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 (Nasdaq: SILK) announced positive findings from a comparative-effectiveness study published in JAMA Network Open. The study, involving 86,027 patients, revealed that hospitals offering TransCarotid Artery Revascularization (TCAR) significantly reduced major adverse cardiovascular events (MACE) compared to those performing carotid endarterectomy (CEA). Notably, TCAR use increased over five years, with a 24-fold rise in procedures. Centers adopting TCAR experienced a 10% reduction in MACE at 12 months, highlighting its potential to enhance patient outcomes in carotid artery treatments.
Silk Road Medical, Inc. (NASDAQ: SILK) announced it will report its financial results for Q4 and full year 2020 on March 1, 2021, after market close. A conference call will follow at 1:30 p.m. PT / 4:30 p.m. ET, accessible via phone and webcast. Silk Road Medical specializes in reducing stroke risks with its TransCarotid Artery Revascularization (TCAR) procedure, aimed at treating carotid artery blockages. Investors can find additional information on the company’s website and through investor relations contacts.
Silk Road Medical, Inc. (NASDAQ: SILK) announced its participation in the 39th Annual J.P. Morgan Healthcare Conference. Management is set to present on January 12, 2021, at 11:40 a.m. Eastern Time. The live and archived webcast can be accessed in the 'Investors' section on their website. Silk Road Medical is dedicated to reducing stroke risks, notably through their flagship procedure, TransCarotid Artery Revascularization (TCAR), which effectively treats carotid artery blockages.
Silk Road Medical (NASDAQ: SILK) has appointed Kevin Ballinger to its Board of Directors, effective immediately, while Ruoxi Chen has resigned. Ballinger, the CEO of Aldevron and a former executive at Boston Scientific, brings extensive experience in the medical device industry, particularly in interventional cardiology. Under his leadership, Boston Scientific's cardiology division grew to a $3 billion global business. The company aims for significant growth with Ballinger's strategic expertise as it continues to innovate in carotid artery disease treatment.
Silk Road Medical (SILK) reported Q3 2020 revenues of $20.1 million, an 18% increase from the prior year, driven by a commitment to stroke risk reduction. Gross profit rose to $14.6 million, although gross margin decreased to 73% from 76% due to COVID-19 impacts and production variances. Operating expenses increased by 18% to $23.9 million, leading to a net loss of $10.3 million or $0.31 per share, compared to a loss of $8.0 million or $0.26 per share year-over-year. The company is cautious about providing 2020 guidance due to pandemic uncertainty.
Silk Road Medical (Nasdaq: SILK) announced its participation in the Stifel 2020 Virtual Healthcare Conference on November 17, 2020, at 3:20 p.m. Eastern Time. The company aims to reduce stroke risks through its TransCarotid Artery Revascularization (TCAR) procedure, which addresses carotid artery blockages. Interested individuals can access the live or archived webcast of the presentation through the company's website. This event highlights Silk Road Medical's commitment to improving patient outcomes and enhancing clinical practices.
Silk Road Medical, Inc. (NASDAQ: SILK) announced it will release its third quarter 2020 financial results after market close on November 10, 2020. A conference call for investors will follow at 1:30 PM PT / 4:30 PM ET. Participants can join by calling (844) 883-3861 for domestic or (574) 990-9820 for international access, using conference ID 3146919. The company focuses on reducing stroke risk through its flagship TransCarotid Artery Revascularization (TCAR) procedure, which effectively treats carotid artery blockages.
Silk Road Medical, Inc. (Nasdaq: SILK) has appointed Rick Anderson, a seasoned professional with over 30 years in the medical device sector, to its board of directors. Anderson, Chairman of Revival Healthcare Capital, has previously led major companies like ConvaTec Group Plc, enhancing shareholder value through strategic growth initiatives. His extensive experience includes pioneering the first drug-eluting stent. CEO Erica Rogers expressed optimism about Anderson’s guidance in advancing the company's efforts to prevent strokes through TransCarotid Artery Revascularization (TCAR).
Silk Road Medical, Inc. (NASDAQ: SILK) is enhancing its leadership structure with two key appointments. William Whealon, Ph.D., has joined as Executive Vice President of Research and Development, effective immediately, while Lucas Buchanan, currently the CFO, will take on the additional role of Chief Operating Officer starting October 1, 2020. Dr. Whealon brings over 20 years of R&D experience and will focus on advancing pipeline programs. Buchanan will lead operations, manufacturing, and strategic initiatives, aiming for operational excellence as the company scales its business.
Silk Road Medical, Inc. (Nasdaq: SILK) announced positive results from the TransCarotid Artery Revascularization (TCAR) Surveillance Project, published in the Annals of Surgery. The study demonstrated lower rates of in-hospital complications such as myocardial infarction (0.5% for TCAR vs. 0.9% for carotid endarterectomy) and cranial nerve injury (0.4% vs. 2.7%). Outcome rates for in-hospital stroke and death were similar between the two procedures (1.6%). These findings may enhance TCAR's role in treating carotid artery stenosis, as stated by CEO Erica Rogers, supporting its adoption as the standard of care.
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