Press Release
For Investors
Silk Road Medical Reports Fourth Quarter and Full Year 2019 Financial Results and Provides Full Year 2020 Outlook
Recent Highlights
- Revenue of
$18.6 million for the fourth quarter and$63.4 million for the full year of 2019, representing 62% and 83% increases, respectively, over the corresponding periods of 2018 - Positive results from the ongoing
TransCarotid Artery Revascularization (TCAR) Surveillance Project comparing TCAR and transfemoral carotid artery stenting (TF-CAS) published in The Journal of theAmerican Medical Association (JAMA) - Completed over 8,400 TCAR procedures in the
U.S. in 2019 growing the cumulative number of procedures performed to over 16,000 globally
“Throughout 2019, we made important headway on our key initiatives of commercial execution and clinical evidence which continued to drive TCAR interest and adoption leading to revenue growth of more than 80% in 2019,” said
Fourth Quarter 2019 Financial Results
Revenue for the fourth quarter of 2019 was
Gross profit for the fourth quarter of 2019 was
Operating expenses were
Net loss was
Full Year 2019 Financial Results
Revenue for the full year 2019 was
Gross profit for the full year 2019 was
Operating expenses were
Net loss was
Cash, cash equivalents and short-term investments were
2020 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, market adoption 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 Form 10-Q filing made with the
Investors:
investors@silkroadmed.com
Media:
joni@merrymancommunications.com
Statements of Operations Data and Comprehensive Loss
(Unaudited, in thousands, except share and per share data)
Three Months Ended |
Year Ended |
||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Revenue | $ | 18,634 | $ | 11,470 | $ | 63,354 | $ | 34,557 | |||||||
Cost of goods sold | 4,721 | 3,667 | 15,927 | 10,874 | |||||||||||
Gross profit | 13,913 | 7,803 | 47,427 | 23,683 | |||||||||||
Operating expenses: | |||||||||||||||
Research and development | 3,264 | 3,390 | 12,272 | 10,258 | |||||||||||
Selling, general and administrative | 18,156 | 11,712 | 63,220 | 34,820 | |||||||||||
Total operating expenses | 21,420 | 15,102 | 75,492 | 45,078 | |||||||||||
Loss from operations | (7,507 | ) | (7,299 | ) | (28,065 | ) | (21,395 | ) | |||||||
Interest income | 441 | 124 | 1,656 | 189 | |||||||||||
Interest expense | (1,217 | ) | (1,296 | ) | (4,952 | ) | (4,361 | ) | |||||||
Remeasurement of warrant liability and other income (expense), net | (8 | ) | (7,147 | ) | (21,054 | ) | (12,063 | ) | |||||||
Net loss | (8,291 | ) | (15,618 | ) | (52,415 | ) | (37,630 | ) | |||||||
Other comprehensive loss: | |||||||||||||||
Unrealized gains on investments, net | 2 | - | 2 | - | |||||||||||
Net change in other comprehensive loss | 2 | - | 2 | - | |||||||||||
Net loss and comprehensive loss | $ | (8,289 | ) | $ | (15,618 | ) | $ | (52,413 | ) | $ | (37,630 | ) | |||
Net loss per share, basic and diluted | $ | (0.27 | ) | $ | (14.12 | ) | $ | (2.28 | ) | $ | (39.16 | ) | |||
Weighted average common shares used to compute net loss per share, basic and diluted | 30,989,705 | 1,106,311 | 22,956,679 | 960,882 | |||||||||||
Balance Sheets Data
(Unaudited, in thousands)
2019 | 2018 (1) | |||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 39,181 | $ | 24,990 | ||||
Short-term investments | 51,508 | - | ||||||
Accounts receivable, net | 8,601 | 6,382 | ||||||
Inventories | 10,322 | 5,744 | ||||||
Prepaid expenses and other current assets | 2,878 | 1,408 | ||||||
Total current assets | 112,490 | 38,524 | ||||||
Long-term investments | 18,224 | - | ||||||
Property and equipment, net | 2,734 | 2,880 | ||||||
Restricted cash | 310 | 310 | ||||||
Other non-current assets | 3,644 | 1,029 | ||||||
Total assets | $ | 137,402 | $ | 42,743 | ||||
Liabilities, convertible preferred stock and stockholders' equity (deficit) | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 1,898 | $ | 1,252 | ||||
Accrued liabilities | 15,034 | 9,448 | ||||||
Total current liabilities | 16,932 | 10,700 | ||||||
Long-term debt | 44,879 | 44,201 | ||||||
Redeemable convertible preferred stock warrant liability | - | 16,091 | ||||||
Other liabilities | 3,700 | 1,069 | ||||||
Total liabilities | 65,511 | 72,061 | ||||||
Convertible preferred stock | - | 105,235 | ||||||
Stockholders’ equity (deficit) | ||||||||
Preferred stock, |
- | - | ||||||
Common stock, |
31 | 1 | ||||||
Additional paid-in capital | 263,384 | 4,557 | ||||||
Accumulated other comprehensive income | 2 | - | ||||||
Accumulated deficit | (191,526 | ) | (139,111 | ) | ||||
Total stockholders’ equity (deficit) | 71,891 | (134,553 | ) | |||||
Total liabilities, convertible preferred stock and | ||||||||
stockholders' equity (deficit) | $ | 137,402 | $ | 42,743 |
(1) | We have adjusted the |
Source: Silk Road Medical