Silk Road Medical reports first quarter 2024 financial results

Silk Road Medical, Inc. reported financial results for the three months ended March 31, 2024.

“Our team delivered a strong start to 2024 as we deepened relationships with the physicians we serve and continued broadening our patient impact,” said Chas McKhann, CEO of Silk Road Medical. “In the first quarter, we made meaningful commercial progress while also taking steps toward sustainable profitability. We enter the second quarter feeling energized by TCAR’s outstanding value proposition for physicians and patients and in our opportunity to drive strong, sustainable growth as a business.”

First quarter 2024 financial results
Revenue for the first quarter of 2024 was $48.5 million, an increase of $8.4 million or 21%, compared to the first quarter of 2023. Growth was driven primarily by increased TCAR adoption.

Gross profit for the first quarter of 2024 was $36.5 million compared to $27.6 million for the first quarter of 2023. Gross margin was 75% for the first quarter of 2024 compared to 69% in the first quarter of 2023. The increase in gross margin was driven by unfavorable production variances in the prior year period as well as favorable purchase price variances in the first quarter of 2024.

Operating expenses were $51.4 million for the first quarter of 2024, compared to $44.5 million in the comparable prior year period, which represents an increase of 16%. The increase was primarily driven by increased headcount and related expense in our commercial organization.

Net loss was $14.1 million in the first quarter of 2024, or $0.36 per share, as compared to a loss of $16.5 million, or $0.43 per share, in the corresponding period of the prior year.

Adjusted EBITDA was a loss of $3.9 million for the first quarter of 2024 compared to a loss of $7.4 million for the first quarter of 2023. For additional information regarding non-GAAP financial measures see “Use of Non-GAAP Financial Measures” and “Reconciliation of GAAP Net Loss to Adjusted EBITDA” below.

Cash, cash equivalents and investments were $176.5 million as of March 31, 2024.

2024 financial guidance
Silk Road Medical projects revenue for the full year 2024 to range from $194 million to $198 million, which represents 10% to 12% growth over the Company’s prior year revenue.
MB Bureau