Sunnyvale, CA-based Silk Road Medical Inc . (NASDAQ:SILK), a company specializing in surgical and medical instruments, announced the results of its Annual Meeting of Stockholders held on Monday. The meeting, which took place on June 18, 2024, saw shareholders vote on several key proposals including the election of directors and executive compensation.
The company, which is incorporated in Delaware, reported high shareholder turnout with approximately 87.85% of outstanding shares represented at the meeting. All eight director nominees proposed by the Board of Directors were elected to serve until the 2025 annual meeting. The votes were overwhelmingly in favor, with the lowest vote count for a director at over 21 million votes for and under 10 million withheld.
In addition to the election of directors, the advisory vote on executive compensation was approved, with over 24 million votes for and 5 million against. This vote is a common practice at annual meetings, allowing shareholders to express their approval or disapproval of the company's executive pay structures in a non-binding vote.
Another significant outcome of the meeting was the ratification of PricewaterhouseCoopers LLP as the company's independent registered public accounting firm for the year ending December 31, 2024. This proposal was approved with over 34 million votes for and only approximately 132,000 against.
The approval of these proposals indicates shareholder confidence in the company's governance and executive compensation policies. The company's filing with the Securities and Exchange Commission on Thursday details the full voting results and provides transparency into the governance processes at Silk Road Medical.
In other recent news, Boston Scientific (NYSE:BSX) has announced a significant acquisition of Silk Road Medical for $1.16 billion. This strategic move is expected to enhance Boston Scientific's portfolio in the vascular therapy and stroke prevention space. Silk Road Medical, known for its innovative stroke prevention treatments, has shown robust growth, reporting a 21% year-over-year increase in its Q1 revenue to $48.5 million. The company's revenue growth was attributed to the broader adoption of its TransCarotid Artery Revascularization (TCAR) procedure and the successful launch of its tapered stent product.
Despite a reported Q1 net loss of $14.1 million, Silk Road Medical remains optimistic about achieving profitability. Piper Sandler, an analyst firm, has raised the price target for Silk Road Medical based on its strong Q1 sales, while maintaining a neutral rating on the stock. This recent development follows Silk Road Medical's announcement of its full-year 2024 revenue guidance, projecting revenues between $194 million and $198 million, reflecting a year-over-year growth of 10% to 12%.
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