Silk Road Medical Reports First Quarter 2023 Financial Results
09 Mayo 2023 - 3:05PM
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 March 31,
2023.
“2023 is off to a strong start as we execute against our U.S.
commercial opportunity, including optimizing and expanding our
field presence to meet strong TCAR demand,” said Erica Rogers, CEO
of Silk Road Medical. “We also achieved multiple regulatory and
product milestones, including the full market release of ENFLATE,
our balloon catheter purpose built for TCAR. We continue to execute
across our organizational and strategic objectives, setting us up
for continued durable growth.”
First Quarter 2023 Financial ResultsRevenue for
the first quarter of 2023 was $40.1 million, an increase of $12.1
million or 43%, compared to the first quarter of 2022. Growth was
driven primarily by growing TCAR adoption.
Gross profit for the first quarter of 2023 was $27.6 million
compared to $19.4 million for the first quarter of 2022. Gross
margin was 69% for the first quarter of 2023 and 2022. Gross margin
in both periods was impacted by production variances.
Operating expenses were $44.5 million for the first quarter of
2023, compared to $35.4 million in the comparable prior year
period, which represents an increase of 26%. The increase was
driven by increased headcount in our commercial and R&D
organizations, along with continued investments in new and ongoing
R&D programs.
Net loss was $16.5 million in the first quarter of 2023, or
$0.43 per share, as compared to a loss of $16.7 million, or $0.48
per share, in the corresponding period of the prior year.
Cash, cash equivalents and investments were $204.4 million as of
March 31, 2023.
2023 Financial GuidanceSilk Road Medical
projects revenue for the full year 2023 to range from $176 million
to $184 million, which represents 27% to 33% growth over the
Company’s prior year revenue.
Conference CallSilk Road Medical will host a
conference call at 1:30 p.m. PT / 4:30 p.m. ET on Tuesday, May 9,
2023, to discuss its first quarter 2023 financial results. Those
interested in listening to the conference call should register
online using this link. Participants are encouraged to register
more than 15 minutes before the start of the call. A live and
replay version of the webcast will be available at
https://investors.silkroadmed.com.
About Silk Road MedicalSilk 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 Twitter, LinkedIn and
Facebook.
Forward-Looking StatementsStatements contained
in this 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 strength of its business and
ability to achieve growth. 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, future
operating results and financial performance; 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; plans to conduct
further clinical trials; the ability to obtain additional
indications or new regulatory approvals or clearances for its
products; use of its products by physicians; the ability to grow
its commercialization infrastructure; the effect of economic
conditions and COVID-19 or similar pandemics on its business;
government and third-party payer coverage and reimbursement;
success in retaining and recruiting key personnel; 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 most recent quarterly report on Form 10-Q filed with
the Securities and Exchange Commission on May 9, 2023. Silk Road
Medical undertakes no obligation to update its forward-looking
statements.
Investor Contact:Lynn Lewis or Marissa
BychGilmartin Groupinvestors@silkroadmed.com
Media:Michael FanucchiSilk Road
Medicalmfanucchi@silkroadmed.com
SILK ROAD MEDICAL, INC. |
Statements of Operations Data |
(unaudited, in thousands, except share and per share
data) |
|
|
|
|
|
|
|
Three Months Ended |
|
March 31, |
|
2023 |
|
2022 |
Revenue |
$ |
40,131 |
|
|
$ |
28,021 |
|
Cost of goods sold |
|
12,526 |
|
|
|
8,577 |
|
Gross profit |
|
27,605 |
|
|
|
19,444 |
|
Operating expenses: |
|
|
|
|
|
Research and development |
|
10,433 |
|
|
|
8,123 |
|
Selling, general and administrative |
|
34,082 |
|
|
|
27,275 |
|
Total operating expenses |
|
44,515 |
|
|
|
35,398 |
|
Loss from operations |
|
(16,910 |
) |
|
|
(15,954 |
) |
Interest income |
|
2,287 |
|
|
|
12 |
|
Interest expense |
|
(1,693 |
) |
|
|
(621 |
) |
Other income (expense),
net |
|
(144 |
) |
|
|
(116 |
) |
Net loss |
|
(16,460 |
) |
|
|
(16,679 |
) |
Other comprehensive loss: |
|
|
|
|
|
Change in unrealized gain (loss) on investments, net |
|
249 |
|
|
|
— |
|
Net change in other
comprehensive loss |
|
249 |
|
|
|
— |
|
|
|
|
|
|
|
Net loss and comprehensive
loss |
$ |
(16,211 |
) |
|
$ |
(16,679 |
) |
|
|
|
|
|
|
Net loss per share, basic and
diluted |
$ |
(0.43 |
) |
|
$ |
(0.48 |
) |
|
|
|
|
|
|
Weighted average common shares
used to compute net loss per share, basic and diluted |
|
38,532,202 |
|
|
|
35,023,297 |
|
|
|
|
|
|
|
|
|
SILK ROAD MEDICAL, INC. |
Balance Sheets Data |
(unaudited, in thousands) |
|
|
|
|
|
|
|
March 31, 2023 |
|
December 31, 2022 |
Assets |
|
|
|
|
|
Current assets |
|
|
|
|
|
Cash and cash equivalents |
$ |
50,427 |
|
|
$ |
55,358 |
|
Short-term investments |
|
138,640 |
|
|
|
158,316 |
|
Accounts receivable, net |
|
19,956 |
|
|
|
18,007 |
|
Inventories |
|
17,182 |
|
|
|
19,293 |
|
Prepaid expenses and other current assets |
|
4,049 |
|
|
|
3,924 |
|
Total current assets |
|
230,254 |
|
|
|
254,898 |
|
Long-term investments |
|
15,285 |
|
|
|
— |
|
Property and equipment,
net |
|
8,897 |
|
|
|
9,372 |
|
Restricted cash |
|
155 |
|
|
|
155 |
|
Other non-current assets |
|
4,996 |
|
|
|
5,260 |
|
Total assets |
$ |
259,587 |
|
|
$ |
269,685 |
|
Liabilities and
stockholders' equity |
|
|
|
|
|
Current liabilities |
|
|
|
|
|
Accounts payable |
$ |
5,272 |
|
|
$ |
2,523 |
|
Accrued liabilities |
|
15,598 |
|
|
|
21,965 |
|
Total current liabilities |
|
20,870 |
|
|
|
24,488 |
|
Long-term debt |
|
74,848 |
|
|
|
74,596 |
|
Other liabilities |
|
6,256 |
|
|
|
6,726 |
|
Total liabilities |
|
101,974 |
|
|
|
105,810 |
|
Stockholders' equity |
|
|
|
|
|
Preferred stock, $0.001 par value |
|
— |
|
|
|
— |
|
Common stock, $0.001 par value |
|
39 |
|
|
|
38 |
|
Additional paid-in
capital |
|
517,663 |
|
|
|
507,715 |
|
Accumulated other
comprehensive income (loss) |
|
83 |
|
|
|
(166 |
) |
Accumulated deficit |
|
(360,172 |
) |
|
|
(343,712 |
) |
Total stockholders' equity |
|
157,613 |
|
|
|
163,875 |
|
Total liabilities and stockholders' equity |
$ |
259,587 |
|
|
$ |
269,685 |
|
|
|
|
|
|
|
|
|
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