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 impressive financial results for Q2 2021, with revenue rising to $26.5 million, a 75% increase compared to Q2 2020. The gross profit also surged to $19.9 million, resulting in a gross margin of 75%. Despite a net loss of $10.5 million, operating expenses rose 56% to $29.8 million, primarily due to increased personnel and commercialization efforts. The company revised its 2021 revenue guidance, projecting $104 million to $109 million, which represents 38% to 45% growth over 2020.
Silk Road Medical (Nasdaq: SILK) has appointed Dr. Tanisha Carino to its Board of Directors, effective July 26, 2021. Dr. Carino, a health policy expert with over 20 years of experience, was previously the Chief Corporate Affairs Officer at Alexion, now part of AstraZeneca. She has also held leadership roles at FasterCures and GlaxoSmithKline. Silk Road Medical focuses on reducing stroke risk through innovative treatments for carotid artery disease. Dr. Carino’s appointment is expected to enhance the company’s strategic direction in new therapies and market expansion.
Silk Road Medical (NASDAQ: SILK) will report its second quarter 2021 financial results on July 29, 2021, after market close. A conference call will follow at 1:30 PM PT / 4:30 PM ET, providing an opportunity for investors to engage. Interested parties can join by dialing (844) 883-3861 for domestic or (574) 990-9820 for international calls, with ID 8730669. The event will also be available via a live and archived webcast. The company specializes in reducing stroke risks through its TransCarotid Artery Revascularization procedure, aimed at treating carotid artery blockages.
Silk Road Medical, Inc. (NASDAQ: SILK) announced that significant data regarding treatment options for atherosclerotic carotid disease will be presented at the Society for Vascular Surgery's 2021 Vascular Annual Meeting from August 18-21 in San Diego. Dr. Patric Liang will present a large-scale retrospective analysis showing that Transcarotid Artery Revascularization (TCAR) has equivalent perioperative risks compared to carotid endarterectomy (CEA) in standard risk patients. The study included nearly 20,000 patients and highlights TCAR as a viable less invasive treatment option.
Silk Road Medical (NASDAQ: SILK) has announced the opening of a new office in Plymouth, Minnesota, in response to the growing demand for TransCarotid Artery Revascularization (TCAR) procedures. This expansion aims to enhance operational capabilities and access local talent, contributing to significant job growth. Silk Road's new facility in Medical Alley complements its existing presence in Silicon Valley and focuses on stroke prevention technology. Additionally, the company has received recognition as a Great Place to Work with 95% employee satisfaction.
Silk Road Medical (SILK) reported its Q1 2021 financial results, showcasing a revenue increase of 16% to $22.1 million compared to Q1 2020. The gross profit rose to $16.5 million, marking a gross margin improvement to 75% from 72%. Operating expenses surged by 17% to $26.7 million, largely due to increased personnel and commercialization costs. The net loss for Q1 2021 was $10.7 million, slightly higher than Q1 2020. The company maintains a strong cash position with $136.1 million. Full-year revenue guidance is projected between $103 million and $108 million, up from prior expectations.
Silk Road Medical (Nasdaq: SILK), based in Sunnyvale, California, announced its participation in the BofA Securities 2021 Virtual Health Care Conference. The management will present on May 12, 2021, at 11:00 a.m. ET. Interested individuals can access a live and archived webcast on the company's website. Silk Road Medical focuses on reducing stroke risks through innovative medical devices and has developed the TransCarotid Artery Revascularization (TCAR) procedure for carotid artery disease. For more information, visit silkroadmed.com.
Silk Road Medical (Nasdaq: SILK) has announced it will disclose its financial results for Q1 2021 on May 4, 2021, after the market closes. A conference call will follow at 1:30 p.m. PT (4:30 p.m. ET) to discuss the results. Investors can join the call by dialing (844) 883-3861 domestically or (574) 990-9820 internationally, using conference ID: 9973707. Silk Road Medical focuses on reducing stroke risk through its flagship procedure, TransCarotid Artery Revascularization (TCAR), designed to treat carotid artery blockages.
Silk Road Medical (NASDAQ: SILK) announced the appointment of William Hill as General Counsel on April 15, 2021. Hill brings extensive experience from over 14 years as General Counsel at Natus Medical, managing various legal issues including risk management and compliance. His role will include overseeing legal matters as Silk Road continues to advance its innovative TransCarotid Artery Revascularization (TCAR) therapies. CEO Erica Rogers expressed confidence in Hill's expertise to support their mission in stroke risk reduction.
Silk Road Medical reported a 19% increase in revenue for 2020, totaling $75.2 million, driven by growing adoption of its ENROUTE Transcarotid Stent System, despite COVID-19 impacts. The company submitted a PMA supplement to the FDA to expand treatment indications to standard surgical risk patients. Operating expenses rose by 28% to $96.8 million, primarily due to growth in personnel and commercialization efforts. The net loss for 2020 was $47.4 million, an improvement from the previous year's loss of $52.4 million. For 2021, revenue guidance is projected between $102 million and $108 million.
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