Silk Road Medical Reports Second Quarter 2024 Financial Results
Silk Road Medical (Nasdaq: SILK) reported its Q2 2024 financial results, showing continued growth in TCAR adoption. Revenue increased by 13% to $51.2 million compared to Q2 2023. Gross profit rose to $38.5 million with a gross margin of 75%, up from 71% in the previous year. However, operating expenses increased by 20% to $55.7 million. The company reported a net loss of $16.6 million, or $0.42 per share, compared to a loss of $13.5 million, or $0.35 per share, in Q2 2023. Adjusted EBITDA loss improved to $1.1 million from $3.4 million in the prior year. Cash, cash equivalents, and investments stood at $186.2 million as of June 30, 2024. Due to the proposed acquisition by Boston Scientific, Silk Road Medical has withdrawn its full-year 2024 financial guidance.
Silk Road Medical (Nasdaq: SILK) ha riportato i risultati finanziari per il secondo trimestre del 2024, evidenziando una continua crescita nell'adozione della TCAR. I ricavi sono aumentati del 13%, raggiungendo 51,2 milioni di dollari rispetto al secondo trimestre del 2023. Il profitto lordo è salito a 38,5 milioni di dollari con un margine lordo del 75%, in aumento rispetto al 71% dell'anno precedente. Tuttavia, le spese operative sono aumentate del 20%, raggiungendo 55,7 milioni di dollari. L'azienda ha riportato una perdita netta di 16,6 milioni di dollari, ovvero 0,42 dollari per azione, rispetto a una perdita di 13,5 milioni di dollari, o 0,35 dollari per azione, nel secondo trimestre del 2023. La perdita EBITDA rettificata è migliorata a 1,1 milioni di dollari, rispetto ai 3,4 milioni di dollari dell'anno precedente. Liquidità, equivalenti di liquidità e investimenti si sono attestati a 186,2 milioni di dollari al 30 giugno 2024. A causa dell'acquisizione proposta da Boston Scientific, Silk Road Medical ha ritirato le previsioni finanziarie per l'intero anno 2024.
Silk Road Medical (Nasdaq: SILK) presentó sus resultados financieros del segundo trimestre de 2024, mostrando un continuo crecimiento en la adopción de TCAR. Los ingresos aumentaron un 13% a 51.2 millones de dólares en comparación con el segundo trimestre de 2023. El beneficio bruto creció a 38.5 millones de dólares con un margen bruto del 75%, en comparación con el 71% del año anterior. Sin embargo, los gastos operativos aumentaron un 20% a 55.7 millones de dólares. La compañía reportó una pérdida neta de 16.6 millones de dólares, o 0.42 dólares por acción, en comparación con una pérdida de 13.5 millones de dólares, o 0.35 dólares por acción, en el segundo trimestre de 2023. La pérdida de EBITDA ajustado mejoró a 1.1 millones de dólares desde 3.4 millones de dólares en el año anterior. Al 30 de junio de 2024, el efectivo, equivalentes de efectivo e inversiones alcanzaron los 186.2 millones de dólares. Debido a la adquisición propuesta por Boston Scientific, Silk Road Medical ha retirado su guía financiera para todo el año 2024.
실크 로드 메디컬(Silk Road Medical, Nasdaq: SILK)은 2024년 2분기 재무 결과를 발표하며 TCAR 채택의 지속적인 성장을 보여주었습니다. 매출은 13% 증가하여 5,120만 달러에 이르렀습니다 2023년 2분기 대비. 총 이익은 3,850만 달러로 증가했습니다 총 이익률은 75%로, 이전 해의 71%에서 상승했습니다. 그러나 운영 비용은 20% 증가하여 5,570만 달러에 도달했습니다. 이 회사는 순손실이 1,660만 달러, 즉 주당 0.42달러를 기록했다고 보고했으며, 2023년 2분기의 1,350만 달러, 즉 주당 0.35달러의 손실과 비교됩니다. 조정된 EBITDA 손실은 지난 해의 3,400만 달러에서 110만 달러로 개선되었습니다. 2024년 6월 30일 기준으로 현금, 현금성 자산 및 투자는 1억 8,620만 달러로 나타났습니다. 보스턴 사이언티픽의 제안된 인수로 인해 실크 로드 메디컬은 2024 회계연도 전체 재무 예측을 철회했습니다.
