SI-BONE, Inc. Reports Record Financial Results for the Fourth Quarter 2024 and Issues 2025 Guidance
SI-BONE (SIBN) reported strong Q4 2024 financial results with worldwide revenue reaching $49.0 million, up 26% year-over-year. U.S. revenue grew 28% to $46.9 million. The company achieved positive adjusted EBITDA of $1.9 million in Q4, a 139% improvement.
For full-year 2024, worldwide revenue increased 20% to $167.2 million, with U.S. revenue up 21% to $158.4 million. The company reduced its net loss by 29% to $30.9 million. Gross margin remained stable at 79%.
Looking ahead, SI-BONE provided 2025 guidance, projecting worldwide revenue between $193.5-$195.5 million, representing 16-17% growth. The company expects to achieve positive adjusted EBITDA for both second half and full year 2025, with gross margins forecasted at 77-78%.
SI-BONE (SIBN) ha riportato risultati finanziari solidi per il quarto trimestre del 2024, con ricavi globali che hanno raggiunto 49,0 milioni di dollari, in aumento del 26% rispetto all'anno precedente. I ricavi negli Stati Uniti sono cresciuti del 28% a 46,9 milioni di dollari. L'azienda ha registrato un EBITDA rettificato positivo di 1,9 milioni di dollari nel quarto trimestre, con un miglioramento del 139%.
Per l'intero anno 2024, i ricavi globali sono aumentati del 20% a 167,2 milioni di dollari, con i ricavi negli Stati Uniti che sono aumentati del 21% a 158,4 milioni di dollari. L'azienda ha ridotto la sua perdita netta del 29% a 30,9 milioni di dollari. Il margine lordo è rimasto stabile al 79%.
Guardando al futuro, SI-BONE ha fornito indicazioni per il 2025, prevedendo ricavi globali tra 193,5-195,5 milioni di dollari, rappresentando una crescita del 16-17%. L'azienda prevede di ottenere un EBITDA rettificato positivo sia per il secondo semestre che per l'intero anno 2025, con margini lordi previsti tra il 77% e il 78%.
SI-BONE (SIBN) reportó resultados financieros sólidos para el cuarto trimestre de 2024, con ingresos globales que alcanzaron 49,0 millones de dólares, un aumento del 26% en comparación con el año anterior. Los ingresos en EE. UU. crecieron un 28% a 46,9 millones de dólares. La compañía logró un EBITDA ajustado positivo de 1,9 millones de dólares en el cuarto trimestre, una mejora del 139%.
Para el año completo 2024, los ingresos globales aumentaron un 20% a 167,2 millones de dólares, con ingresos en EE. UU. que aumentaron un 21% a 158,4 millones de dólares. La compañía redujo su pérdida neta en un 29% a 30,9 millones de dólares. El margen bruto se mantuvo estable en 79%.
Mirando hacia adelante, SI-BONE proporcionó una guía para 2025, proyectando ingresos globales entre 193,5-195,5 millones de dólares, lo que representa un crecimiento del 16-17%. La compañía espera lograr un EBITDA ajustado positivo tanto para la segunda mitad como para el año completo 2025, con márgenes brutos pronosticados entre el 77% y el 78%.
SI-BONE (SIBN)은 2024년 4분기 재무 결과를 발표하며 전 세계 수익이 4,900만 달러에 달해 전년 대비 26% 증가했다고 보고했습니다. 미국 수익은 28% 증가하여 4,690만 달러에 달했습니다. 회사는 4분기에 190만 달러의 긍정적인 조정 EBITDA를 달성하며 139% 개선되었습니다.
2024년 전체 연도에 대해 전 세계 수익은 20% 증가하여 1억 6,720만 달러에 이르렀으며, 미국 수익은 21% 증가하여 1억 5,840만 달러에 달했습니다. 회사는 순손실을 29% 줄여 3,090만 달러로 감소시켰습니다. 총 이익률은 79%로 안정적으로 유지되었습니다.
