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SI-BONE, Inc. (NASDAQ: SIBN) is a leading medical device company specializing in the development and commercialization of innovative, minimally invasive surgical implants for the treatment of musculoskeletal disorders, particularly those affecting the sacroiliac (SI) joint. The company's flagship product, the iFuse Implant System®, offers a less invasive alternative to traditional SI joint fusion surgery. This patented system has been used in over 25,000 procedures, providing a significant improvement in patient outcomes.
SI-BONE's portfolio includes a range of patented titanium implants and instruments specifically designed for sacroiliac fusion. Key products include iFuse-3D, iFuse-TORQ, and iFuse Bedrock Granite. These implants are employed in the management of sacroiliac joint dysfunction, adult spinal deformity, degeneration, and pelvic trauma.
The company has achieved several milestones in recent years. Notably, the iFuse Bedrock Granite implant received FDA clearance in May 2022 and was designated a Breakthrough Device due to its significant advantages over existing alternatives. Subsequently, the Centers for Medicare & Medicaid Services (CMS) adopted a New Technology Add-on Payment of up to $9,828 per procedure for this innovative implant.
SI-BONE is managed by an experienced leadership team with backgrounds in top-tier companies like Kyphon, Medtronic, and Inbone. This expertise has driven the company's growth and innovation in the orthopedic field.
In terms of financial performance, SI-BONE has shown robust growth. The company's annual revenue guidance has been increased to $164 million - $166 million, indicating an annual growth rate of approximately 18%-20%. This growth is fueled by the strong reception of new products and established partnerships with major healthcare providers, including compatibility with Medtronic's Solera® rods.
Since its inception in 2009, SI-BONE has supported over 3,000 surgeons in performing more than 80,000 sacropelvic procedures. The company's technologies are backed by a unique body of clinical evidence, including two randomized controlled trials and over 120 peer-reviewed publications.
For more information on SI-BONE and its range of products, visit the official website at www.si-bone.com.
SI-BONE, Inc. (Nasdaq: SIBN) announced participation in two major healthcare conferences: the 23rd Annual Needham Growth Conference and the 39th Annual J.P. Morgan Healthcare Conference. Management will engage in a Fireside Chat on January 11, 2021, at 2:45 p.m. ET and will present on January 14, 2021, at 2:50 p.m. ET. Both events will be accessible via live and archived webcasts on the company's website. SI-BONE specializes in minimally invasive surgery for sacropelvic disorders, with its iFuse Implant System backed by extensive clinical studies.
SI-BONE, Inc. (SIBN) announced that Humana, one of the largest U.S. commercial payers, has revised its coverage policy to include minimally invasive sacroiliac joint fusion using the iFuse Implant System. This update, effective December 10, 2020, allows coverage for chronic low back pain due to sacroiliac joint dysfunction, contingent on meeting specific criteria. Humana joins 36 other health plans covering iFuse procedures, which are supported by multiple clinical studies demonstrating efficacy in pain relief and improved quality of life.
SI-BONE, Inc. (Nasdaq:SIBN) reported a 26% increase in worldwide revenue to $20.4 million for Q3 2020, compared to Q3 2019. U.S. revenue rose 27% to $18.9 million, driven by increased domestic case volumes. The company surpassed 50,000 iFuse procedures with over 2,200 surgeons. Despite a gross margin decline to 87% from 90%, operating loss decreased to $8.7 million. Cash reserves stand at $132 million. The company anticipates full-year revenue guidance of $73-$74 million, reflecting 8%-10% growth, while acknowledging potential COVID-19 risks.
SI-BONE, Inc. (Nasdaq: SIBN) has scheduled its third quarter 2020 financial results announcement for November 2, 2020, after market close. Management will host a conference call at 1:30 PM PT / 4:30 PM ET to discuss results. The iFuse Implant System, the company’s flagship product for sacroiliac joint fusion, has shown significant clinical benefits, with over 80 peer-reviewed publications reinforcing its effectiveness. The device is covered by multiple insurance payors, highlighting its market acceptance and clinical validation.
SI-BONE, Inc. (SIBN) announced the pricing of a public offering of 3,190,053 shares of its common stock at $22.00 per share, aiming to raise approximately $66 million. Of the shares, 3,000,000 are from SI-BONE and 190,053 from a selling stockholder. The offering is set to close on October 19, 2020, with underwriters also granted a 30-day option for an additional 478,507 shares. Morgan Stanley and BofA Securities are the main managers of this offering. The funds will support the company's surgical treatment technologies for sacropelvic anatomy.
SI-BONE, Inc. (SIBN) announced an underwritten public offering of 3,190,053 shares of its common stock, with an additional option for underwriters to purchase 478,507 shares. SI-BONE will offer 3,000,000 shares while a selling stockholder will offer 190,053 shares. The offering hinges on market conditions, and completion timelines remain uncertain. Morgan Stanley and BofA Securities are the lead managers, complemented by Cantor Fitzgerald, JMP Securities, and Needham & Company as co-managers. The offering follows a shelf registration effective since January 2020.
SI-BONE, Inc. (Nasdaq:SIBN) announced preliminary unaudited revenue for Q3 and the first nine months of 2020. Q3 revenue is anticipated between $20.1-$20.4 million, marking a 24%-26% increase year-over-year. U.S. revenue is estimated at $18.7-$18.9 million with a 26%-27% growth. For the nine months, revenue is expected between $51.0-$51.3 million, an 8%-10% increase from 2019. Despite this growth, SI-BONE expresses caution due to the ongoing impacts of COVID-19. Third-quarter results will be disclosed on November 2, 2020.
SI-BONE, a medical device company, announced a virtual surgeon panel led by CEO Jeffrey Dunn on October 8, 2020, from 10am to 11am ET. The panel will feature renowned experts discussing the treatment of sacroiliac joint dysfunction and the role of telehealth in surgery.
Panelists include Dr. Peter Whang from Yale, Dr. Bharat Desai from Panorama Orthopedics, Dr. William Tobler from Mayfield Clinic, and Dr. Robert Eastlack from Scripps Health. Interested attendees can register through SI-BONE’s investor relations website.
SI-BONE, a leader in medical devices for musculoskeletal disorders, announced its participation in the upcoming Morgan Stanley 18th Annual Global Healthcare Conference and 2020 Cantor Global Healthcare Conference. Management will present at a Fireside Chat on September 15, 2020, at 5:00 p.m. ET and September 16, 2020, at 12:20 p.m. ET. Interested parties can access the live and archived webcasts on the company's website. The company is known for its iFuse Implant System, designed for minimally invasive SI joint fusion, supported by extensive clinical studies.
SI-BONE, Inc. (Nasdaq:SIBN) reported Q2 2020 financial results, with revenue of $14.0 million, a 14% decrease year-over-year. U.S. revenue totaled $13.2 million, down 12%. International revenue fell by 36% to $0.8 million, largely due to COVID-19's impact on surgical volumes. The company completed a $40 million debt refinancing and received positive coverage from Aetna, covering over 22 million members. The gross margin decreased to 85% from 90%, and the net loss widened to $12.5 million or $0.44 per diluted share. Guidance for 2020 remains withdrawn amid ongoing uncertainty.
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