Plus   Neg

SILK Gaining Sheen...

silkroad may14 lt

Shares of Silk Road Medical Inc (SILK), which made their stock market debut in April, have since gained nearly 40%.

Silk Road Medical is a commercial-stage medical device company focused on reducing the risk of stroke and its devastating impact. The Company's products are based on a minimally-invasive and technologically advanced approach for the treatment of carotid artery disease called transcarotid artery revascularization, or TCAR.

The marketed TCAR products of Silk Road include ENROUTE Transcarotid Stent System; ENROUTE NPS Venous Sheath; ENROUTE NPS Arterial Sheath; ENROUTE NPS Flow Controller and ENROUTE NPS Filter.

The Company has significantly grown its revenue since the commercialization of its products in the United States in late 2015.

The annual revenue, which was $14.3 million in 2017, rose to $34.6 million in 2018. Net loss was $19.4 million in 2017, and $37.6 million in 2018.

For the first quarter ended March 31, 2019, net loss was $24.2 million or $20.12 per share on revenue of $12.8 million. This compared with a net loss of $5.4 million or $7.31 per share and revenue of $5.7 million in the corresponding period of the prior year.

Looking ahead to the full year 2019, the Company expects revenue to range from $59 million to $61 million, which represents 71% to 77% growth over its prior year revenue.

Silk Road, which had cash and cash equivalents of $15.5 million at March 31, 2019, raised roughly $108.8 million of net proceeds in its initial public offering last month.

The Company went public on the Nasdaq Global Market on April 4, 2019, offering its shares at a price of $20.00 each. The stock opened at $33.15 a share in its stock market debut.

SILK has thus far hit a low of $30.87 and a high of $47.09.

For comments and feedback contact: editorial@rttnews.com

Business News

Follow RTT