SI-BONE, Inc. Reports Financial Results for the Second Quarter 2024
SI-BONE, Inc. (Nasdaq:SIBN) reported strong Q2 2024 financial results, with worldwide revenue reaching $40.0 million, a 20% increase year-over-year. U.S. revenue grew 21% to $37.8 million. The company improved its net loss by 20% to $8.9 million and reduced its Adjusted EBITDA loss by 43% to $2.7 million. SI-BONE ended the quarter with $151.5 million in cash and equivalents.
Operational highlights include a 23% increase in U.S. active physicians to over 1,150. The company also reported positive 5-year results from the SALLY clinical trial and early interim results from the STACI study. SI-BONE has increased its 2024 revenue guidance to $165-$167 million and expects to achieve positive Adjusted EBITDA in Q4 2024.
SI-BONE, Inc. (Nasdaq:SIBN) ha riportato risultati finanziari solidi per il Q2 2024, con un fatturato mondiale che ha raggiunto $40,0 milioni, un aumento del 20% rispetto all'anno precedente. Il fatturato negli Stati Uniti è cresciuto del 21% a $37,8 milioni. L'azienda ha migliorato la sua perdita netta del 20%, portandola a $8,9 milioni, e ha ridotto la perdita di EBITDA rettificato del 43%, scendendo a $2,7 milioni. SI-BONE ha concluso il trimestre con $151,5 milioni in contante e equivalenti.
I punti salienti operativi includono un aumento del 23% dei medici attivi negli Stati Uniti, superando i 1.150. L'azienda ha anche riportato risultati positivi a 5 anni dallo studio clinico SALLY e risultati provvisori anticipati dallo studio STACI. SI-BONE ha aumentato le previsioni di fatturato per il 2024 a $165-$167 milioni e prevede di raggiungere un EBITDA rettificato positivo nel Q4 2024.
SI-BONE, Inc. (Nasdaq:SIBN) reportó resultados financieros sólidos para el Q2 2024, con ingresos mundiales alcanzando $40.0 millones, un aumento del 20% interanual. Los ingresos en EE. UU. crecieron un 21% hasta $37.8 millones. La compañía mejoró su pérdida neta en un 20%, llevándola a $8.9 millones, y redujo su pérdida de EBITDA ajustado en un 43% a $2.7 millones. SI-BONE terminó el trimestre con $151.5 millones en efectivo y equivalentes.
Los aspectos destacados operativos incluyen un aumento del 23% en el número de médicos activos en EE. UU., superando los 1.150. La compañía también reportó resultados positivos a 5 años del ensayo clínico SALLY y resultados interinos tempranos del estudio STACI. SI-BONE ha aumentado su guía de ingresos para 2024 a $165-$167 millones y espera lograr un EBITDA ajustado positivo en el Q4 2024.
SI-BONE, Inc. (Nasdaq:SIBN)는 2024년 2분기 재무 결과를 발표하며 전 세계 수익이 $40.0 백만에 달해 전년 대비 20% 증가했다고 전했습니다. 미국의 수익은 21% 증가하여 $37.8 백만에 달했습니다. 이 회사는 순손실을 20% 줄여 $8.9 백만으로 개선했으며, 조정된 EBITDA 손실은 43% 감소하여 $2.7 백만이 되었습니다. SI-BONE은 분기를 $151.5 백만의 현금 및 현금성 자산으로 마감했습니다.
운영 하이라이트로는 미국의 활동 의사가 23% 증가하여 1,150명을 초과했다는 점입니다. 이 회사는 SALLY 임상 시험에서 긍정적인 5년 결과와 STACI 연구에서의 초기 중간 결과도 보고했습니다. SI-BONE은 2024년 수익 가이던스를 $165-$167 백만으로 증가시켰으며, 2024년 4분기에는 조정 EBITDA가 긍정적으로 달성될 것으로 기대하고 있습니다.
SI-BONE, Inc. (Nasdaq:SIBN) a publié de solides résultats financiers pour le Q2 2024, avec un chiffre d'affaires mondial atteignant 40,0 millions de dollars, soit une augmentation de 20 % par rapport à l'année précédente. Le chiffre d'affaires aux États-Unis a crû de 21 % pour atteindre 37,8 millions de dollars. La société a amélioré sa perte nette de 20 % à 8,9 millions de dollars et a réduit sa perte d'EBITDA ajusté de 43 % pour atteindre 2,7 millions de dollars. À la fin du trimestre, SI-BONE disposait de 151,5 millions de dollars en liquidités et équivalents.
