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Silk Road Medical Reports Second Quarter 2022 Financial Results

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Silk Road Medical
Silk Road Medical

SUNNYVALE, Calif., July 26, 2022 (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, 2022.

“We achieved several important milestones in the second quarter. We expanded our FDA label and Medicare coverage for the use of TCAR in standard surgical risk patients, formally initiated our ROADSTER 3 post approval study, and secured access to a $250 million debt facility,” said Erica Rogers, CEO of Silk Road Medical. “We also gained meaningful market share through strong physician utilization as we continue to establish TCAR as the minimally-invasive standard of care in stroke prevention, evidenced by recently eclipsing 50,000 global TCAR procedures.”

Second Quarter 2022 Financial Results
Revenue for the second quarter of 2022 was $33.2 million, an increase of $6.7 million, or 25%, compared to the second quarter of 2021. Growth was driven primarily by increased TCAR adoption.

Gross profit for the second quarter of 2022 was $24.2 million compared to $19.9 million for the second quarter of 2021. Gross margin for the second quarter of 2022 was 73% compared to 75% for the second quarter of 2021. Gross margin was primarily impacted by continued manufacturing expansion costs at our new Minnesota facility.

Operating expenses were $38.4 million for the second quarter of 2022, compared to $29.8 million in the comparable prior year period, which represents an increase of 29%. 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 $15.4 million in the second quarter of 2022, or $0.44 per share, as compared to a loss of $10.5 million, or $0.31 per share, in the corresponding period of the prior year.

Cash, cash equivalents and short-term investments were $108.9 million as of June 30, 2022.

2022 Financial Guidance
Silk Road Medical projects revenue for the full year 2022 to range from $128 million to $133 million, which represents 26% to 31% growth over the company’s prior year revenue.

Conference Call
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 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 Twitter, LinkedIn and Facebook.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. These statements include statements regarding financial guidance, progress made on achieving our corporate goals, and the overall strength of our business. Such statements are based on current assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties, many of which are beyond our control, include risks described in the section entitled Risk Factors and elsewhere in our filing made with the Securities and Exchange Commission in Silk Road’s Quarterly Report on Form 10-Q filing made with the Securities and Exchange Commission on May 10, 2022. These forward-looking statements speak only as of the date hereof and should not be unduly relied upon. Silk Road Medical disclaims any obligation to update these forward-looking statements.

Investor Contact:
Lynn Lewis or 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,

 

2022

 

 

2021

 

 

2022

 

 

 

2021

 

Revenue

$

33,173

 

 

$

26,456

 

 

$

61,193

 

 

$

48,509

 

Cost of goods sold

 

9,012

 

 

 

6,598

 

 

 

17,588

 

 

 

12,137

 

Gross profit

 

24,161

 

 

 

19,858

 

 

 

43,605

 

 

 

36,372

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

10,655

 

 

 

7,261

 

 

 

18,778

 

 

 

12,744

 

Selling, general and administrative

 

27,700

 

 

 

22,549

 

 

 

54,975

 

 

 

43,743

 

Total operating expenses

 

38,355

 

 

 

29,810

 

 

 

73,753

 

 

 

56,487

 

Loss from operations

 

(14,194

)

 

 

(9,952

)

 

 

(30,148

)

 

 

(20,115

)

Interest income

 

122

 

 

 

47

 

 

 

134

 

 

 

142

 

Interest expense

 

(1,031

)

 

 

(628

)

 

 

(1,652

)

 

 

(1,250

)

Loss on debt extinguishment

 

(245

)

 

 

 

 

 

(245

)

 

 

 

Other income (expense), net

 

(50

)

 

 

(6

)

 

 

(166

)

 

 

(10

)

Net loss

 

(15,398

)

 

 

(10,539

)

 

 

(32,077

)

 

 

(21,233

)

Other comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

Change in unrealized gain (loss) on investments, net

 

(2

)

 

 

(3

)

 

 

(2

)

 

 

(36

)

Net change in other comprehensive loss

 

(2

)

 

 

(3

)

 

 

(2

)

 

 

(36

)

 

 

 

 

 

 

 

 

 

 

 

 

Net loss and comprehensive loss

$

(15,400

)

 

$

(10,542

)

 

$

(32,079

)

 

$

(21,269

)

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per share, basic and diluted

$

(0.44

)

 

$

(0.31

)

 

$

(0.91

)

 

$

(0.62

)

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares used to compute net loss per share, basic and diluted

 

35,143,178

 

 

 

34,534,099

 

 

 

35,083,569

 

 

 

34,435,812

 


SILK ROAD MEDICAL, INC.

Balance Sheets Data

(unaudited, in thousands)


 

June 30, 2022

 

December 31, 2021

 

Assets

 

 

 

 

 

Current assets

 

 

 

 

 

Cash and cash equivalents

$

87,637

 

 

$

110,231

 

Short-term investments

 

21,234

 

 

 

 

Accounts receivable, net

 

15,779

 

 

 

11,832

 

Inventories

 

17,616

 

 

 

17,851

 

Prepaid expenses and other current assets

 

4,653

 

 

 

3,412

 

Total current assets

 

146,919

 

 

 

143,326

 

Property and equipment, net

 

9,755

 

 

 

7,697

 

Restricted cash

 

232

 

 

 

232

 

Other non-current assets

 

5,815

 

 

 

5,370

 

Total assets

$

162,721

 

 

$

156,625

 



Liabilities and stockholders' equity

 

 

 

 

 

Current liabilities

 

 

 

 

 

Accounts payable

$

3,666

 

 

$

2,379

 

Accrued liabilities

 

17,575

 

 

 

19,802

 

Short-term debt

 

 

 

 

3,905

 

Total current liabilities

 

21,241

 

 

 

26,086

 

Long-term debt

 

74,033

 

 

 

44,786

 

Other liabilities

 

7,418

 

 

 

6,513

 

Total liabilities

 

102,692

 

 

 

77,385

 

Stockholders' equity

 

 

 

 

 

Preferred stock, $0.001 par value

 

 

 

 

 

Common stock, $0.001 par value

 

35

 

 

 

35

 

Additional paid-in capital

 

380,775

 

 

 

367,907

 

Accumulated other comprehensive income

 

(2

)

 

 

 

Accumulated deficit

 

(320,779

)

 

 

(288,702

)

Total stockholders' equity

 

60,029

 

 

 

79,240

 

Total liabilities and stockholders' equity

$

162,721

 

 

$

156,625