Silk Road Medical (NASDAQ:SILK) stock is falling hard on Wednesday after the medical device company released preliminary earnings results for Q3 2023.
A press release from Silk Road Medical reveals that the company is expecting revenue for the third quarter of the year to come in at about $44.4 million. While that would represent a 19% increase year-over-year, it would fail to reach Wall Street’s revenue estimate of $46.29 million for the period.
Adding to that trouble is Silk Road Medical’s updated revenue guidance for the full year of 2023. It expects revenue for the year to range of $170 million to $174 million. That would be a 23% to 26% increase compared to 2022 revenue. Unfortunately for SILK stock, this would see it miss analysts’ 2023 revenue estimate of $181.66 million.
How This Affects SILK Stock Today
Investors in SILK stock aren’t reacting well to today’s preliminary revenue news. That makes sense as it looks like it will be missing revenue estimates this year. This also likely has investors worried about what the company will reveal when it actually releases its Q3 earnings report.
All of this news has shares of SILK stock falling 39.8% as of Wednesday morning. That comes as almost 200,000 shares change hands, as compared to the company’s daily average of about 892,000 shares.
There are even more of the most recent stock market stories worth reading about below!
InvestorPlace offers insight into all of the hottest stock market stories on Wednesday! A few examples of these include why shares of Tempest Therapeutics (NASDAQ:TPST) and Wheeler Real Estate IT (NASDAQ:WHLR) are rising, as well as the biggest pre-market stock movers this morning. All of that news is ready to go at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