Silk Road Medical (Nasdaq: SILK) a annoncé ses résultats financiers pour le deuxième trimestre de 2024, montrant une croissance continue de l'adoption de la TCAR. Le chiffre d'affaires a augmenté de 13 %, atteignant 51,2 millions de dollars par rapport au deuxième trimestre de 2023. Le bénéfice brut a atteint 38,5 millions de dollars, avec une marge brute de 75 %, en hausse par rapport à 71 % l'année précédente. Cependant, les charges d'exploitation ont augmenté de 20 % pour atteindre 55,7 millions de dollars. L'entreprise a enregistré une perte nette de 16,6 millions de dollars, soit 0,42 dollar par action, contre une perte de 13,5 millions de dollars, soit 0,35 dollar par action, au deuxième trimestre 2023. La perte d'EBITDA ajusté s'est améliorée à 1,1 million de dollars, contre 3,4 millions de dollars l'année précédente. À la date du 30 juin 2024, la trésorerie, les équivalents de trésorerie et les investissements s'élevaient à 186,2 millions de dollars. En raison de l'acquisition proposée par Boston Scientific, Silk Road Medical a retiré ses prévisions financières pour l'année 2024.
Silk Road Medical (Nasdaq: SILK) hat seine finanziellen Ergebnisse für das zweite Quartal 2024 bekannt gegeben und dabei ein fortgesetztes Wachstum bei der TCAR-Annahme gezeigt. Der Umsatz stieg um 13% auf 51,2 Millionen US-Dollar im Vergleich zum zweiten Quartal 2023. Der Bruttogewinn stieg auf 38,5 Millionen US-Dollar mit einer Bruttomarge von 75%, gegenüber 71% im Vorjahr. Die Betriebskosten erhöhten sich jedoch um 20% auf 55,7 Millionen US-Dollar. Das Unternehmen berichtete von einem Nettoverlust von 16,6 Millionen US-Dollar, oder 0,42 US-Dollar pro Aktie, im Vergleich zu einem Verlust von 13,5 Millionen US-Dollar, oder 0,35 US-Dollar pro Aktie, im zweiten Quartal 2023. Der angepasste EBITDA-Verlust verbesserte sich auf 1,1 Millionen US-Dollar, von 3,4 Millionen US-Dollar im Vorjahr. Zum 30. Juni 2024 belief sich die Bar- und Zahlungsmitteläquivalente sowie Investitionen auf 186,2 Millionen US-Dollar. Aufgrund der vorgeschlagenen Übernahme durch Boston Scientific hat Silk Road Medical seine Finanzprognose für das Gesamtjahr 2024 zurückgezogen.
- Revenue increased by 13% year-over-year to $51.2 million
- Gross profit improved to $38.5 million with a higher gross margin of 75%
- Adjusted EBITDA loss reduced to $1.1 million from $3.4 million in Q2 2023
- Cash, cash equivalents, and investments remained strong at $186.2 million
- Net loss increased to $16.6 million from $13.5 million in Q2 2023
- Operating expenses rose by 20% year-over-year to $55.7 million
- Loss per share increased to $0.42 from $0.35 in the prior year
- Full-year 2024 financial guidance withdrawn due to proposed acquisition
Insights
Silk Road Medical's Q2 2024 results show mixed signals. Revenue grew
The improved Adjusted EBITDA loss of
The 13% revenue growth in Q2 2024 for Silk Road Medical's TCAR technology signals continued market penetration in the carotid artery disease treatment space. This growth, while solid, may be seen as moderate in the rapidly evolving medical device sector. The improved gross margin suggests better manufacturing efficiencies or pricing power.
