SILK ROAD MEDICAL Reports Second Quarter Earnings for FY2023
August 17, 2023
🌥️Earnings Overview
SILK ROAD MEDICAL ($NASDAQ:SILK) reported total revenue of USD 45.3 million for the quarter ended June 30, 2023, an increase of 36.6% compared to the same period in FY2022. However, net income for the quarter was USD -13.5 million, a decrease from the -15.4 million reported in the prior year.
Share Price
On Tuesday, SILK ROAD MEDICAL reported its second quarter earnings for FY2023. The company’s stock opened at $22.8 and closed at $22.9, a slight increase of 0.3% from its previous closing price of 22.8. This marks a positive change for the company and investors are pleased with the overall performance. This was driven by higher sales in the United States and international markets, along with strong performances in their medical devices business. The company has also continued to focus on its spending strategy, resulting in improved gross and operating margins.
Overall, SILK ROAD MEDICAL’s second quarter earnings have been impressive, with revenue and profits increasing from the previous year. This is an encouraging sign for investors and could indicate a strong performance in the coming quarters. It will be interesting to see how the company can continue to grow and expand its market share in the 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 conducted an analysis of SILK ROAD MEDICAL’s fundamentals and found that it has an intermediate health score of 4/10 with regard to its cashflows and debt. This indicates that the company is likely to safely ride out any crisis without the risk of bankruptcy. We classified SILK ROAD MEDICAL as ‘cheetah’ – a type of company that achieved high revenue or earnings growth but is considered less stable due to lower profitability. Investors interested in SILK ROAD MEDICAL may be attracted by its strong asset and growth potential, while being aware of its lower dividend yield and profitability. As such, investors should assess SILK ROAD MEDICAL’s fundamentals thoroughly before committing to an investment. 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 Inc. reported their second quarter FY2023 earnings results on June 30 2023, with total revenue increasing 36.6% year-over-year to USD 45.3 million. Net income declined, however, to USD -13.5 million from the -15.4 million posted in the same period a year ago. Investors may be cautiously optimistic about the increasing revenue, but may be wary of the company’s ability to turn a profit given the current net loss. With the long-term view in mind, investors should continue to monitor SILK ROAD MEDICAL’s financials closely, and take into consideration other factors such as industry trends and the competitive landscape.
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