앞으로 SI-BONE은 2025년 가이드를 제공하며 전 세계 수익이 1억 9,350만-1억 9,550만 달러에 이를 것으로 예상하며, 이는 16-17% 성장에 해당합니다. 회사는 2025년 하반기와 전체 연도 모두에서 긍정적인 조정 EBITDA를 달성할 것으로 기대하며, 총 이익률은 77-78%로 예상하고 있습니다.
SI-BONE (SIBN) a annoncé de solides résultats financiers pour le quatrième trimestre de 2024, avec un chiffre d'affaires mondial atteignant 49,0 millions de dollars, en hausse de 26 % par rapport à l'année précédente. Le chiffre d'affaires aux États-Unis a augmenté de 28 % pour atteindre 46,9 millions de dollars. L'entreprise a réalisé un EBITDA ajusté positif de 1,9 million de dollars au quatrième trimestre, soit une amélioration de 139 %.
Pour l'année entière 2024, le chiffre d'affaires mondial a augmenté de 20 % pour atteindre 167,2 millions de dollars, avec un chiffre d'affaires aux États-Unis en hausse de 21 % à 158,4 millions de dollars. L'entreprise a réduit sa perte nette de 29 % à 30,9 millions de dollars. La marge brute est restée stable à 79 %.
En regardant vers l'avenir, SI-BONE a fourni des prévisions pour 2025, projetant un chiffre d'affaires mondial compris entre 193,5-195,5 millions de dollars, représentant une croissance de 16-17 %. L'entreprise s'attend à réaliser un EBITDA ajusté positif à la fois pour le second semestre et pour l'année entière 2025, avec des marges brutes prévues entre 77 % et 78 %.
SI-BONE (SIBN) berichtete über starke finanzielle Ergebnisse für das vierte Quartal 2024, mit einem weltweiten Umsatz von 49,0 Millionen Dollar, was einem Anstieg von 26% im Vergleich zum Vorjahr entspricht. Der Umsatz in den USA wuchs um 28% auf 46,9 Millionen Dollar. Das Unternehmen erzielte ein positives bereinigtes EBITDA von 1,9 Millionen Dollar im vierten Quartal, was einer Verbesserung von 139% entspricht.
Für das Gesamtjahr 2024 stieg der weltweite Umsatz um 20% auf 167,2 Millionen Dollar, wobei der Umsatz in den USA um 21% auf 158,4 Millionen Dollar zunahm. Das Unternehmen verringerte seinen Nettoverlust um 29% auf 30,9 Millionen Dollar. Die Bruttomarge blieb stabil bei 79%.
Für die Zukunft gab SI-BONE eine Prognose für 2025 ab und erwartet einen weltweiten Umsatz zwischen 193,5-195,5 Millionen Dollar, was einem Wachstum von 16-17% entspricht. Das Unternehmen rechnet damit, sowohl im zweiten Halbjahr als auch im gesamten Jahr 2025 ein positives bereinigtes EBITDA zu erzielen, mit einer prognostizierten Bruttomarge von 77-78%.
- Q4 2024 worldwide revenue grew 26% to $49.0 million
- Q4 2024 achieved positive adjusted EBITDA of $1.9 million
- Q4 2024 net loss improved 59% to $4.5 million
- Active U.S. physicians increased 23% to ~1,400
- Received Transitional Pass-Through payment status for Granite outpatient procedures
- Strong cash position of $150.0 million at year-end
- Full year 2024 adjusted EBITDA loss of $5.1 million
- Operating expenses increased 8% in Q4 2024
- Net loss of $30.9 million for full year 2024
- Expected gross margin decline to 77-78% in 2025 guidance
Insights
SI-BONE's Q4 2024 results reveal a company approaching an inflection point in its growth trajectory. The 26% revenue growth to
The expansion of the U.S. physician base by
The newly granted Transitional Pass-Through payment status for Granite outpatient procedures, effective January 2025, represents a significant reimbursement catalyst that should accelerate adoption. This, coupled with the
The 2025 guidance of
The company's robust cash position of
Achieves
SANTA CLARA, Calif., Feb. 24, 2025 (GLOBE NEWSWIRE) -- SI-BONE, Inc. (Nasdaq:SIBN), a medical device company dedicated to solving sacropelvic disorders, today reported financial results for the fourth quarter and full year ended December 31, 2024.