The pending acquisition by Boston Scientific is a game-changer. It could accelerate TCAR adoption through BSX's extensive sales network and R&D capabilities. However, investors should watch for potential integration challenges and how this might affect TCAR's market position against competing technologies. The deal also validates TCAR's potential in the broader stroke prevention market, potentially leading to increased investor confidence in this approach.
Silk Road Medical's Q2 results reflect the growing acceptance of TCAR in the medical community. The
The Boston Scientific acquisition could be a catalyst for accelerated growth. BSX's global presence and resources could significantly expand TCAR's reach. However, it's essential to monitor how this integration affects Silk Road's innovative culture and product development pipeline. The withdrawal of 2024 guidance adds short-term uncertainty but could lead to more ambitious targets post-acquisition, potentially reshaping the carotid artery disease treatment market.
SUNNYVALE, Calif., Aug. 07, 2024 (GLOBE NEWSWIRE) -- Silk Road Medical, Inc. (Nasdaq: SILK), a company focused on reducing the risk of stroke and its devastating impact, today reported financial results for the three months ended June 30, 2024.
“Our solid second quarter performance demonstrates continued TCAR adoption and growth driven by the unwavering dedication of our team,” said Chas McKhann, CEO of Silk Road Medical. “We look forward to continuing our mission as part of Boston Scientific and, together, expanding patient access to our minimally invasive approach to stroke prevention.”
Second Quarter 2024 Financial Results
Revenue for the second quarter of 2024 was
Gross profit for the second quarter of 2024 was
Operating expenses were
Net loss was
Adjusted EBITDA was a loss of
Cash, cash equivalents and investments were
2024 Financial Guidance
Given the proposed acquisition of Silk Road Medical by Boston Scientific Corporation (NYSE: BSX), the Company is withdrawing its prior full year 2024 financial guidance.
About Silk Road Medical
Silk Road Medical, Inc. (NASDAQ: SILK), is a medical device company located in Sunnyvale, California, and Plymouth, Minnesota, that is focused on reducing the risk of stroke and its devastating impact. The company has pioneered a new approach for the treatment of carotid artery disease called TransCarotid Artery Revascularization (TCAR). TCAR is a clinically proven procedure combining surgical principles of neuroprotection with minimally invasive endovascular techniques to treat blockages in the carotid artery at risk of causing a stroke. For more information on how Silk Road Medical is delivering brighter patient outcomes through brighter clinical thinking, visit www.silkroadmed.com and connect on X, LinkedIn and Facebook.
Forward-Looking Statements
Statements contained in this press release that relate to future, not past, events are forward-looking statements under the Private Securities Litigation Reform Act of 1995, including Silk Road Medical’s financial guidance and statements related to the future opportunity of its business. Forward-looking statements are based on current expectations of future events and often can be identified by words such as “expect,” “should,” “project,” “anticipate,” “intend,” “will,” “can,” “may,” “believe,” “could,” “continue,” “outlook,” “guidance,” “future,” other words of similar meaning or the use of future dates. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Risks and uncertainties may cause Silk Road Medical’s actual results to be materially different than those expressed in or implied by Silk Road Medical’s forward-looking statements. For Silk Road Medical, such risks and uncertainties include, among others, risks and uncertainties relating to the Company’s proposed merger with Boston Scientific Corporation, including without limitation the risk that the merger may not be completed on the anticipated timeline or at all or the effect of the announcement or pendency of the merger on the Company’s business relationships, operating results and business generally and ability to retain and hire key personnel and maintain relationships with key business partners, customers and others with whom it does business; future operating results and financial performance; the Company’s success in retaining and recruiting key personnel; the ability to continue to grow the business and expand the use of TCAR; the ability to obtain an adequate supply of materials and components from its third-party suppliers; product development plans and the ability to commercialize new products in a timely manner; the success of current clinical trials; plans to conduct further clinical trials; the ability to obtain additional indications or new regulatory approvals or clearances for its products; market acceptance and use of its products by physicians; the ability to grow and leverage its commercialization infrastructure; the effect of increased competition; the effect of economic conditions and COVID-19 or similar pandemics on its business; government and third-party payer coverage and reimbursement and the ability to obtain and maintain intellectual property protection for its products. More detailed information on these and other factors that could affect Silk Road Medical’s actual results are described in its filings with the U.S. Securities and Exchange Commission, including its quarterly report on Form 10-Q filed with the Securities and Exchange Commission on August 7, 2024. Silk Road Medical undertakes no obligation to update its forward-looking statements.
