Press Release
For Investors
Silk Road Medical Reports First Quarter 2019 Financial Results
Recent Highlights
- Recorded revenues of
$12.8 million for the first quarter of 2019, representing a 124% increase over the first quarter of 2018 - Completed initial public offering of six million shares, raising approximately
$108.8 million in net proceeds, after deducting underwriting fees and other expenses - Completed enrollment in the ROADSTER 2 study
- Clinical data from the
TCAR Surveillance Project to be presented at the Society for Vascular Surgery’s Vascular Annual Meeting in June
“At Silk Road Medical, we are motivated by relentless dedication to successful patient outcomes and by our focus on two key priorities of expanding the clinical evidence and U.S. commercial execution. We are pleased to report first quarter results which reflect these priorities,” said
First Quarter 2019 Financial Results
Revenue for the first quarter of 2019 was
Gross profit for the first quarter of 2019 was
Operating expenses were
Net loss was
Cash and cash equivalents were
2019 Financial Guidance
Conference Call
About
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 and ability to penetrate the market and expectations for growth. 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 424(B)(4) filing made with the
Investors:
Gilmartin Group
investors@silkroadmed.com
Media:
Merryman Communications
joni@merrymancommunications.com
SILK ROAD MEDICAL, INC. |
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Statements of Operations Data |
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(Unaudited, in thousands, except share and per share data) |
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Three Months Ended March 31, | ||||||||||||
2019 | 2018 | |||||||||||
Revenue | $ | 12,766 | $ | 5,706 | ||||||||
Cost of goods sold | 3,339 | 1,934 | ||||||||||
Gross profit | 9,427 | 3,772 | ||||||||||
Operating expenses: | ||||||||||||
Research and development | 2,707 | 2,100 | ||||||||||
Selling, general and administrative | 13,866 | 6,319 | ||||||||||
Total operating expenses | 16,573 | 8,419 | ||||||||||
Loss from operations | (7,146 | ) | (4,647 | ) | ||||||||
Interest income | 52 | 13 | ||||||||||
Interest expense | (1,352 | ) | (989 | ) | ||||||||
Remeasurement of warrant liability and other income (expense), net | (15,712 | ) | 215 | |||||||||
Net loss and comprehensive loss | $ | (24,158 | ) | $ | (5,408 | ) | ||||||
Net loss per share, basic and diluted | $ | (20.12 | ) | $ | (7.31 | ) | ||||||
Weighted average common shares used to compute net loss per share, basic and diluted | 1,200,719 | 739,308 | ||||||||||
SILK ROAD MEDICAL, INC. | ||||||||||||
Balance Sheets Data | ||||||||||||
(Unaudited, in thousands) | ||||||||||||
March 31, 2019 | December 31, 2018 | |||||||||||
Assets |
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Current assets | ||||||||||||
Cash and cash equivalents | $ | 15,509 | $ | 24,990 | ||||||||
Accounts receivable, net | 4,096 | 4,520 | ||||||||||
Inventories | 8,056 | 5,744 | ||||||||||
Prepaid expenses and other current assets | 1,391 | 1,408 | ||||||||||
Total current assets | 29,052 | 36,662 | ||||||||||
Property and equipment, net | 2,846 | 2,880 | ||||||||||
Restricted cash | 310 | 310 | ||||||||||
Other non-current assets | 6,460 | 1,029 | ||||||||||
Total assets | $ | 38,668 | $ | 40,881 | ||||||||
Liabilities, convertible preferred stock and stockholders' deficit | ||||||||||||
Current liabilities | ||||||||||||
Accounts payable | $ | 3,134 | $ | 1,252 | ||||||||
Accrued liabilities | 7,658 | 7,586 | ||||||||||
Total current liabilities | 10,792 | 8,838 | ||||||||||
Long-term debt | 44,597 | 44,201 | ||||||||||
Redeemable convertible preferred stock warrant liability | 31,803 | 16,091 | ||||||||||
Other liabilities | 4,285 | 1,069 | ||||||||||
Total liabilities | 91,477 | 70,199 | ||||||||||
Convertible preferred stock | 105,265 | 105,235 | ||||||||||
Stockholders' deficit | ||||||||||||
Common stock, $0.001 par value | 1 | 1 | ||||||||||
Additional paid-in capital | 5,194 | 4,557 | ||||||||||
Accumulated deficit | (163,269 | ) | (139,111 | ) | ||||||||
Total stockholders' deficit | (158,074 | ) | (134,553 | ) | ||||||||
Total liabilities, convertible preferred stock and stockholders' deficit | $ | 38,668 | $ | 40,881 | ||||||||
Source: Silk Road Medical