Fourth Quarter 2024 Financial Highlights (all comparisons are to the prior year period)
- Worldwide revenue of
$49.0 million , representing growth of ~26% - U.S. revenue of
$46.9 million , representing growth of ~28% - Gross margin of ~
79% - Net loss of
$4.5 million , representing an improvement of ~59% - Positive adjusted EBITDA of
$1.9 million , representing an improvement of ~139% - Ended the quarter with
$150.0 million in cash and equivalents, representing$0.8 million in net cash usage
Fiscal Year 2024 Highlights (all comparisons are to the prior year period)
- Worldwide revenue of
$167.2 million , representing growth of ~20% - U.S. revenue of
$158.4 million , representing growth of ~21% - Gross Margin of ~
79% - Net loss of
$30.9 million , representing an improvement of ~29% - Adjusted EBITDA loss of
$5.1 million , representing an improvement of ~71%
Recent Operational Highlights (any comparisons are to the prior year period)
- ~1,400 active U.S. physicians in the fourth quarter, representing an increase of
23% - Granted Transitional Pass-Through payment status effective January 1, 2025 for Granite outpatient procedures
- Received third Breakthrough Device Designation for a novel implant system
“2024 was a transformative year for SI-BONE. Years of innovation, strategic investments, and disciplined execution are delivering meaningful results, including record revenue and positive adjusted EBITDA in the fourth quarter. More than 2,000 U.S. physicians performed a SI-BONE procedure last year, improving the lives of nearly 18,000 patients,” said Laura Francis, Chief Executive Officer. “With a total addressable market of nearly 500,000 procedures, we are still in the early stages of unlocking SI-BONE's full potential for strong, sustainable, and highly profitable growth. In 2025, I am excited about the opportunities to further expand platform adoption, supported by reimbursement tailwinds, while advancing toward achieving positive annual AEBITDA and improving our margins.”
Fourth Quarter 2024 Financial Results
Worldwide revenue was
Gross profit was
Operating expenses increased ~
Operating loss improved by ~
Net loss improved by ~
Adjusted EBITDA improved by ~
Fiscal Year 2024 Financial Results
Worldwide revenue was
Gross profit was
Operating expenses increased ~
Operating loss improved by ~
Net loss improved by ~
Adjusted EBITDA improved by ~
Cash and marketable securities were
2025 Financial Guidance
SI-BONE expects 2025 worldwide revenue to be in the range of
Webcast Information
SI-BONE will host a conference call to discuss the fourth quarter 2024 financial results after market close on Monday, February 24, 2025 at 4:30 P.M. Eastern Time. The conference call can be accessed live over webcast at https://edge.media-server.com/mmc/p/xyxunb4k. 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 4,300 physicians in performing a total of over 115,000 procedures. A unique body of clinical evidence supports the use of SI-BONE’s technologies, including two randomized controlled trials and over 160 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 and SI-BONE are registered trademarks of SI-BONE, Inc. ©2025 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 December 31, 2024 | Twelve Months Ended December 31, 2024 | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenue | $ | 49,002 | $ | 38,859 | $ | 167,178 | $ | 138,886 | |||||||
| Cost of goods sold | 10,225 | 10,183 | 35,057 | 29,466 | |||||||||||
| Gross profit | 38,777 | 28,676 | 132,121 | 109,420 | |||||||||||
| Operating expenses: | |||||||||||||||
