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Silk Road Medical Reports First Quarter 2023 Financial Results

SUNNYVALE, Calif., May 09, 2023 (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 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 Results
Revenue 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 Guidance
Silk 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 Call
Silk 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

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 and connect on Twitter, LinkedIn and Facebook.

Forward-Looking Statements
Statements 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 Bych
Gilmartin Group

Michael Fanucchi
Silk Road Medical

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 

Balance Sheets Data
(unaudited, in thousands)
 March 31, 2023 December 31, 2022
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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