SUNNYVALE, Calif., Oct. 17, 2022 (GLOBE NEWSWIRE) — Silk Road Medical, Inc. (Nasdaq: SILK), an organization targeted on decreasing the danger of stroke and its devastating influence, in the present day introduced sure preliminary monetary information for the quarter ended September 30, 2022.
Summary Preliminary Financial Data For Quarter Ended September 30, 2022
The firm’s monetary statements as of and for the three months ended September 30, 2022, aren’t but accessible. Accordingly, the knowledge introduced beneath displays the corporate’s estimates and expectations for the three months ended September 30, 2022, topic to the completion of its monetary shut course of. As a end result, these estimates might differ from the precise outcomes that will probably be mirrored within the firm’s monetary statements as of and for the three months ended September 30, 2022, when they’re issued. These estimates might change. These estimates aren’t meant to be a complete assertion of the corporate’s monetary place and outcomes for this era. Accordingly, you shouldn’t place undue reliance on these estimates.
For the three months ended September 30, 2022, the corporate’s preliminary estimated income was $37.4 million, as in comparison with $24.7 million for the three months ended September 30, 2021, a rise of $12.7 million or 51% in comparison with three months ended September 30, 2021. The firm’s preliminary estimated gross revenue for the three months ended September 30, 2022 was between $27.8 million and $28.2 million, in comparison with $18.6 million for the three months ended September 30, 2021. The firm’s preliminary estimated gross margin for the three months ended September 30, 2022 was between 74% and 75%, in comparison with 75% for the three months ended September 30, 2021, and in comparison with 73% for the three months ended June 30, 2022. The firm’s estimated gross margin for the third quarter of 2022 elevated compared to the second quarter of 2022 attributable to a profit related to a normal price revaluation within the third quarter of 2022. During the third quarter of 2022, the corporate started to fabricate industrial product at its Minnesota facility. This milestone necessitated that the corporate revalue its commonplace prices on the finish of the third quarter of 2022, which impacted gross revenue for the quarter. The firm’s estimated working bills had been between $37.2 million and $37.6 million for the three months ended September 30, 2022, in comparison with $31.9 million within the three months ended September 30, 2021, which represents a rise of between 17% and 18%, in comparison with the three months ended September 30, 2021. For the three months ended September 30, 2022, the corporate’s estimated internet loss was between $10.2 million and $10.6 million, as in comparison with $13.9 million for the three months ended September 30, 2021, a lower of between $3.3 million and $3.7 million or between 24% and 27%, in comparison with the three months ended September 30, 2021. As of September 30, 2022, the corporate’s preliminary estimated money and money equivalents and short-term investments steadiness was $105.1 million. PricewaterhouseCoopers LLP has not audited, reviewed, compiled or carried out any procedures with respect to such preliminary monetary info.
As of July 2022, over 50,000 TCAR procedures had been carried out globally, together with roughly 4,700 procedures carried out within the second quarter of 2022 and over 5,250 procedures carried out within the third quarter of 2022. On October 12, 2022, the Company acquired approval from the Japan Association for the Advancement of Medical Equipment for the ENROUTE NPS and the ENROUTE stent.
About Silk Road Medical
Silk Road Medical, Inc. (NASDAQ: SILK), is a medical machine firm situated in Sunnyvale, California, and Plymouth, Minnesota, that’s targeted on decreasing the danger of stroke and its devastating influence. The firm has pioneered a brand new strategy for the therapy of carotid artery illness known as TransCarotid Artery Revascularization (TCAR). TCAR is a clinically confirmed process combining surgical rules of neuroprotection with minimally invasive endovascular methods to deal with blockages within the carotid artery vulnerable to inflicting a stroke. For extra info on how Silk Road Medical is delivering brighter affected person outcomes by way of brighter medical considering, go to www.silkroadmed.com and join on Twitter, LinkedIn and Facebook.
Forward-Looking Statements
This press launch incorporates forward-looking statements throughout the that means 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 embrace statements relating to the Company’s monetary outcomes for the third quarter of 2022. Such statements are based mostly on present assumptions that contain dangers and uncertainties that would trigger precise outcomes and outcomes to vary materially. These forward-looking statements communicate solely as of the date hereof and shouldn’t be unduly relied upon. Silk Road Medical disclaims any obligation to replace these forward-looking statements.
Investor Contact:
Lynn Lewis or Marissa Bych
Gilmartin Group
[email protected]
Media:
Michael Fanucchi
Silk Road Medical
[email protected]
