SI-BONE Announces Preliminary Revenue for the Fourth Quarter and Full Year 2023

Rhea-AI Summary

SI-BONE, Inc. (SIBN) announces preliminary and unaudited revenue for the fourth quarter and full year 2023, with worldwide revenue expected to be in the range of $138.5-138.7 million, representing growth of approximately 30% compared to the prior year period. U.S. revenue is expected to be in the range of $130.5-$130.6 million, with cash and marketable securities expected to be approximately $166.0 million as of December 31, 2023.

Positive

• Strong revenue growth of over 30% for Fiscal Year 2023 compared to the prior year period.
• Significant increase in U.S. revenue, representing growth of approximately 32% compared to the prior year period.
• Positive growth in the number of active surgeons in the U.S., indicating expansion and adoption of the company's medical devices.

Negative

• None.

Insights

Financial Analyst

The reported preliminary fiscal year 2023 revenue figures for SI-BONE, Inc. suggest a robust year-over-year growth, exceeding 30%. This performance is particularly noteworthy in the context of the medical device industry, where growth rates can be a key indicator of market acceptance and penetration of new technologies. The increase in active surgeons using the company's products by 22% is a strong operational metric that reflects the expanding user base and potential for recurring revenue streams. Additionally, the relatively stable net cash usage in Q4 indicates disciplined cash management, an important factor for investors monitoring the company's financial health.

It is essential to consider that these figures are preliminary and unaudited, which introduces a degree of uncertainty. Investors should await the finalized reports to confirm the actual financial performance. However, assuming no significant adjustments, the company's growth trajectory and cash reserves position it favorably for continued investment in R&D and market expansion, which could further solidify its competitive stance in the sacropelvic treatment market.

Market Research Analyst

SI-BONE's impressive revenue growth is indicative of effective market strategies and the increasing adoption of their sacropelvic treatments. The reported 30% growth in worldwide revenue and 32% in U.S. revenue suggest that SI-BONE has successfully navigated market challenges and has likely invested in expanding its salesforce, marketing efforts and distribution channels. Furthermore, the growth in the number of active surgeons implies that SI-BONE's training and educational initiatives for healthcare professionals are yielding positive results.

For stakeholders, the expansion of the surgeon base can lead to broader market capture and increased long-term demand for SI-BONE's products. The company's strategic position is bolstered by their cash and marketable securities, which may provide the necessary capital to support future growth initiatives or buffer against market downturns. It will be crucial to monitor how SI-BONE leverages its financial position to address competition and potential market saturation.

Medical Device Industry Analyst

The reported growth in SI-BONE's revenue is a strong signal of the company's performance within the medical device sector, specifically in the niche market of sacropelvic disorders. The sector is known for high barriers to entry due to regulatory requirements and the need for significant clinical evidence, which makes SI-BONE's growth particularly commendable. The increase in active surgeons indicates not only a growing acceptance of SI-BONE's technology but also suggests successful clinical outcomes that encourage repeat use and new surgeon adoption.

Looking ahead, the company's ability to maintain this growth momentum will depend on its capacity to innovate and stay ahead of technological advancements. The medical device industry is rapidly evolving and continuous investment in research and development is critical. The reported cash reserves are a positive sign that SI-BONE is well-positioned to fund these initiatives. However, the company must balance growth-driven spending with the need to maintain a healthy cash flow to sustain operations and manage risks effectively.

Fiscal Year 2023 revenue of $138.5 - $138.7 million representing growth of over 30%

SANTA CLARA, Calif., Jan. 08, 2024 (GLOBE NEWSWIRE) -- SI-BONE, Inc. (Nasdaq: SIBN), a medical device company dedicated to solving musculoskeletal disorders of the sacropelvic anatomy, today announced its preliminary and unaudited revenue for fourth quarter and full year 2023.

Fourth Quarter 2023 Summary

• Worldwide revenue expected to be in the range of $38.5-$38.7 million, representing growth of approximately 21% compared to the prior year period
• U.S. revenue expected to be in the range of $36.5-$36.6 million, representing growth of approximately 22% compared to the prior year period
• Ended the quarter with approximately 1,130 active surgeons in the U.S., representing growth of approximately 22% compared to the prior year period
  

Fiscal Year 2023 Summary

• Worldwide revenue expected to be in the range of $138.5-138.7 million, representing growth of approximately 30% compared to the prior year period
• U.S. revenue expected to be in the range of $130.5-$130.6 million, representing growth of approximately 32% compared to the prior year period

Cash and marketable securities are expected to be approximately $166.0 million as of December 31, 2023, implying net cash usage of $0.8 million in the fourth quarter.

