Silk Road Medical Stock Price, News & Analysis

Silk Road Medical, Inc. (Nasdaq: SILK) reported Q2 2022 revenue of $33.2 million, a 25% increase year-over-year, driven by higher TCAR adoption. Gross profit rose to $24.2 million, though gross margin slightly decreased to 73% due to manufacturing expansion costs. Operating expenses increased by 29% to $38.4 million, leading to a net loss of $15.4 million, or $0.44 per share. The company has $108.9 million in cash and projects 2022 revenue between $128 million and $133 million, reflecting 26% to 31% growth.

Silk Road Medical (Nasdaq: SILK) will report its second quarter 2022 financial results on July 26, 2022, after market close. An audio webcast will follow at 1:30 p.m. PT / 4:30 p.m. ET. The company focuses on reducing stroke risk with its TransCarotid Artery Revascularization (TCAR) procedure, which combines neuroprotection and minimally invasive techniques. For more details, visit their website or register for the event online.

Silk Road Medical (Nasdaq: SILK) announced a prospective study, ROADSTER 3, to evaluate the TCAR® system for carotid artery disease in standard surgical risk patients. This post-market study fulfills FDA conditions for the ENROUTE® Transcarotid Stent System's expanded labeling. Targeting 400 patients across 50 sites, it aims to assess safety and efficacy through primary endpoints like major adverse events within 30 days post-procedure. The study showcases the company's commitment to less invasive treatment options, with leading vascular surgeons overseeing the research.

Silk Road Medical (NASDAQ: SILK) announced an expansion of CMS coverage for its TCAR system, now including standard surgical risk patients in the TCAR Surveillance Project. This decision follows recent FDA approval for expanded indications of the ENROUTE Transcarotid Stent System. The TCAR procedure, which has seen over 45,000 applications, aims to reduce stroke risk through a minimally invasive approach. This coverage expansion offers significant benefits for carotid artery disease patients, improving access to a reliable treatment option.

Silk Road Medical (NASDAQ: SILK) has secured a new five-year loan arrangement with Oxford Finance, amounting to up to $200 million in term loans and $50 million in revolving credit. This financing increases the company's total available liquidity to approximately $340 million. The term loan features a 5.85% interest rate and allows for additional funding tranches based on revenue generation. Silk Road aims to utilize these funds to bolster growth and advance its TransCarotid Artery Revascularization (TCAR) procedure, enhancing stroke prevention efforts.

Silk Road Medical (Nasdaq: SILK) reported a 27% increase in revenue for Q1 2022, totaling $28.0 million, driven by TCAR adoption. Gross profit rose to $19.4 million, though gross margin decreased to 69% due to COVID-19 impacts and manufacturing costs. Operating expenses surged 33% to $35.4 million, leading to a net loss of $16.7 million or $0.48 per share. The company projects full-year revenue between $127 million and $132 million, reflecting 25%-30% growth.

Silk Road Medical (NASDAQ: SILK) announced FDA approval for expanded indications of its ENROUTE stent, now available for patients at standard risk for complications from carotid endarterectomy (CEA). This marks a significant advancement, as the stent is the first to demonstrate non-inferiority in stroke and death rates compared to CEA, while reducing cranial nerve injury risk by ninefold (2.7% vs. 0.3%). This approval opens access for a broader patient demographic to the less invasive TransCarotid Artery Revascularization (TCAR) procedure, aiming to improve stroke treatment outcomes.

Silk Road Medical (Nasdaq: SILK), dedicated to decreasing stroke risk, will participate in the BofA Securities 2022 Healthcare Conference. The presentation is scheduled for May 11, 2022, at 5:20 p.m. PT. Interested individuals can access the live and archived webcast through the company's investors' section. The company is recognized for its innovative TransCarotid Artery Revascularization (TCAR) procedure, which aims to treat carotid artery disease and enhance patient outcomes.

Silk Road Medical, Inc. (NASDAQ: SILK), a company devoted to minimizing stroke risks, will announce its financial results for Q1 2022 on May 4, 2022, post-market. Following this, management will hold a conference call at 1:30 p.m. PT to discuss the results. Investors can join the call by dialing (844) 883-3861 (domestic) or (574) 990-9820 (international) using the conference ID: 4767756. The event will also be available via a live and archived webcast on the company's investor relations page.