Gross margin for the full year 2023 decreased to 72% compared to 73% in 2022. Gross profit for the full year 2023 was $127.1 million compared to $100.8 million for 2022. The increase was driven primarily by increased TCAR adoption. Revenue for the full year 2023 was $177.1 million, an increase of $38.5 million or 28%, as compared to 2022.
Net loss was $13.0 million for the fourth quarter of 2023, or a loss of $0.33 per share, as compared to a loss of $12.6 million, or $0.34 per share, for the fourth quarter of 2022.Īdjusted EBITDA was a loss of $4.1 million for the fourth quarter of 2023 compared to a loss of $4.4 million for the fourth quarter of 2022.įor additional information regarding non-GAAP financial measures, see “Use of Non-GAAP Financial Measures” and “Reconciliation of GAAP Net Loss to Adjusted EBITDA” below. The increase was primarily driven by increased headcount. Operating expenses were $49.2 million for the fourth quarter of 2023 compared to $41.7 million in the fourth quarter of 2022, which represents an increase of 18%. Gross margin for the fourth quarter of 2023 increased to 74% compared to 73% for the fourth quarter of 2022, primarily due to an increase in production volumes. Gross profit for the fourth quarter of 2023 was $34.8 million compared to $29.1 million for the fourth quarter of 2022. Growth was driven primarily by increased TCAR adoption. Revenue for the fourth quarter of 2023 was $47.3 million, an increase of $7.2 million or 18%, as compared to the fourth quarter of 2022.
Received expanded coverage for TCAR under a revised national coverage decision issued by CMS, further expanding access to TCAR and reducing administrative barriers.Completed more than 25,000 TCAR procedures in 2023, bringing the cumulative total to over 85,000.“My experience thus far at Silk Road has only served to further validate the vast opportunity that we see for TCAR to benefit many more patients with carotid artery disease, and I’m excited by the underlying progress we are already making towards that end.” “With the right team in place, broad reimbursement, and extensive evidence in support of TCAR, we are laser focused on deepening adoption in physicians who perform TCAR,” said Chas McKhann, CEO of Silk Road Medical. (Nasdaq: SILK), a company focused on reducing the risk of stroke and its devastating impact, today reported financial results for the three months and full year ended December 31, 2023. 28, 2024 (GLOBE NEWSWIRE) - Silk Road Medical, Inc.