Les faits saillants opérationnels comprennent une augmentation de 23 % du nombre de médecins actifs aux États-Unis, dépassant 1.150. La société a également rapporté des résultats positifs sur 5 ans de l'essai clinique SALLY et des résultats préliminaires de l'étude STACI. SI-BONE a augmenté ses prévisions de revenus pour 2024 à 165-167 millions de dollars et s'attend à atteindre un EBITDA ajusté positif au Q4 2024.
SI-BONE, Inc. (Nasdaq:SIBN) berichtete über starke Finanzergebnisse für Q2 2024, mit weltweiten Einnahmen von 40,0 Millionen Dollar, was einem Anstieg von 20 % im Vergleich zum Vorjahr entspricht. Die Einnahmen in den USA stiegen um 21 % auf 37,8 Millionen Dollar. Das Unternehmen konnte seinen Nettoverlust um 20 % auf 8,9 Millionen Dollar reduzieren und seinen Verlust beim bereinigten EBITDA um 43 % auf 2,7 Millionen Dollar senken. SI-BONE beendete das Quartal mit 151,5 Millionen Dollar in Bar und Äquivalenten.
Zu den betrieblichen Höhepunkten zählt ein Anstieg der aktiven Ärzte in den USA um 23 % auf über 1.150. Das Unternehmen berichtete auch über positive 5-Jahres-Ergebnisse aus der SALLY-Studie und frühe Zwischenresultate aus der STACI-Studie. SI-BONE hat die Umsatzprognose für 2024 erhöht und erwartet, im 4. Quartal 2024 ein positives bereinigtes EBITDA zu erzielen.
- Worldwide revenue increased by 20% to $40.0 million in Q2 2024
- U.S. revenue grew by 21% to $37.8 million
- Net loss improved by 20% to $8.9 million
- Adjusted EBITDA loss improved by 43% to $2.7 million
- U.S. active physicians increased by 23% to over 1,150
- Increased 2024 revenue guidance to $165-$167 million
- Expects to achieve positive Adjusted EBITDA in Q4 2024
- Gross margin decreased to 79% from 81% in the corresponding period in 2023
- Operating expenses increased by 7% to $41.7 million
Insights
SI-BONE's Q2 2024 results show strong growth and improving financials. Revenue increased by
The updated 2024 revenue guidance of
The clinical results from SI-BONE's studies are impressive. The 5-year SALLY trial results show sustained reduction in SI joint pain, functional improvement and 100% bone integration with iFuse-3D. This long-term data is important for building physician confidence and driving adoption. Additionally, the early STACI study results confirm the safety and efficacy of TORQ for lateral transfixing SI joint fusion, potentially expanding the company's addressable market to include interventional spine physicians.
The growing U.S. active physician base, up
SI-BONE's market position appears to be strengthening. The
The addition of experienced board members from Nalu Medical and Baxter International brings valuable industry expertise, potentially aiding in strategic decisions and market expansion. However, investors should watch for competitive pressures and reimbursement changes that could impact growth. The company's focus on profitability, aiming for positive Adjusted EBITDA in Q4 2024, is a positive sign for long-term sustainability.
Increases 2024 revenue guidance to
Expects to achieve positive Adjusted EBITDA in Fourth Quarter 2024
SANTA CLARA, Calif., Aug. 05, 2024 (GLOBE NEWSWIRE) -- SI-BONE, Inc. (Nasdaq:SIBN), a medical device company dedicated to solving sacropelvic disorders, today reported financial results for the quarter ended June 30, 2024.
