients at standard risk for complications from carotid endarterectomy (CEA). This marks a significant advancement, as the stent is the first to demonstrate non-inferiority in stroke and death rates compared to CEA, while reducing cranial nerve injury risk by ninefold (2.7% vs. 0.3%). This approval opens access for a broader patient demographic to the less invasive TransCarotid Artery Revascularization (TCAR) procedure, aiming to improve stroke treatment outcomes.
Silk Road Medical (Nasdaq: SILK), dedicated to decreasing stroke risk, will participate in the BofA Securities 2022 Healthcare Conference. The presentation is scheduled for May 11, 2022, at 5:20 p.m. PT. Interested individuals can access the live and archived webcast through the company's investors' section. The company is recognized for its innovative TransCarotid Artery Revascularization (TCAR) procedure, which aims to treat carotid artery disease and enhance patient outcomes.
Silk Road Medical, Inc. (NASDAQ: SILK), a company devoted to minimizing stroke risks, will announce its financial results for Q1 2022 on May 4, 2022, post-market. Following this, management will hold a conference call at 1:30 p.m. PT to discuss the results. Investors can join the call by dialing (844) 883-3861 (domestic) or (574) 990-9820 (international) using the conference ID: 4767756. The event will also be available via a live and archived webcast on the company's investor relations page.
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