The fourth quarter and full year 2023 revenue and cash and marketable securities included in this release are preliminary and prior to the completion of SI-BONE's financial closing procedures and audit procedures by its external auditors and therefore may be subject to adjustment. SI-BONE expects to provide fourth quarter and full year 2023 financial results during its fourth quarter 2023 earnings call in February 2024.

About SI-BONE, Inc.

SI-BONE (NASDAQ: SIBN) is a global leader in technology for surgical treatment of musculoskeletal disorders of the sacropelvic anatomy. Since pioneering minimally invasive SI joint surgery in 2009, SI-BONE has supported over 3,600 surgeons in performing a total of over 95,000 sacropelvic procedures. A unique body of clinical evidence supports the use of SI-BONE’s technologies, including two randomized controlled trials and over 125 peer reviewed publications. SI-BONE has leveraged its leadership in minimally invasive SI joint fusion to commercialize novel solutions for adjacent markets, including adult deformity, spinopelvic fixation and pelvic trauma.

For additional information on the company or the products including risks and benefits, please visit www.si-bone.com.

iFuse Bedrock Granite, iFuse-TORQ and SI-BONE are registered trademarks of SI-BONE, Inc. ©2024 SI-BONE, Inc. All Rights Reserved.

Forward Looking Statements

The statements in this press release regarding expectations of future events or results, including SI-BONE’s expectations of continued revenue and procedure growth and financial outlook, contained in this press release are "forward-looking" statements. These forward-looking statements are based on SI-BONE's current expectations and inherently involve significant risks and uncertainties. These risks include preliminary fourth quarter and full year 2023 revenue and cash and marketable securities, which is subject to continued review by SI-BONE and its auditors and significant adjustments may be made before final results are determined, SI-BONE's ability to introduce and commercialize new products and indications, SI-BONE's ability to maintain favorable reimbursement for procedures using its products, the impact of any future economic weakness on the ability and desire of patients to undergo elective procedures including those using SI-BONE's devices, SI-BONE's ability to manage risks to its supply chain, and future capital requirements driven by new surgical systems requiring instrument tray investment. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these and other risks and uncertainties, many of which are described in the company's most recent filings on Form 10-K and Form 10-Q, and the company’s other filings with the Securities and Exchange Commission (SEC) available at the SEC's Internet site (www.sec.gov), especially under the caption "Risk Factors." SI-BONE does not undertake any obligation to update forward-looking statements and expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein, except as required by law.

Investor Contact
Saqib Iqbal
Sr. Director, FP&A and Investor Relations
investors@SI-BONE.com

FAQ

What is SI-BONE, Inc.'s (SIBN) worldwide revenue for Fiscal Year 2023?

SI-BONE, Inc. (SIBN) expects worldwide revenue to be in the range of $138.5-138.7 million for Fiscal Year 2023, representing growth of approximately 30% compared to the prior year period.

What is the U.S. revenue expected for SI-BONE, Inc. (SIBN) in Fiscal Year 2023?

U.S. revenue is expected to be in the range of $130.5-$130.6 million for SI-BONE, Inc. (SIBN) in Fiscal Year 2023, representing growth of approximately 32% compared to the prior year period.

How many active surgeons in the U.S. does SI-BONE, Inc. (SIBN) have?

SI-BONE, Inc. (SIBN) ended the quarter with approximately 1,130 active surgeons in the U.S., representing growth of approximately 22% compared to the prior year period.

What is SI-BONE, Inc.'s (SIBN) cash and marketable securities as of December 31, 2023?

SI-BONE, Inc. (SIBN) expects cash and marketable securities to be approximately $166.0 million as of December 31, 2023.

When will SI-BONE, Inc. (SIBN) provide its fourth quarter 2023 financial results?

SI-BONE, Inc. (SIBN) expects to provide fourth quarter and full year 2023 financial results during its fourth quarter 2023 earnings call in February 2024.