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Silk Road Medical
Silk Road Medical (SILK) investor relations material
Silk Road Medical has been acquired by Boston Scientific Corporation
Silk Road Medical Q2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2024 earnings summary7 Aug, 2024
Executive summary
Revenue grew 13% year-over-year to $51.2 million for Q2 2024, driven by increased TCAR procedures and new product launches.
Gross margin improved to 75% from 71% year-over-year, benefiting from favorable purchase price variances and production efficiencies.
Net loss widened to $16.6 million ($0.42 per share) for Q2 2024, up from $13.5 million ($0.35 per share) in Q2 2023, primarily due to higher SG&A expenses.
Silk Road Medical entered into a definitive agreement to be acquired by Boston Scientific for $27.50 per share in cash, with the transaction expected to close in the second half of 2024.
Cash, cash equivalents, and investments totaled $186.2 million as of June 30, 2024.
Financial highlights
Q2 2024 revenue: $51.2 million, up 13% year-over-year; six-month revenue: $99.7 million, up 17%.
Gross profit for Q2 2024: $38.5 million (75% margin); six-month gross profit: $75.0 million (75% margin).
Operating loss for Q2 2024: $17.2 million; net loss: $16.6 million ($0.42 per share).
Operating expenses increased 20% year-over-year to $55.7 million, driven by higher R&D and SG&A costs.
Adjusted EBITDA loss narrowed to $1.1 million from $3.4 million in Q2 2023.
Outlook and guidance
Management expects continued revenue growth driven by increased TCAR adoption, new product launches, and international expansion.
Gross margin is expected to show modest improvement for full-year 2024 compared to 2023, despite inflationary and labor cost pressures.
The Boston Scientific acquisition is anticipated to close in the second half of 2024, subject to regulatory and stockholder approvals.
Prior full-year 2024 financial guidance withdrawn due to the proposed acquisition by Boston Scientific.
Impact of acquisition on 2024 guidance withdrawal
Operating expense growth vs revenue growth
Key personnel retention post-acquisition challenges
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Silk Road Medical
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Frequently asked questions
Silk Road Medical, Inc. is a medical device company that operates as a strategic niche player in its industry. The Company offers various products for the treatment of carotid artery disease called transcarotid artery revascularization with devices under the Triangle MicroLaserTM and LaserCarotisTM brands, which include intracoronary stents, devices to deliver embolic protection during angiography, as well as other non-device related offerings intended to improve patient outcomes.
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