SILK ROAD MEDICAL Reports Profits for 2nd Quarter of FY2023
August 25, 2023
☀️Earnings Overview
For the second quarter of FY2023, SILK ROAD MEDICAL ($NASDAQ:SILK) reported total revenue of USD 45.3 million, a 36.6% increase compared to the same quarter of FY2022. However, net income was down to USD -13.5 million from -15.4 million reported in the same quarter of the previous year.
Share Price
On Tuesday, SILK ROAD MEDICAL reported their profits for the second quarter of fiscal year 2023. The stock opened at $22.8 and closed at $22.9, representing an increase of 0.3% in comparison to its prior closing price of $22.8. SILK ROAD MEDICAL also reported improved profitability with earnings per share increasing by 45% year-over-year. Overall, investors reacted positively to the news as SILK ROAD MEDICAL’s stock increased by 0.3%, closing at $22.9.
This is a testament to the company’s strong financial performance and its ability to deliver on its commitments to its shareholders. As the company continues to grow and expand, investors can expect to see continued positive returns in the near future. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for SILK. More…
| Total Revenues | Net Income | Net Margin |
| 162.87 | -52.88 | -32.5% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for SILK. More…
| Operations | Investing | Financing |
| -30 | -162.07 | 139.7 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for SILK. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 263.36 | 107.86 | 4.02 |
Key Ratios Snapshot
Some of the financial key ratios for SILK are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 32.7% | – | -28.3% |
| FCF Margin | ROE | ROA |
| -20.4% | -18.4% | -10.9% |
Analysis
At GoodWhale, we have conducted an analysis of SILK ROAD MEDICAL’s wellbeing. According to our Star Chart, SILK ROAD MEDICAL is classified as a ‘cheetah’, a type of company that has achieved high revenue or earnings growth but is considered less stable due to lower profitability. This type of company might be attractive to investors who are looking for high-growth potential with a higher risk appetite. We have also assessed the company’s financial health and determined that it has an intermediate health score of 4/10. This score takes into account factors such as cashflows and debt, which suggests that SILK ROAD MEDICAL may be able to sustain future operations in times of crisis. Finally, we have identified SILK ROAD MEDICAL’s strengths and weaknesses. The company is strong in asset and growth, but weak in dividend and profitability. Investors looking for long-term growth might find this company attractive, but will need to consider the higher risk associated with it. More…
Peers
Its competitors are enVVeno Medical Corp, Bluejay Diagnostics Inc, and Aziyo Biologics Inc.
– enVVeno Medical Corp ($NASDAQ:NVNO)
Veno Medical Corp is a medical device company that develops and commercializes novel solutions for the treatment of venous diseases. The company’s flagship product is the Veno occlusive device, which is used to treat venous insufficiency and venous thromboembolism. Veno Medical Corp has a market cap of 56.36M as of 2022, a Return on Equity of -38.47%. The company’s products are sold in over 30 countries worldwide and it has a strong presence in the United States, Europe, and Asia-Pacific.
– Bluejay Diagnostics Inc ($NASDAQ:BJDX)
Founded in 2014, Bluejay Diagnostics is a medical device company that develops and commercializes products to improve the management of glaucoma, a leading cause of blindness. The company’s flagship product, the Bluejay Ocular Response Analyzer (ORA), is the only FDA-cleared device that measures both intraocular pressure (IOP) and corneal hysteresis (CH), two key parameters in the diagnosis and management of glaucoma. Bluejay’s products are used by ophthalmologists and optometrists in the United States, Europe, and Asia.
As of 2022, Bluejay Diagnostics has a market cap of 15.92M and a Return on Equity of -22.59%.
– Aziyo Biologics Inc ($NASDAQ:AZYO)
Aziyo Biologics Inc. is a biotechnology company that focuses on the development and commercialization of products for the regeneration and repair of human tissues. The company’s product portfolio includes products for the skin, bone, cartilage, and cardiovascular tissue. Aziyo Biologics Inc. is headquartered in San Francisco, California.
Summary
SILK ROAD MEDICAL reported strong revenue growth for the second quarter of FY2023, with total revenue increasing 36.6% year-over-year to USD 45.3 million. However, net income for the quarter decreased to -USD 13.5 million, compared to last year’s figure of – USD 15.4 million. Despite the lower earnings for the quarter, investors may be encouraged by the revenue growth and remain optimistic about the company’s long-term prospects. SILK ROAD MEDICAL has made significant investments in its technology and services, which could lead to further growth in the future.
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