Silk Road Medical, Inc (NASDAQ:SILK) Q1 2024 Earnings Call Transcript

Silk Road Medical, Inc (NASDAQ:SILK) Q1 2024 Earnings Call Transcript April 30, 2024

Silk Road Medical, Inc beats earnings expectations. Reported EPS is $-0.36, expectations were $-0.4. SILK isn't one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).

Operator: Good day, and thank you for standing by. Welcome to Silk Road Medical's 2024 First Quarter Earnings Conference Call. At this time, all participants are in a listen only mode. After the speaker's presentation, there will be a question-and-answer session. Please be advised that today's conference is being recorded. I would now like to hand the conference over to Marissa Bych with Gilmartin Group. Please go ahead.

Marissa Bych: Great. Thank you for joining today's call. Earlier today, Silk Road Medical released financial results for the three months ended March 31, 2024. A copy of the press release is available on the company's Web site. Before we begin, I'd like to remind you that management will make statements during this call that include forward-looking statements within the meaning of the federal securities laws, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements contained in this call that relate to expectations or predictions of future events, results or performance are forward-looking statements. All forward-looking statements, including without limitation, those relating to our operating trends and future financial performance, expense management, expectations for hiring and growth in our organization and our business, physician training and adoption, market opportunity and penetration, commercial and international expansion, regulatory approvals, reimbursement, competition and product development, are based upon our current estimates and various assumptions.

These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated or implied by these forward-looking statements. Accordingly, you should not place undue reliance on these statements. For a list and description of the risks and uncertainties associated with our business, please refer to the risk factor section of our latest report on Form 10-K filed with the Securities and Exchange Commission. Additionally, Silk Road Medical refers to adjusted EBITDA, a non-GAAP financial measure. A reconciliation of adjusted EBITDA to net loss, which is the most directly comparable GAAP measure, is included in our press release, which is available on our Web site. This conference call contains time sensitive information and is accurate only as of the live broadcast today, April 30, 2024.

Silk Road Medical disclaims any intention or obligation, except as required by law, to update or revise any financial projections or forward-looking statements, whether because of new information, future events or otherwise. And with that, I will now turn the call over to Chas McKhann, Chief Executive Officer.

Chas McKhann: Thank you, Marissa. And thank you all for joining us today. I'm excited to share a strong start to 2024 at Silk Road Medical, marked by first quarter revenue of $48.5 million, reflecting 21% year-over-year growth supported by more than 6,700 procedures. Our growth was driven by deepening TCAR adoption among trained physicians, as well as encouraging early uptake from our tapered stent launch. We continue to see healthy demand and encouraging adoption trends for TCAR as the tenure and experience of our commercial team grows, our innovation efforts bear fruit and the marketplace responds to expanded Medicare coverage. We look forward through 2024 and beyond with great optimism about our ability to continue growing into the market opportunity in front of us.

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