Exploring Silk Road…
Silk Road Medical Inc. (SILK), a medical device company, expects to turn in double-digit revenue growth this year too, thanks to growing adoption of TCAR.
Transcarotid Artery Revascularization, or TCAR in short, is a minimally invasive procedure that can clear blockages and open a narrowed carotid artery. It is estimated that 4.3 million people in the U.S. suffer from carotid artery disease. Nearly 34% of ischemic strokes are caused by carotid artery disease.
Silk Road’s products like ENROUTE Transcarotid Neuroprotection system, ENROUTE Transcarotid Stent System, ENHANCE Transcarotid Peripheral Access Kit, and ENROUTE 0.014? Guidewire are meant to make the TCAR procedure easier, safer and more efficient.
The company’s revenue has increased over the years as can be seen from the numbers – $34.6 million in 2018; $63.4 million in 2019; $75.2 million in 2020; and $101.5 million in 2021.
In the second quarter ended June 30, 2022, the results of which were reported yesterday, the company’s net loss widened to $15.4 million or $0.44 per share from $10.5 million or $0.31 per share in the corresponding period of the prior year.
Revenue for the second quarter of 2022 increased to $33.2 million from $26.5 million in the year-ago quarter.
Looking ahead to full-year 2022, Silk Road Medical expects revenue to range from $128 million to $133 million, which represents 26% to 31% growth over the prior year. The analysts’ consensus estimate of revenue is $129.42 million for this year.
Silk Road made its debut on the Nasdaq Global Market on April 4, 2019, priced at $20 per share.
We had alerted our premium subscribers to this stock on April 2, 2020 when it was trading around $27. (Report titled “Will it regain its lost sheen?”)
In the last 1 year, the stock has traded in a range of $27.21 to $67.49. SILK closed Tuesday’s trading at $43.14, up 3.68%.
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