Second Quarter 2024 Financial Highlights (comparisons are to the prior year period)
- Worldwide revenue of
$40.0 million , representing growth of ~20% - U.S. revenue of
$37.8 million , representing growth of ~21% - Gross margin of ~
79% - Net loss of
$8.9 million , representing an improvement of ~20% - Adjusted EBITDA loss of
$2.7 million , representing an improvement of ~43% - Ended the quarter with
$151.5 million in cash and equivalents
Recent Operational Highlights (comparisons are to the prior year period)
- Over 1,150 U.S. active physicians in the second quarter 2024, representing an increase of ~
23% - Thomas West, President and CEO at Nalu Medical, Inc., and Dan Wolf, SVP, Chief Strategy and M&A Officer at Baxter International Inc., joined the Board of Directors
- 5-year results from SALLY prospective clinical trial reaffirm the significant and sustained reduction in SI joint pain, persistent functional improvement, and
100% bone integration with iFuse-3D - Early interim results from STACI study confirm the safety and efficacy of lateral transfixing SI joint fusion using TORQ when performed by interventional spine physicians
"I am delighted with our strong operating results as we delivered record revenue in the second quarter, reflecting overall strong demand dynamics including elevated interest in our recently launched Granite 9.5. Given the momentum in the business, we expect revenue growth to accelerate in the second half of 2024,” said Laura Francis, Chief Executive Officer. "Our ability to develop new markets with large unmet clinical needs is driving our U.S. procedure volume growth and expanding physician base. We also continue to make significant progress in improving our profitability and expect to achieve positive adjusted EBITDA in the fourth quarter."
Second Quarter 2024 Financial Results
Worldwide revenue was
Gross profit was
Operating expenses increased ~
Operating loss improved by ~
Net loss improved by ~
Adjusted EBITDA loss improved by ~
Cash and marketable securities were
2024 Updated Financial Guidance
SI-BONE is updating 2024 worldwide revenue guidance to be in the range of
Webcast Information
SI-BONE will host a conference call to discuss the second quarter 2024 financial results after market close on Monday, August 5, 2024 at 4:30 P.M. Eastern Time. The conference call can be accessed live over webcast at https://edge.media-server.com/mmc/p/bdg2s7zw. Live audio of the webcast will be available on the “Investors” section of the company’s website at: www.si-bone.com. The webcast will be archived and available for replay for at least 90 days after the event.
About SI-BONE, Inc.
SI-BONE (NASDAQ: SIBN) is a global leader in developing unique technologies for surgical treatment of sacropelvic disorders. Since pioneering minimally invasive SI joint surgery in 2009, SI-BONE has supported over 3,900 physicians in performing a total of over 100,000 procedures. A unique body of clinical evidence supports the use of SI-BONE’s technologies, including two randomized controlled trials and over 130 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, sacropelvic 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 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, future capital requirements driven by new surgical systems requiring instrument tray and implant inventory investment, and the pace of the re-normalization of the healthcare operating environment including the ability and desire of patients and physicians to undergo and perform procedures using SI-BONE's devices. 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 filing on Form 10-K, 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.
Use of Non-GAAP Financial Measures
SI-BONE uses adjusted EBITDA, a non-GAAP financial measures that excludes from net loss the effects of interest income, interest expense, depreciation and amortization and stock-based compensation. SI-BONE believes the presentation of adjusted EBITDA is useful to management because it allows management to more consistently analyze period-to-period financial performance and provides meaningful supplemental information with respect to core operational activities used to evaluate management's performance. SI-BONE also believes the presentation of adjusted EBITDA is useful to investors and other interested persons as it enables these persons to use this additional information to assess the company’s performance in using this additional metric that management uses to assess the company’s performance.
Adjusted EBITDA should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP. Because adjusted EBITDA excludes the effect of items that increase or decrease SI-BONE's reported results of operations, management strongly encourages investors to review, when they become available, the company's consolidated financial statements and publicly filed reports in their entirety. The company's definition of adjusted EBITDA may differ from similarly titled measures used by others.
