The Sunnyvale, Calif.-based company posted losses of approximately $24.2 million, or $20.12 per share, on sales of approximately $12.8 million for the three months ended March 31, seeing losses grow 346.7% while sales grew 123.7% compared to the same period during the previous year.
Losses per share were well behind the 32¢ loss-per-share consensus on Wall Street. Analysts were also expecting to see sales of $12.2 million, which the company topped by more than $500,000.
“At Silk Road Medical, we are motivated by relentless dedication to successful patient outcomes and by our focus on two key priorities of expanding the clinical evidence and U.S. commercial execution. We are pleased to report first quarter results which reflect these priorities. Commercial momentum is achieved by driving physician adoption of TCAR procedures which recently surpassed 10,000 globally. We are simultaneously progressing forward with clinical evidence and are pleased to announce that we have completed enrollment in our ROADSTER 2 study,” CEO Erica Rogers said in a prepared statement.
The company released guidance for its full year 2019, expecting to see sales of between $59 million and $61 million, representing growth of 71% to 77% compared to the previous year.
Silk Road shares have fallen 3.5% so far today, at $39.57 as of 9:52 a.m. EDT.
Last month, Silk Road Medical said that it cleared just more than $109 million in its initial public offering, including a fully subscribed underwriters option.