Press Release

For Investors

Silk Road Medical Reports Second Quarter 2022 Financial Results

SUNNYVALE, Calif., July 26, 2022 (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 June 30, 2022.

“We achieved several important milestones in the second quarter. We expanded our FDA label and Medicare coverage for the use of TCAR in standard surgical risk patients, formally initiated our ROADSTER 3 post approval study, and secured access to a $250 million debt facility,” said Erica Rogers, CEO of Silk Road Medical. “We also gained meaningful market share through strong physician utilization as we continue to establish TCAR as the minimally-invasive standard of care in stroke prevention, evidenced by recently eclipsing 50,000 global TCAR procedures.”

Second Quarter 2022 Financial Results
Revenue for the second quarter of 2022 was $33.2 million, an increase of $6.7 million, or 25%, compared to the second quarter of 2021. Growth was driven primarily by increased TCAR adoption.

Gross profit for the second quarter of 2022 was $24.2 million compared to $19.9 million for the second quarter of 2021. Gross margin for the second quarter of 2022 was 73% compared to 75% for the second quarter of 2021. Gross margin was primarily impacted by continued manufacturing expansion costs at our new Minnesota facility.

Operating expenses were $38.4 million for the second quarter of 2022, compared to $29.8 million in the comparable prior year period, which represents an increase of 29%. 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 $15.4 million in the second quarter of 2022, or $0.44 per share, as compared to a loss of $10.5 million, or $0.31 per share, in the corresponding period of the prior year.

Cash, cash equivalents and short-term investments were $108.9 million as of June 30, 2022.

2022 Financial Guidance
Silk Road Medical projects revenue for the full year 2022 to range from $128 million to $133 million, which represents 26% to 31% growth over the company’s prior year revenue.

Conference Call
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
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, progress made on achieving our corporate goals, and the overall strength of our business. 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 Securities and Exchange Commission on May 10, 2022. These forward-looking statements speak only as of the date hereof and should not be unduly relied upon. Silk Road Medical disclaims any obligation to update these 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 Six Months Ended
 June 30, June 30,
 2022  2021  2022   2021 
Revenue$33,173  $26,456  $61,193  $48,509 
Cost of goods sold 9,012   6,598   17,588   12,137 
Gross profit 24,161   19,858   43,605   36,372 
Operating expenses:           
Research and development 10,655   7,261   18,778   12,744 
Selling, general and administrative 27,700   22,549   54,975   43,743 
Total operating expenses 38,355   29,810   73,753   56,487 
Loss from operations (14,194)  (9,952)  (30,148)  (20,115)
Interest income 122   47   134   142 
Interest expense (1,031)  (628)  (1,652)  (1,250)
Loss on debt extinguishment (245)     (245)   
Other income (expense), net (50)  (6)  (166)  (10)
Net loss (15,398)  (10,539)  (32,077)  (21,233)
Other comprehensive loss:           
Change in unrealized gain (loss) on investments, net (2)  (3)  (2)  (36)
Net change in other comprehensive loss (2)  (3)  (2)  (36)
Net loss and comprehensive loss$(15,400) $(10,542) $(32,079) $(21,269)
Net loss per share, basic and diluted$(0.44) $(0.31) $(0.91) $(0.62)
Weighted average common shares used to compute net loss per share, basic and diluted 35,143,178   34,534,099   35,083,569   34,435,812 

Balance Sheets Data
(unaudited, in thousands)

 June 30, 2022 December 31, 2021
Current assets     
Cash and cash equivalents$87,637  $110,231 
Short-term investments 21,234    
Accounts receivable, net 15,779   11,832 
Inventories 17,616   17,851 
Prepaid expenses and other current assets 4,653   3,412 
Total current assets 146,919   143,326 
Property and equipment, net 9,755   7,697 
Restricted cash 232   232 
Other non-current assets 5,815   5,370 
Total assets$162,721  $156,625 

Liabilities and stockholders' equity
Current liabilities     
Accounts payable$3,666  $2,379 
Accrued liabilities 17,575   19,802 
Short-term debt    3,905 
Total current liabilities 21,241   26,086 
Long-term debt 74,033   44,786 
Other liabilities 7,418   6,513 
Total liabilities 102,692   77,385 
Stockholders' equity     
Preferred stock, $0.001 par value     
Common stock, $0.001 par value 35   35 
Additional paid-in capital 380,775   367,907 
Accumulated other comprehensive income (2)   
Accumulated deficit (320,779)  (288,702)
Total stockholders' equity 60,029   79,240 
Total liabilities and stockholders' equity$162,721  $156,625