Use of Non-GAAP Financial Measures
To supplement its financial statements prepared in accordance with U.S. generally accepted accounting principles (GAAP), Silk Road Medical uses adjusted EBITDA, which is a non-GAAP financial measure, in this press release. A reconciliation of non-GAAP adjusted EBITDA to GAAP net loss, which is the most directly comparable GAAP financial measure, is provided in the financial statement tables included in this press release, and investors are encouraged to review the reconciliation. Non-GAAP adjusted EBITDA is calculated by adding back to net loss or excluding, as appropriate, interest income and expense, provision for income taxes, and charges for depreciation and amortization and is further adjusted by adding back in or excluding, as appropriate, other income and expense, stock-based compensation and acquisition-related costs. Silk Road Medical believes the presentation of adjusted EBITDA provides useful information to investors as it provides visibility to its underlying continuing operating performance from period to period by excluding the impact of certain items that are non-cash or non-recurring in nature or not related to its core business operations. Adjusted EBITDA is also frequently used by analysts, investors and other interested parties to evaluate companies in the same industry. Management uses adjusted EBITDA internally for evaluation of the performance of its business, including the allocation of resources.
Silk Road Medical’s definition of adjusted EBITDA may differ from similarly titled measures used by others. Adjusted EBITDA should be considered only as a supplement to, and not as a substitute for, or superior to, net income or loss prepared in accordance with GAAP. Because adjusted EBITDA excludes the effect of items that increase or decrease Silk Road Medical’s reported results of operations, management strongly encourages investors to review, when they become available, its financial statements and publicly filed SEC reports in their entirety.
Investor Contact:
Marissa Bych
Gilmartin Group
investors@silkroadmed.com
Media:
Michael Fanucchi
Silk Road Medical
mfanucchi@silkroadmed.com
| SILK ROAD MEDICAL, INC. | |||||||||||||||
| Statements of Operations Data | |||||||||||||||
| (unaudited, in thousands, except share and per share data) | |||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||
| June 30, | June 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenue | $ | 51,242 | $ | 45,298 | $ | 99,726 | $ | 85,429 | |||||||
| Cost of goods sold | 12,736 | 13,004 | 24,719 | 25,530 | |||||||||||
| Gross profit | 38,506 | 32,294 | 75,007 | 59,899 | |||||||||||
| Operating expenses: | |||||||||||||||
| Research and development | 11,883 | 10,780 | 22,543 | 21,213 | |||||||||||
| Selling, general and administrative | 43,818 | 35,830 | 84,593 | 69,913 | |||||||||||
| Total operating expenses | 55,701 | 46,610 | 107,136 | 91,126 | |||||||||||
| Loss from operations | (17,195 | ) | (14,316 | ) | (32,129 | ) | (31,227 | ) | |||||||
| Interest income | 2,321 | 2,434 | 4,792 | 4,721 | |||||||||||
| Interest expense | (1,725 | ) | (1,712 | ) | (3,445 | ) | (3,405 | ) | |||||||
| Other income (expense), net | (4 | ) | 110 | 43 | (33 | ) | |||||||||
| Net loss | (16,603 | ) | (13,484 | ) | (30,739 | ) | (29,944 | ) | |||||||
