Press Release

For Investors

Silk Road Medical Reports Third Quarter 2023 Financial Results

SUNNYVALE, Calif., Nov. 08, 2023 (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 September 30, 2023.

“As announced on November 2, we are thrilled to welcome Chas McKhann as the new Chief Executive Officer of Silk Road Medical,” said Jack Lasersohn, Chairman of the Board of Directors. “Chas is a skilled and experienced leader with a track record of effectively building and scaling medical device businesses into underpenetrated markets. We believe he is the right leader to leverage our strong infrastructure, skilled commercial team, and substantial body of clinical evidence to drive further TCAR adoption.”

Third Quarter 2023 Financial Results
Revenue for the third quarter of 2023 was $44.4 million, an increase of $7.1 million or 19%, compared to the third quarter of 2022. Growth was driven primarily by increased TCAR adoption.

Gross profit for the third quarter of 2023 was $32.4 million compared to $28.1 million for the third quarter of 2022. Gross margin was 73% for the third quarter of 2023 compared to 75% for the third quarter of 2022. The decrease was driven by a revaluation of standard costs in the prior year period which benefitted margins, as well as higher manufacturing costs associated with having two manufacturing facilities fully operational in the third quarter of 2023.

Operating expenses were $46.1 million for the third quarter of 2023, compared to $37.3 million in the comparable prior year period, which represents an increase of 24%. The increase was due primarily to the continued expansion of the sales team and commercial efforts.

Net loss was $12.8 million in the third quarter of 2023, or $0.33 per share, as compared to a loss of $10.3 million, or $0.29 per share, in the corresponding period of the prior year.

Cash, cash equivalents and investments were $197.2 million as of September 30, 2023.

2023 Financial Guidance
Silk Road Medical projects revenue for full year 2023 to range from $170 million to $174 million, which represents 23% to 26% growth over the Company’s prior year revenue.

Conference Call
Silk Road Medical will host a conference call at 1:30 p.m. PT / 4:30 p.m. ET on Wednesday, November 8, 2023, to discuss its third quarter 2023 financial results. 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
Statements contained in this release that relate to future, not past, events are forward-looking statements under the Private Securities Litigation Reform Act of 1995, including Silk Road Medical’s financial guidance. Forward-looking statements are based on current expectations of future events and often can be identified by words such as “expect,” “should,” “project,” “anticipate,” “intend,” “will,” “can,” “may,” “believe,” “could,” “continue,” “outlook,” “guidance,” “future,” other words of similar meaning or the use of future dates. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Risks and uncertainties may cause Silk Road Medical’s actual results to be materially different than those expressed in or implied by Silk Road Medical’s forward-looking statements. For Silk Road Medical, such risks and uncertainties include, among others, future operating results and financial performance; risks surrounding the CEO transition; the Company’s success in retaining and recruiting key personnel; the ability to continue to grow the business and expand the use of TCAR; the ability to obtain an adequate supply of materials and components from its third-party suppliers; product development plans and the ability to commercialize new products in a timely manner; the success of current clinical trials; plans to conduct further clinical trials; the ability to obtain additional indications or new regulatory approvals or clearances for its products; market acceptance and use of its products by physicians; the ability to grow and leverage its commercialization infrastructure; increased competition; the effect of economic conditions and COVID-19 or similar pandemics on its business; government and third-party payer coverage and reimbursement and the ability to obtain and maintain intellectual property protection for its products. More detailed information on these and other factors that could affect Silk Road Medical’s actual results are described in its filings with the U.S. Securities and Exchange Commission, including its quarterly report on Form 10-Q filed with the Securities and Exchange Commission on November 8, 2023. Silk Road Medical undertakes no obligation to update its forward-looking statements.

Investor Contact:
Marissa Bych
Gilmartin Group LLC

Michael Fanucchi
Silk Road Medical

Statements of Operations Data
(unaudited, in thousands, except share and per share data)
 Three Months Ended Nine Months Ended
 September 30, September 30,
 2023 2022 2023 2022
Revenue$44,435  $37,374  $129,864  $98,567 
Cost of goods sold 12,050   9,308   37,580   26,897 
Gross profit 32,385   28,066   92,284   71,670 
Operating expenses:           
Research and development 10,047   8,471   31,260   27,249 
Selling, general and administrative 36,009   28,821   105,923   83,795 
Total operating expenses 46,056   37,292   137,183   111,044 
Loss from operations (13,671)  (9,226)  (44,899)  (39,374)
Interest income 2,617   617   7,339   751 
Interest expense (1,732)  (1,714)  (5,137)  (3,366)
Loss on debt extinguishment          (245)
Other income (expense), net (2)  4   (35)  (162)
Net loss (12,788)  (10,319)  (42,732)  (42,396)
Other comprehensive loss:           
Unrealized gain (loss) on investments, net 47   (189)  (118)  (191)
Other comprehensive loss 47   (189)  (118)  (191)
Net loss and comprehensive loss$(12,741) $(10,508) $(42,850) $(42,587)
Net loss per share, basic and diluted$(0.33) $(0.29) $(1.10) $(1.21)
Weighted average common shares used to compute net loss per share, basic and diluted 38,865,011   35,303,958   38,722,012   35,157,840 

Balance Sheets Data
(unaudited, in thousands)
 September 30, 2023 December 31, 2022
Current assets     
Cash and cash equivalents$29,188  $55,358 
Short-term investments 163,673   158,316 
Accounts receivable, net 21,779   18,007 
Inventories 22,066   19,293 
Prepaid expenses and other current assets 4,277   3,924 
Total current assets 240,983   254,898 
Long-term investments 4,348    
Property and equipment, net 8,337   9,372 
Restricted cash    155 
Other non-current assets 7,196   5,260 
Total assets$260,864  $269,685 
Liabilities and stockholders' equity     
Current liabilities     
Accounts payable$5,094  $2,523 
Accrued liabilities 18,928   21,965 
Total current liabilities 24,022   24,488 
Long-term debt 75,364   74,596 
Other liabilities 8,336   6,726 
Total liabilities 107,722   105,810 
Stockholders' equity     
Preferred stock, $0.001 par value     
Common stock, $0.001 par value 39   38 
Additional paid-in capital 539,831   507,715 
Accumulated other comprehensive loss (284)  (166)
Accumulated deficit (386,444)  (343,712)
Total stockholders' equity 153,142   163,875 
Total liabilities and stockholders' equity$260,864  $269,685