Investor Contact
Saqib Iqbal
Sr. Director, FP&A and Investor Relations
investors@SI-BONE.com
| SI-BONE, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except share and per share amounts) (Unaudited) | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenue | $ | 39,969 | $ | 33,305 | $ | 77,836 | $ | 66,013 | |||||||
| Cost of goods sold | 8,393 | 6,318 | 16,395 | 12,242 | |||||||||||
| Gross profit | 31,576 | 26,987 | 61,441 | 53,771 | |||||||||||
| Operating expenses: | |||||||||||||||
| Sales and marketing | 28,970 | 27,492 | 58,357 | 54,805 | |||||||||||
| Research and development | 4,352 | 3,656 | 8,697 | 6,947 | |||||||||||
| General and administrative | 8,332 | 7,802 | 16,508 | 15,275 | |||||||||||
| Total operating expenses | 41,654 | 38,950 | 83,562 | 77,027 | |||||||||||
| Loss from operations | (10,078 | ) | (11,963 | ) | (22,121 | ) | (23,256 | ) | |||||||
| Interest and other income (expense), net: | |||||||||||||||
| Interest income | 2,015 | 1,582 | 4,128 | 2,515 | |||||||||||
| Interest expense | (880 | ) | (850 | ) | (1,761 | ) | (1,689 | ) | |||||||
| Other income (expense), net | 4 | 25 | (89 | ) | 99 | ||||||||||
| Net loss | $ | (8,939 | ) | $ | (11,206 | ) | $ | (19,843 | ) | $ | (22,331 | ) | |||
| Net loss per share, basic and diluted | $ | (0.22 | ) | $ | (0.30 | ) | $ | (0.48 | ) | $ | (0.61 | ) | |||
| Weighted-average number of common shares used to compute basic and diluted net loss per share | 41,317,627 | 37,864,185 | 41,126,009 | 36,399,309 | |||||||||||
| SI-BONE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (unaudited) | |||||||
| June 30, 2024 | December 31, 2023 | ||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 25,577 | $ | 33,271 | |||
| Short-term investments | 125,950 | 132,748 | |||||
| Accounts receivable, net | 24,796 | 21,953 | |||||
| Inventory | 23,233 | 20,249 | |||||
| Prepaid expenses and other current assets | 2,777 | 3,173 | |||||
| Total current assets | 202,333 | 211,394 | |||||
| Property and equipment, net | 19,108 | 16,000 | |||||
| Operating lease right-of-use assets | 2,079 | 2,706 | |||||
| Other non-current assets | 323 | 325 | |||||
| TOTAL ASSETS | $ | 223,843 | $ | 230,425 | |||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 7,180 | $ | 4,588 | |||
| Accrued liabilities and other | 13,496 | 17,452 | |||||
| Operating lease liabilities, current portion | 1,384 | 1,416 | |||||
| Total current liabilities | 22,060 | 23,456 | |||||
| Long-term borrowings | 36,149 | 36,065 | |||||
| Operating lease liabilities, net of current portion | 887 | 1,511 | |||||
| Other long-term liabilities | 14 | 18 | |||||
| TOTAL LIABILITIES | 59,110 | 61,050 | |||||
| Stockholders' Equity: | |||||||
| Common stock and additional paid-in capital | 584,790 | 569,481 | |||||
| Accumulated other comprehensive income | 227 | 335 | |||||
| Accumulated deficit | (420,284 | ) | (400,441 | ) | |||
| TOTAL STOCKHOLDERS’ EQUITY | 164,733 | 169,375 | |||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 223,843 | $ | 230,425 | |||
| SI-BONE, INC. RECONCILIATION OF NET LOSS TO NON-GAAP ADJUSTED EBITDA (In thousands) (unaudited) | ||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net loss | $ | (8,939 | ) | $ | (11,206 | ) | $ | (19,843 | ) | $ | (22,331 | ) | ||||
| Interest income | (2,015 | ) | (1,582 | ) | (4,128 | ) | (2,515 | ) | ||||||||
| Interest expense | 880 | 850 | 1,761 | 1,689 | ||||||||||||
| Depreciation and amortization | 992 | 1,236 | 2,081 | 2,322 | ||||||||||||
| Stock-based compensation | 6,398 | 5,998 | 13,428 | 12,192 | ||||||||||||
| Adjusted EBITDA | $ | (2,684 | ) | $ | (4,704 | ) | $ | (6,701 | ) | $ | (8,643 | ) | ||||
FAQ
What was SI-BONE's (SIBN) revenue for Q2 2024?
How much did SI-BONE's (SIBN) U.S. revenue grow in Q2 2024?
What is SI-BONE's (SIBN) updated revenue guidance for 2024?
When does SI-BONE (SIBN) expect to achieve positive Adjusted EBITDA?
How many active physicians did SI-BONE (SIBN) have in the U.S. during Q2 2024?
