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), dedicated to stroke risk reduction, announced participation in the Morgan Stanley 2020 Healthcare Conference on September 18 at 11:45 a.m. Eastern Time. The event will feature a live webcast accessible via the company's Investors section. Silk Road Medical’s flagship treatment, the TransCarotid Artery Revascularization (TCAR), effectively addresses carotid artery blockages, aiming for better patient outcomes.
Silk Road Medical (SILK) reported second-quarter 2020 revenues of $15.1 million, a 1% increase year-over-year, although underlying revenue declined by 8%. The company faced significant challenges due to COVID-19, with procedure volumes hitting lows in April before recovering in May and June. Gross profit fell to $9.8 million with a gross margin of 65%, down from 75% in the prior year. Operating expenses rose by 11% to $19.2 million, contributing to a net loss of $10.4 million. The company's cash position remains strong at $157.9 million.
Silk Road Medical, Inc. (NASDAQ: SILK) will release its Q2 2020 financial results on August 5, 2020, after market close. Management will hold a conference call at 2:00 p.m. PT to discuss the results. Investors can participate by calling (844) 883-3861 domestically or (574) 990-9820 internationally, using conference ID: 3681776. A live and archived webcast will be available on the company’s investor relations website. Silk Road focuses on reducing stroke risk through its flagship TransCarotid Artery Revascularization (TCAR) procedure.
Silk Road Medical (NASDAQ: SILK) has announced the promotion of Andrew Davis to Chief Commercial Officer. Davis, who joined the company in 2015, has driven significant growth, leading to over $125 million in cumulative revenue and expanding the sales team to over 100 members. His new role will involve overseeing global commercialization efforts and setting strategic goals for the company. With over 20 years of experience, Davis previously held leadership roles at Acelity and Medtronic, underscoring his capabilities to advance Silk Road Medical's market presence.
Silk Road Medical (Nasdaq: SILK) announced the release of a clinical competence statement on training for TransCarotid Artery Revascularization (TCAR), published in the Journal of Vascular Surgery. The statement includes three credentialing pathways for physicians to safely perform TCAR, aligning with Silk Road's training program. As of December 31, 2019, over 1,440 physicians have completed their training. The updated guidelines emphasize TCAR's safety, with low stroke and death rates shown in recent studies, underscoring its broad applicability in clinical practice.
Silk Road Medical (NASDAQ: SILK) announced a public offering of 6,808,154 shares, with underwriters fully exercising their option to buy an additional 1,021,223 shares at $39.00 each. The offering, managed by J.P. Morgan and BofA Securities, followed an automatic shelf registration effective May 5, 2020. Silk Road Medical did not receive proceeds from the additional shares sold by securityholders. The company specializes in reducing stroke risk, with its key procedure, TransCarotid Artery Revascularization (TCAR), clinically proven to treat carotid artery blockages.
Silk Road Medical (Nasdaq: SILK) announced the closing of a public offering of 6,808,154 shares at a price of $39.00 per share, generating approximately $75 million in gross proceeds. Of these, 1,923,076 shares were sold by the company, while 4,885,078 shares were offered by selling stockholders. Additionally, underwriters have a 30-day option to purchase an extra 1,021,223 shares. The offering was made under an automatic shelf registration effective May 5, 2020, with J.P. Morgan and BofA Securities as joint book-running managers.
Silk Road Medical (Nasdaq: SILK) has announced a public offering of 6,808,154 shares at a price of $39.00 per share, targeting approximately $75 million in gross proceeds. Of the shares, 1,923,076 are being sold by the company and 4,885,078 by selling securityholders. An additional 1,021,223 shares may be purchased by underwriters. Proceeds will fund sales force expansion, research, clinical trials, and general corporate purposes. The offering is set to close on May 8, 2020, pending closing conditions.
Silk Road Medical, Inc. (NASDAQ: SILK) announced a proposed underwritten public offering of $100 million in common stock, with $75 million from the company and $25 million from selling securityholders. The underwriters have a 30-day option to purchase an additional 15% of the shares. Proceeds will primarily fund sales force expansion, R&D activities, and international growth. There are no current agreements for acquisitions or debt repayment. This offering is under an automatic shelf registration effective May 5, 2020.
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