• Sat. Mar 2nd, 2024

Silk Road Medical’s Q2 Margins Hit By Manufacturing Expansion Costs

ByVandana Singh

Jul 27, 2022
Silk Road Medical's Q2 Margins Hit By Manufacturing Expansion Costs

  • Silk Road Medical Inc SILK posted Q2 revenue of $33.2 million, an increase of 25% Y/Y, driven primarily by increased TCAR adoption, beating the consensus of $31.16 million.
  • “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 
  • “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,” Rogers added.
  • Gross margin declined to 73% from 75%, impacted by continued manufacturing expansion costs at the new Minnesota facility.
  • EPS loss reached $(0.44) compared to $(0.31) a year ago, beating the consensus of $(0.46).
  • Guidance: Silk Road Medical projects FY22 revenue of $128 million – $133 million versus the consensus of $129.32 million.
  • Price Action: SILK shares traded 2.13% higher at $44.06 on the last check Wednesday.

Image and article originally from www.benzinga.com. Read the original article here.