SI-BONE, Inc. Reports Financial Results for the Third Quarter 2024 and Updates Guidance
SI-BONE reported Q3 2024 financial results with worldwide revenue of $40.3 million, up 19% year-over-year. U.S. revenue grew 18% to $38.3 million, with gross margin at 79%. The company reduced its net loss by 34% to $6.6 million and improved Adjusted EBITDA loss by 94% to $0.2 million. Notable achievements include reaching over 1,200 U.S. active physicians (15% increase) and commercializing iFuse TORQ TNT. The company updated its 2024 worldwide revenue guidance to $165-166 million and expects to achieve positive Adjusted EBITDA in Q4 2024.
SI-BONE ha riportato i risultati finanziari del terzo trimestre 2024 con entrate globali di 40,3 milioni di dollari, un aumento del 19% rispetto all'anno precedente. Le entrate negli Stati Uniti sono cresciute del 18%, raggiungendo 38,3 milioni di dollari, con un margine lordo del 79%. L'azienda ha ridotto la sua perdita netta del 34%, portandola a 6,6 milioni di dollari, e ha migliorato la perdita dell'EBITDA rettificato del 94%, scendendo a 0,2 milioni di dollari. Tra i risultati notevoli si segnala il raggiungimento di oltre 1.200 medici attivi negli Stati Uniti (un aumento del 15%) e la commercializzazione di iFuse TORQ TNT. L'azienda ha aggiornato le sue previsioni di fatturato globale per il 2024 a 165-166 milioni di dollari e prevede di raggiungere un EBITDA rettificato positivo nel quarto trimestre del 2024.
SI-BONE informó los resultados financieros del tercer trimestre de 2024 con ingresos globales de 40.3 millones de dólares, lo que representa un aumento del 19% en comparación con el año anterior. Los ingresos en EE. UU. crecieron un 18%, alcanzando 38.3 millones de dólares, con un margen bruto del 79%. La empresa redujo su pérdida neta en un 34%, dejándola en 6.6 millones de dólares, y mejoró la pérdida de EBITDA ajustado en un 94%, llegando a 0.2 millones de dólares. Entre los logros destacados se incluye alcanzar más de 1,200 médicos activos en EE. UU. (un aumento del 15%) y la comercialización de iFuse TORQ TNT. La empresa actualizó su guía de ingresos globales para 2024 a 165-166 millones de dólares y espera lograr un EBITDA ajustado positivo en el cuarto trimestre de 2024.
SI-BONE은 2024년 3분기 재무 결과를 보고하며 전 세계 수익이 4,030만 달러로 전년 대비 19% 증가했다고 밝혔다. 미국 내 수익은 18% 증가하여 3,830만 달러에 달했으며, 총 이익률은 79%입니다. 회사는 순손실을 34% 줄여 660만 달러로 낮추었고, 조정 EBITDA 손실을 94% 개선하여 20만 달러에 도달했습니다. 주요 성과로는 미국에서 1,200명 이상의 활성 의사(15% 증가)에 도달하고 iFuse TORQ TNT를 상업화한 것이 있습니다. 회사는 2024년 전 세계 수익 예상치를 1억 6천 5백만에서 1억 6천 6백만 달러로 업데이트하고, 2024년 4분기에는 긍정적인 조정 EBITDA를 달성할 것으로 기대하고 있습니다.
SI-BONE a annoncé les résultats financiers du troisième trimestre 2024 avec un chiffre d'affaires mondial de 40,3 millions de dollars, en hausse de 19 % par rapport à l'année précédente. Le chiffre d'affaires aux États-Unis a augmenté de 18 %, atteignant 38,3 millions de dollars, avec une marge brute de 79 %. L'entreprise a réduit sa perte nette de 34 %, la portant à 6,6 millions de dollars, et a amélioré sa perte d'EBITDA ajusté de 94 %, atteignant 200 000 dollars. Parmi les réalisations notables figure l'atteinte de plus de 1 200 médecins actifs aux États-Unis (augmentation de 15 %) et la commercialisation de iFuse TORQ TNT. L'entreprise a mis à jour ses prévisions de chiffre d'affaires mondial pour 2024 à 165-166 millions de dollars et prévoit d'atteindre un EBITDA ajusté positif au quatrième trimestre 2024.
