Press Release
For Investors
Silk Road Medical Reports Second Quarter 2019 Financial Results and Raises 2019 Outlook
Recent Highlights
- Revenue of
$14.9 million for the second quarter of 2019, representing a 92% increase over the second quarter of 2018 - Results from ROADSTER 2 study demonstrated compelling safety profile with 30-day rates of stroke and combined stroke and death of 0.6% and 0.8%, respectively
- Updated results from the
TCAR Surveillance Project demonstrated, for the first time, significantly lower odds of composite in-hospital stroke, death and myocardial infarction for TCAR compared to carotid endarterectomy (CEA), the current standard of care
“Our second quarter results demonstrate strong performance as we expand our footprint with TCAR to reduce the risk of stroke and its devastating impact,” said
Second Quarter 2019 Financial Results
Revenue for the second quarter of 2019 was
Gross profit for the second 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 Form 10-Q filing made with the
Investors:
Gilmartin Group
investors@silkroadmed.com
Media:
Merryman Communications
joni@merrymancommunications.com
| SILK ROAD MEDICAL, INC. | ||||||||||||||||||
| Statements of Operations Data | ||||||||||||||||||
| (Unaudited, in thousands, except share and per share data) | ||||||||||||||||||
| Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||||
| 2019 | 2018 | 2019 | 2018 | |||||||||||||||
| Revenue | $ | 14,928 | $ | 7,767 | $ | 27,694 | $ | 13,473 | ||||||||||
| Cost of goods sold | 3,697 | 2,391 | 7,035 | 4,325 | ||||||||||||||
| Gross profit | 11,231 | 5,376 | 20,659 | 9,148 | ||||||||||||||
| Operating expenses: | ||||||||||||||||||
| Research and development | 3,114 | 2,326 | 5,820 | 4,426 | ||||||||||||||
| Selling, general and administrative | 14,135 | 7,816 | 28,001 | 14,135 | ||||||||||||||
| Total operating expenses | 17,249 | 10,142 | 33,821 | 18,561 | ||||||||||||||
| Loss from operations | (6,018 | ) | (4,766 | ) | (13,162 | ) | (9,413 | ) | ||||||||||
| Interest income | 598 | 24 | 650 | 37 | ||||||||||||||
| Interest expense | (1,207 | ) | (1,011 | ) | (2,560 | ) | (2,000 | ) | ||||||||||
| Remeasurement of warrant liability and other income (expense), net | (5,332 | ) | (1,898 | ) | (21,045 | ) | (1,682 | ) | ||||||||||
| Net loss and comprehensive loss | $ | (11,959 | ) | $ | (7,651 | ) | $ | (36,117 | ) | $ | (13,058 | ) | ||||||
| Net loss per share, basic and diluted | $ | (0.42 | ) | $ | (8.16 | ) | $ | (2.42 | ) | $ | (15.56 | ) | ||||||
| Weighted average common shares used to compute net loss per share, basic and diluted | 28,458,793 | 938,052 | 14,905,052 | 839,229 | ||||||||||||||
| SILK ROAD MEDICAL, INC. | |||||||||||
| Balance Sheets Data | |||||||||||
| (Unaudited, in thousands) | |||||||||||
| June 30, 2019 |
December 31, 2018 |
||||||||||
| Assets | |||||||||||
| Current assets | |||||||||||
| Cash and cash equivalents | $ | 118,247 | $ | 24,990 | |||||||
| Accounts receivable, net | 5,417 | 4,520 | |||||||||
| Inventories | 8,963 | 5,744 | |||||||||
| Prepaid expenses and other current assets | 3,249 | 1,408 | |||||||||
| Total current assets | 135,876 | 36,662 | |||||||||
| Property and equipment, net | 2,743 | 2,880 | |||||||||
| Restricted cash | 310 | 310 | |||||||||
| Other non-current assets | 3,723 | 1,029 | |||||||||
| Total assets | $ | 142,652 | $ | 40,881 | |||||||
| Liabilities, convertible preferred stock and stockholders' equity (deficit) | |||||||||||
| Current liabilities | |||||||||||
| Accounts payable | $ | 1,189 | $ | 1,252 | |||||||
| Accrued liabilities | 8,299 | 7,586 | |||||||||
| Total current liabilities | 9,488 | 8,838 | |||||||||
| Long-term debt | 44,690 | 44,201 | |||||||||
| Redeemable convertible preferred stock warrant liability | - | 16,091 | |||||||||
| Other liabilities | 4,097 | 1,069 | |||||||||
| Total liabilities | 58,275 | 70,199 | |||||||||
| Convertible preferred stock | - | 105,235 | |||||||||
| Stockholders' equity (deficit) | |||||||||||
| Preferred stock, $0.001 par value | - | - | |||||||||
| Common stock, $0.001 par value | 31 | 1 | |||||||||
| Additional paid-in capital | 259,574 | 4,557 | |||||||||
| Accumulated deficit | (175,228 | ) | (139,111 | ) | |||||||
| Total stockholders' equity (deficit) | 84,377 | (134,553 | ) | ||||||||
| Total liabilities, convertible preferred stock and stockholders' equity (deficit) | $ | 142,652 | $ | 40,881 | |||||||
Source: Silk Road Medical
