Silk Road Medical CEO Erica Rogers cartwheeled up to the NASDAQ podium during the company's closing bell ceremony Thursday – and who could blame her? The company's IPO shot up 81% on its opening day, raising $120 million.
The IPO also garnered a rare rating of 5 from IPOboutique.com, a research firm that rates IPOs on a scale of 1 to 5. The last IPO that received a 5 rating from the firm was Facebook in 2012.
The Sunnyvale, CA-based company pioneered the TransCarotid Artery Revascularization (TCAR) procedure, which combines surgical principals of neuroprotection with endovascular techniques to treat blockages in the carotid artery that pose a threat of stroke. The company has also developed TCAR devices that are specifically designed for use in the TCAR procedure.
Going public is expected to help expand Silk Road's commercialization efforts, increase adoption of TCAR, improve reimbursement for the procedure, and enable development of additional products to treat other vascular disease states.
Prior to going public, the company attracted hefty support from the venture capital community including Norwest Venture Partners, Janus Capital Management, Warburg Pincus, The Vertical Group, and CRG.
Robert Mittendorff, a partner at Norwest Venture Partners, once referred to TCAR as a "category-defining medical procedure that has the potential to transform the treatment of carotid artery disease."
Silk Road Medical reported revenue of $34.5 million in 2018, up 143% from 2017. It showed a loss of $39 million.