SI-BONE berichtete über die Finanzergebnisse des dritten Quartals 2024 mit weltweiten Einnahmen von 40,3 Millionen Dollar, was einem Anstieg von 19 % im Vergleich zum Vorjahr entspricht. Die Einnahmen in den USA stiegen um 18 % auf 38,3 Millionen Dollar, mit einer Bruttomarge von 79 %. Das Unternehmen verringerte seinen Nettoverlust um 34 % auf 6,6 Millionen Dollar und verbesserte den Verlust des bereinigten EBITDA um 94 % auf 0,2 Millionen Dollar. Zu den bemerkenswerten Erfolgen gehört die Erreichung von über 1.200 aktiven Ärzten in den USA (15 % Steigerung) und die Kommerzialisierung von iFuse TORQ TNT. Das Unternehmen aktualisierte seine Umsatzprognose für 2024 auf 165-166 Millionen Dollar und erwartet, im vierten Quartal 2024 ein positives bereinigtes EBITDA zu erreichen.
- Worldwide revenue increased 19% YoY to $40.3 million
- U.S. revenue grew 18% to $38.3 million
- Net loss improved 34% to $6.6 million
- Adjusted EBITDA loss improved 94% to $0.2 million
- Active U.S. physicians increased 15% to over 1,200
- Strong cash position of $150.8 million
- Operating expenses increased 4% to $39.5 million
- Operating loss of $7.6 million
- Narrowed revenue guidance range suggests potential slowdown
- Still operating at a net loss
Insights
SI-BONE delivered a strong Q3 2024 with notable financial improvements.
Key operational metrics show healthy business fundamentals:
- Strong physician adoption with 1,200+ active U.S. doctors
- Robust
79% gross margin - Solid balance sheet with
$150.8M cash position
The commercialization of iFuse TORQ TNT represents a significant product advancement in addressing pelvic fragility fractures. The completion of the STACI study enrollment with 110 patients across 15 sites will provide valuable clinical validation for lateral transfixing SI joint fusion procedures. The granted Transitional Pass-Through payment status for Granite in CY2025 is particularly important as it can accelerate procedure adoption by ensuring adequate reimbursement.
The expanding active physician base and growing product portfolio demonstrate successful market penetration in the sacropelvic disorders space. The company's strategy of developing anatomy-specific platforms is gaining traction, with positive momentum around Granite 9.5 and TORQ TNT suggesting strong market acceptance of their innovative solutions.
Expects to achieve positive Adjusted EBITDA in Fourth Quarter 2024
SANTA CLARA, Calif., Nov. 12, 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 September 30, 2024.
Third Quarter 2024 Financial Highlights (any comparisons are to the prior year period)
- Worldwide revenue of
$40.3 million , representing growth of ~19% - U.S. revenue of
$38.3 million , representing growth of ~18% - Gross margin of ~
79% - Net loss of
$6.6 million , representing an improvement of ~34% - Adjusted EBITDA loss of
$0.2 million , representing an improvement of ~94% - Ended the quarter with
$150.8 million in cash and equivalents, representing$0.7 million in net cash usage
Recent Operational Highlights (any comparisons are to the prior year period)
- Over 1,200 U.S. active physicians in the third quarter 2024, representing an increase of ~
15% - Commercialized iFuse TORQ TNT, a breakthrough device designed to address the anatomic and biomechanical challenges of pelvic fragility fractures
- Granted Transitional Pass-Through (TPT) payment status for CY2025 procedures reporting the use of Granite
- Completed enrollment of 110 patients across 15 sites for STACI, a prospective study on lateral transfixing SI joint fusion using TORQ when performed by interventional spine physicians
- Refinanced
$36 million Term Loan, lowering all-in borrowing cost and extending maturity to 2029
“The team did a tremendous job delivering record worldwide revenue and getting close to Adjusted EBITDA breakeven in the third quarter. In addition to the sequential revenue growth, the record 1,200 active physicians in the quarter demonstrates that our strategy to build anatomy specific platforms to address unmet needs is gaining momentum,” said Laura Francis, Chief Executive Officer. “Given the robust demand trends, including the excitement around Granite 9.5 and TORQ TNT, we are positioned to deliver a strong end to the year and be Adjusted EBITDA profitable in the fourth quarter. Going into 2025, we will leverage our formidable physician user base, our breakthrough devices, and our asset-lite business model to deliver strong and profitable revenue growth.”