| Sales and marketing | 31,249 | 28,937 | 117,054 | 110,254 | |||||||||||
| Research and development | 3,870 | 4,162 | 16,560 | 15,028 | |||||||||||
| General and administrative | 9,152 | 8,083 | 33,755 | 31,069 | |||||||||||
| Total operating expenses | 44,271 | 41,182 | 167,369 | 156,351 | |||||||||||
| Loss from operations | (5,494 | ) | (12,506 | ) | (35,248 | ) | (46,931 | ) | |||||||
| Interest and other income (expense), net: | |||||||||||||||
| Interest income | 1,784 | 2,228 | 7,848 | 6,916 | |||||||||||
| Interest expense | (795 | ) | (890 | ) | (3,440 | ) | (3,462 | ) | |||||||
| Other income (expense), net | 10 | 185 | (73 | ) | 141 | ||||||||||
| Net loss | $ | (4,496 | ) | $ | (10,983 | ) | $ | (30,913 | ) | $ | (43,336 | ) | |||
| Net loss per share, basic and diluted | $ | (0.11 | ) | $ | (0.27 | ) | $ | (0.75 | ) | $ | (1.13 | ) | |||
| Weighted-average number of common shares used to compute basic and diluted net loss per share | 41,994,284 | 40,579,409 | 41,466,564 | 38,427,419 | |||||||||||
| SI-BONE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (unaudited) | |||||||
| December 31, 2024 | December 31, 2023 | ||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 34,948 | $ | 33,271 | |||
| Short-term investments | 115,094 | 132,748 | |||||
| Accounts receivable, net | 27,459 | 21,953 | |||||
| Inventory | 27,074 | 20,249 | |||||
| Prepaid expenses and other current assets | 3,204 | 3,173 | |||||
| Total current assets | 207,779 | 211,394 | |||||
| Property and equipment, net | 20,374 | 16,000 | |||||
| Operating lease right-of-use assets | 1,984 | 2,706 | |||||
| Other non-current assets | 300 | 325 | |||||
| TOTAL ASSETS | $ | 230,437 | $ | 230,425 | |||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 6,488 | $ | 4,588 | |||
| Accrued liabilities and other | 19,492 | 17,452 | |||||
| Operating lease liabilities, current portion | 1,152 | 1,416 | |||||
| Total current liabilities | 27,132 | 23,456 | |||||
| Long-term borrowings | 35,452 | 36,065 | |||||
| Operating lease liabilities, net of current portion | 879 | 1,511 | |||||
| Other long-term liabilities | 10 | 18 | |||||
| TOTAL LIABILITIES | 63,473 | 61,050 | |||||
| Stockholders' Equity: | |||||||
| Common stock and additional paid-in capital | 598,074 | 569,481 | |||||
| Accumulated other comprehensive income | 244 | 335 | |||||
| Accumulated deficit | (431,354 | ) | (400,441 | ) | |||
| TOTAL STOCKHOLDERS’ EQUITY | 166,964 | 169,375 | |||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 230,437 | $ | 230,425 | |||
| SI-BONE, INC. RECONCILIATION OF NET LOSS TO NON-GAAP ADJUSTED EBITDA (In thousands) (unaudited) | |||||||||||||||
| Three Months Ended December 31, 2024 | Twelve Months Ended December 31, 2024 | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net loss | $ | (4,496 | ) | $ | (10,983 | ) | $ | (30,913 | ) | $ | (43,336 | ) | |||
| Interest income | (1,784 | ) | (2,228 | ) | (7,848 | ) | (6,916 | ) | |||||||
| Interest expense | 795 | 890 | 3,440 | 3,462 | |||||||||||
| Depreciation and amortization | 1,213 | 1,573 | 4,379 | 5,428 | |||||||||||
| Stock-based compensation | 6,135 | 5,937 | 25,868 | 24,057 | |||||||||||
| Adjusted EBITDA | $ | 1,864 | $ | (4,811 | ) | $ | (5,074 | ) | $ | (17,305 | ) | ||||
FAQ
What was SI-BONE's (SIBN) revenue growth in Q4 2024?
When will SI-BONE (SIBN) achieve positive adjusted EBITDA in 2025?
What is SI-BONE's (SIBN) revenue guidance for 2025?
How much did SI-BONE's (SIBN) net loss improve in 2024?
What was SI-BONE's (SIBN) cash position at the end of 2024?
