Press Release
For Investors
Silk Road Medical Reports Second Quarter 2020 Financial Results
“While the second quarter posed several challenges, we are pleased with our performance and we remain unwavering in our commitment to change the standard of care in carotid artery disease. Our results are a testament to our team, our clinical outcomes and our commercial strategy, as well as reflective of the underlying demand for TCAR,” said
Second Quarter 2020 Financial Results
Revenue for the second quarter of 2020 was
Gross profit for the second quarter of 2020 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 the impact of COVID-19 on our business, financial guidance, progress made on achieving our corporate goals, and the overall strength of our business and culture. 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
Investors:
investors@silkroadmed.com
Media:
mfanucchi@silkroadmed.com
Statements of Operations Data
(Unaudited, in thousands, except share and per share data)
Three Months Ended |
Six Months Ended |
||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||
Revenue | $ | 15,094 | $ | 14,928 | $ | 34,027 | $ | 27,694 | |||||||||||||
Cost of goods sold | 5,336 | 3,697 | 10,586 | 7,035 | |||||||||||||||||
Gross profit | 9,758 | 11,231 | 23,441 | 20,659 | |||||||||||||||||
Operating expenses: | |||||||||||||||||||||
Research and development | 3,393 | 3,113 | 6,522 | 5,820 | |||||||||||||||||
Selling, general and administrative | 15,758 | 14,135 | 35,450 | 28,001 | |||||||||||||||||
Total operating expenses | 19,151 | 17,248 | 41,972 | 33,821 | |||||||||||||||||
Loss from operations | (9,393 | ) | (6,017 | ) | (18,531 | ) | (13,162 | ) | |||||||||||||
Interest income | 299 | 598 | 702 | 650 | |||||||||||||||||
Interest expense | (1,203 | ) | (1,207 | ) | (2,406 | ) | (2,560 | ) | |||||||||||||
Remeasurement of warrant liability and other income (expense), net | (56 | ) | (5,333 | ) | (59 | ) | (21,045 | ) | |||||||||||||
Net loss | (10,353 | ) | (11,959 | ) | (20,294 | ) | (36,117 | ) | |||||||||||||
Other comprehensive loss: | |||||||||||||||||||||
Unrealized gain (loss) on investments, net | (126 | ) | - | 314 | - | ||||||||||||||||
Net change in other comprehensive loss | (126 | ) | - | 314 | - | ||||||||||||||||
Net loss and comprehensive loss | $ | (10,479 | ) | $ | (11,959 | ) | $ | (19,980 | ) | $ | (36,117 | ) | |||||||||
Net loss per share, basic and diluted | $ | (0.32 | ) | $ | (0.42 | ) | $ | (0.63 | ) | $ | (2.42 | ) | |||||||||
Weighted average common shares used to compute net loss per share, basic and diluted | 32,682,360 | 28,458,793 | 32,010,335 | 14,905,052 | |||||||||||||||||
Balance Sheets Data
(Unaudited, in thousands)
Assets | ||||||||||||
Current assets | ||||||||||||
Cash and cash equivalents | $ | 73,442 | $ | 39,181 | ||||||||
Short-term investments | 84,416 | 51,508 | ||||||||||
Accounts receivable, net | 7,753 | 8,601 | ||||||||||
Inventories | 11,621 | 10,322 | ||||||||||
Prepaid expenses and other current assets | 3,863 | 2,878 | ||||||||||
Total current assets | 181,095 | 112,490 | ||||||||||
Long-term investments | - | 18,224 | ||||||||||
Property and equipment, net | 2,885 | 2,734 | ||||||||||
Restricted cash | 310 | 310 | ||||||||||
Other non-current assets | 3,233 | 3,644 | ||||||||||
Total assets | $ | 187,523 | $ | 137,402 | ||||||||
Liabilities and stockholders' equity | ||||||||||||
Current liabilities | ||||||||||||
Accounts payable | $ | 2,542 | $ | 1,898 | ||||||||
Accrued liabilities | 9,142 | 15,034 | ||||||||||
Total current liabilities | 11,684 | 16,932 | ||||||||||
Long-term debt | 45,066 | 44,879 | ||||||||||
Other liabilities | 3,693 | 3,700 | ||||||||||
Total liabilities | 60,443 | 65,511 | ||||||||||
Stockholders' equity | ||||||||||||
Preferred stock, |
- | - | ||||||||||
Common stock, |
34 | 31 | ||||||||||
Additional paid-in capital | 338,550 | 263,384 | ||||||||||
Accumulated other comprehensive income | 316 | 2 | ||||||||||
Accumulated deficit | (211,820 | ) | (191,526 | ) | ||||||||
Total stockholders' equity | 127,080 | 71,891 | ||||||||||
Total liabilities and stockholders' equity | $ | 187,523 | $ | 137,402 | ||||||||
Source: Silk Road Medical