Third 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 Financial Guidance Updated
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 third quarter 2024 financial results after market close on Tuesday, November 12, 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/b8oqnu9r. 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 4,100 physicians in performing a total of over 110,000 procedures. A unique body of clinical evidence supports the use of SI-BONE’s technologies, including two randomized controlled trials and over 140 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. iFuse TORQ TNT is a trademark 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, the impact of recent hurricanes including a resulting shortage in critical operating supplies on elective procedure volumes, 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 September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenue | $ | 40,340 | $ | 34,014 | $ | 118,176 | $ | 100,027 | |||||||
| Cost of goods sold | 8,437 | 7,041 | 24,832 | 19,283 | |||||||||||
| Gross profit | 31,903 | 26,973 | 93,344 | 80,744 | |||||||||||
| Operating expenses: | |||||||||||||||
| Sales and marketing | 27,448 | 26,512 | 85,805 | 81,317 | |||||||||||
| Research and development | 3,993 | 3,919 | 12,690 | 10,866 | |||||||||||
| General and administrative | 8,095 | 7,711 | 24,603 | 22,986 | |||||||||||
| Total operating expenses | 39,536 | 38,142 | 123,098 | 115,169 | |||||||||||
| Loss from operations | (7,633 | ) | (11,169 | ) | (29,754 | ) | (34,425 | ) | |||||||
| Interest and other income (expense), net: | |||||||||||||||
| Interest income | 1,936 | 2,174 | 6,064 | 4,689 | |||||||||||
| Interest expense | (884 | ) | (884 | ) | (2,647 | ) | (2,573 | ) | |||||||
| Other income (expense), net | 6 | (143 | ) | (81 | ) | (44 | ) | ||||||||
| Net loss | $ | (6,575 | ) | $ | (10,022 | ) | $ | (26,418 | ) | $ | (32,353 | ) | |||
| Net loss per share, basic and diluted | $ | (0.16 | ) | $ | (0.25 | ) | $ | (0.64 | ) | $ | (0.86 | ) | |||
| Weighted-average number of common shares used to compute basic and diluted net loss per share | 41,717,505 | 40,265,520 | 41,324,614 | 37,702,207 | |||||||||||
| SI-BONE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (unaudited) | |||||||
| September 30, 2024 | December 31, 2023 | ||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 30,225 | $ | 33,271 | |||
| Short-term investments | 120,593 | 132,748 | |||||
| Accounts receivable, net | 24,909 | 21,953 | |||||
| Inventory | 25,518 | 20,249 | |||||
| Prepaid expenses and other current assets | 2,454 | 3,173 | |||||
| Total current assets | 203,699 | 211,394 | |||||
| Property and equipment, net | 20,748 | 16,000 | |||||
| Operating lease right-of-use assets | 2,225 | 2,706 | |||||
| Other non-current assets | 326 | 325 | |||||
| TOTAL ASSETS | $ | 226,998 | $ | 230,425 | |||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 7,318 | $ | 4,588 | |||
| Accrued liabilities and other | 16,156 | 17,452 | |||||
| Operating lease liabilities, current portion | 1,210 | 1,416 | |||||
| Total current liabilities | 24,684 | 23,456 | |||||
| Long-term borrowings | 36,192 | 36,065 | |||||
| Operating lease liabilities, net of current portion | 1,135 | 1,511 | |||||
| Other long-term liabilities | 13 | 18 | |||||
| TOTAL LIABILITIES | 62,024 | 61,050 | |||||
| Stockholders' Equity: | |||||||
| Common stock and additional paid-in capital | 591,251 | 569,481 | |||||
| Accumulated other comprehensive income | 582 | 335 | |||||
| Accumulated deficit | (426,859 | ) | (400,441 | ) | |||
| TOTAL STOCKHOLDERS’ EQUITY | 164,974 | 169,375 | |||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 226,998 | $ | 230,425 | |||
| SI-BONE, INC. RECONCILIATION OF NET LOSS TO NON-GAAP ADJUSTED EBITDA (In thousands) (unaudited) | ||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net loss | $ | (6,575 | ) | $ | (10,022 | ) | $ | (26,418 | ) | $ | (32,353 | ) | ||||
| Interest income | (1,936 | ) | (2,174 | ) | (6,064 | ) | (4,689 | ) | ||||||||
| Interest expense | 884 | 884 | 2,647 | 2,573 | ||||||||||||
| Depreciation and amortization | 1,085 | 1,534 | 3,166 | 3,855 | ||||||||||||
| Stock-based compensation | 6,306 | 5,928 | 19,733 | 18,120 | ||||||||||||
| Adjusted EBITDA | $ | (236 | ) | $ | (3,851 | ) | $ | (6,936 | ) | $ | (12,494 | ) | ||||
FAQ
What was SI-BONE's (SIBN) revenue growth in Q3 2024?
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