Silk Road Medical gains after positive preliminary results, stock offering launch

Silk Road Medical

18/10/2022 19:36

** Silk Road Medical Inc's  SILK.O  shares up 5.7% at $44.90
as medical device maker's preliminary qtrly financial data tops
expectations and it looks to raise equity
    ** Co late Mon said for qtr-end Sept it estimates rev of
$37.4 mln, up 51% from yr-ago period, and net loss of
$10.2-$10.6 mln; Refinitiv IBES consensus called for rev of
$33.6 mln and $15 mln net loss  urn:newsml:reuters.com:*:nGNX5mSKmK
    ** SILK said over 5,250 TransCarotid Artery
Revascularization (TCAR) procedures were performed in Q3 and
estimates it has $105.1 mln of cash/cash equivalents
    ** Co launched $100 mln stock offering to expand its sales
force, increase R&D, conduct or sponsor clinical studies/trials,
among other uses
    ** JP Morgan and BofA acting as joint bookrunners, along
with Stifel, for offering slated to price Tues after market
close
    ** Trading volume on the session of 1,258,567 shares so far
compares to stock's 10-DMA volume of 298,647, per Refinitiv
    ** YTD, shares now up 5.5% for market value of ~$1.6 bln
 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))