Silk Road Medical (NSDQ:SILK) shares took a big hit today despite first-quarter results that beat the consensus forecast.
SILK shares were down -10% at $55.30 per share in early-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down -0.9%.
The Sunnyvale, Calif.-based company posted losses of -$10.7 million, or -31¢ per share, on sales of $22.1 million for the three months ended March 31, 2021, for a -12.9% bottom-line slide despite sales growth of 16.5%.
Silk Road’s EPS of -31¢ came in 9¢ ahead of Wall Street projections, while sales numbers topped analysts’ estimates by 3.1%.
“Our first-quarter results were characterized by meaningful progress on several commercial and operational initiatives and strong financial performance,” Silk Road president & CEO Erica Rogers said in a news release. “Procedure trends are improving, and we are working closely with our trained physicians to drive adoption of TCAR as the environment normalizes. Simultaneously, we are driving forward development efforts aimed at new indications, therapies, and market opportunities.”
Silk Road said it now expects full-year revenues to range from $103 million to $108 million, representing an increase on the floor from previous guidance for between $102 million and $108 million.