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 (SILK) reported strong financial results for Q4 and the full year 2021, achieving a record revenue of $101.5 million, up 35% from 2020. Q4 revenue reached $28.3 million, a 34% increase year-over-year. Gross profit for the year was $76.0 million, with a gross margin improving to 74.9%. Operating expenses rose to $123.5 million, leading to a net loss of $49.8 million. For 2022, the company projects revenue between $126 million and $132 million.
Silk Road Medical (NASDAQ: SILK) announced it will report its fourth quarter and full year 2021 financial results after market close on February 24, 2022. A conference call will follow at 1:30 PM PT / 4:30 PM ET. Investors can join the call by dialing (844) 883-3861 or (574) 990-9820 for international callers, using conference ID: 2046067. This session will provide insights into the company's strategies and financial performance in stroke risk reduction through its innovative TransCarotid Artery Revascularization (TCAR) procedure.
Silk Road Medical (Nasdaq: SILK) will participate in the 11th Annual SVB Leerink Global Healthcare Conference on February 16, 2022. The management team is scheduled for a fireside chat at 1:40 p.m. ET. Interested stakeholders can access the live and archived webcast through the Investors section of their website. Silk Road Medical is committed to reducing stroke risks through innovative treatments like TransCarotid Artery Revascularization (TCAR), which merges neuroprotection with minimally invasive techniques.
Silk Road Medical (NASDAQ: SILK) announced its participation in the 40th Annual J.P. Morgan Healthcare Conference, scheduled for January 12, 2022, at 3:45 p.m. ET. The presentation will focus on the company’s innovative approach to reducing stroke risk, specifically through its TransCarotid Artery Revascularization (TCAR) procedure. Interested parties can access the live and archived webcast via the company’s Investors section on its website. The company aims to improve patient outcomes through advanced clinical techniques.
Silk Road Medical (Nasdaq: SILK) announced its participation in the Piper Sandler 33rd Annual Virtual Healthcare Conference on November 10, 2021. The company focuses on reducing stroke risk through its innovative TransCarotid Artery Revascularization (TCAR) procedure. A recording of the presentation will be available online starting November 22, 2021, at 10:00 a.m. Eastern Time. Interested parties can access it through the company’s website. Silk Road Medical is dedicated to improving patient outcomes by addressing carotid artery disease.
Silk Road Medical reported a 23% revenue increase for Q3 2021, totaling $24.7 million, compared to $20.1 million in Q3 2020. Gross profit also rose to $18.6 million with a gross margin of 75%. However, operating expenses surged by 33% to $31.9 million, leading to a net loss of $13.9 million or $0.40 per share. The company now projects full-year revenue between $99 million and $102 million, reflecting an anticipated growth of 32% to 36% despite challenges posed by the COVID-19 delta variant.
Silk Road Medical, a leader in stroke risk reduction technologies, will participate in the Stifel 2021 Virtual Healthcare Conference on November 16, 2021, at 1:20 p.m. ET. The event will feature a fireside chat showcasing the company’s pioneering TransCarotid Artery Revascularization (TCAR) procedure, which combines surgical principles and minimally invasive techniques to treat carotid artery disease. Interested parties can access the live and archived webcast via the company’s website.
For more information, visit www.silkroadmed.com.
Silk Road Medical, Inc. (NASDAQ: SILK), focused on reducing stroke risk, will report its third quarter 2021 financial results on November 9, 2021, after market close. A conference call for investors will follow at 1:30 p.m. PT (4:30 p.m. ET). Interested listeners can join by dialing (844) 883-3861 domestically or (574) 990-9820 internationally, using conference ID: 3998078. Silk Road Medical is pioneering TransCarotid Artery Revascularization (TCAR) for carotid artery disease treatment, combining surgical neuroprotection with minimally invasive techniques.
Silk Road Medical (Nasdaq: SILK) will participate in a fireside chat at the Morgan Stanley 19th Annual Global Healthcare Conference on September 14, 2021, at 2:00 p.m. Eastern Time. The event will focus on the company's innovative approach to reducing stroke risk through its TransCarotid Artery Revascularization (TCAR) procedure. Interested parties can access a live and archived webcast via the company’s Investors section online. For more details, visit their website.
Silk Road Medical (NASDAQ: SILK) announced positive findings from a large-scale analysis on Transcarotid Artery Revascularization (TCAR) presented at the Society for Vascular Surgery 2021 Vascular Annual Meeting. The study involved over 20,000 patients, revealing that TCAR achieved similar stroke and death rates compared to carotid endarterectomy (CEA), but with a significant ninefold reduction in cranial nerve injury (CNI) incidents (0.3% vs 2.7%, p=<0.001). These results highlight the effectiveness of TCAR as a less invasive treatment option for carotid artery disease.
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