| Other comprehensive loss: | |||||||||||||||
| Unrealized loss on investments, net | (105 | ) | (414 | ) | (194 | ) | (165 | ) | |||||||
| Other comprehensive income loss | (105 | ) | (414 | ) | (194 | ) | (165 | ) | |||||||
| Comprehensive loss | $ | (16,708 | ) | $ | (13,898 | ) | $ | (30,933 | ) | $ | (30,109 | ) | |||
| Net loss per share, basic and diluted | $ | (0.42 | ) | $ | (0.35 | ) | $ | (0.78 | ) | $ | (0.77 | ) | |||
| Weighted average common shares used to compute net loss per share, basic and diluted | 39,620,888 | 38,765,166 | 39,441,192 | 38,649,327 | |||||||||||
| SILK ROAD MEDICAL, INC. | |||||||||||||
| Balance Sheets Data | |||||||||||||
| (unaudited, in thousands) | |||||||||||||
| June 30, 2024 | December 31, 2023 | ||||||||||||
| Assets | |||||||||||||
| Current assets | |||||||||||||
| Cash and cash equivalents | $ | 22,639 | $ | 20,210 | |||||||||
| Short-term investments | 149,344 | 161,264 | |||||||||||
| Accounts receivable, net | 26,252 | 23,573 | |||||||||||
| Inventories | 29,682 | 29,876 | |||||||||||
| Prepaid expenses and other current assets | 13,104 | 5,912 | |||||||||||
| Total current assets | 241,021 | 240,835 | |||||||||||
| Long-term investments | 14,178 | 9,456 | |||||||||||
| Property and equipment, net | 8,381 | 8,114 | |||||||||||
| Other non-current assets | 6,227 | 6,904 | |||||||||||
| Total assets | $ | 269,807 | $ | 265,309 | |||||||||
| Liabilities and stockholders' equity | |||||||||||||
| Current liabilities | |||||||||||||
| Accounts payable | $ | 3,693 | $ | 5,676 | |||||||||
| Accrued liabilities | 27,879 | 24,607 | |||||||||||
| Total current liabilities | 31,572 | 30,283 | |||||||||||
| Long-term debt | 76,147 | 75,626 | |||||||||||
| Other liabilities | 7,404 | 8,249 | |||||||||||
| Total liabilities | 115,123 | 114,158 | |||||||||||
| Stockholders' equity | |||||||||||||
| Preferred stock, | — | — | |||||||||||
| Common stock, | 41 | 39 | |||||||||||
| Additional paid-in capital | 584,959 | 550,495 | |||||||||||
| Accumulated other comprehensive income (loss) | (122 | ) | 72 | ||||||||||
| Accumulated deficit | (430,194 | ) | (399,455 | ) | |||||||||
| Total stockholders' equity | 154,684 | 151,151 | |||||||||||
| Total liabilities and stockholders' equity | $ | 269,807 | $ | 265,309 | |||||||||
| SILK ROAD MEDICAL, INC. | ||||||||||||||||
| Reconciliation of GAAP Net Loss to Adjusted EBITDA | ||||||||||||||||
| (unaudited, in thousands) | ||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| GAAP Net Loss | $ | (16,603 | ) | $ | (13,484 | ) | $ | (30,739 | ) | $ | (29,944 | ) | ||||
| Non-GAAP Adjustments: | ||||||||||||||||
| Interest (income) expense, net | (596 | ) | (722 | ) | (1,347 | ) | (1,316 | ) | ||||||||
| Depreciation and amortization | 665 | 685 | 1,309 | 1,384 | ||||||||||||
| Other (income) expense, net | 4 | (110 | ) | (43 | ) | 33 | ||||||||||
| Stock-based compensation expense | 11,040 | 10,198 | 21,399 | 19,037 | ||||||||||||
| Acquisition-related costs | 4,382 | — | 4,382 | — | ||||||||||||
| Adjusted EBITDA | $ | (1,108 | ) | $ | (3,433 | ) | $ | (5,039 | ) | $ | (10,806 | ) | ||||
FAQ
What was Silk Road Medical's revenue for Q2 2024?
How did Silk Road Medical's gross margin change in Q2 2024?
What was Silk Road Medical's net loss per share in Q2 2024?
Why did Silk Road Medical withdraw its 2024 financial guidance?
