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 $40.3 million in the third
quarter 2024, a ~19% increase from $34.0 million in the
corresponding period in 2023. U.S. revenue for the third
quarter 2024 was $38.3 million, a ~18% increase from $32.3 million
in the corresponding period in 2023. International revenue for the
third quarter 2024 was $2.1 million compared to $1.7 million in the
corresponding period in 2023.
Gross profit was $31.9 million in the second
quarter 2024, a ~18% increase from $27.0 million in the
corresponding period in 2023. Gross margin was ~79% for the third
quarter 2024 and was flat as compared to the corresponding period
in 2023.
Operating expenses increased ~4% to $39.5
million in the third quarter 2024, as compared to $38.1 million in
the corresponding period in 2023. The change in operating
expenses was primarily driven by general commercial activity
related to higher revenue and new product rollout, as well as
research and development investments related to future
products.
Operating loss improved by ~32% to $7.6 million
in the third quarter 2024, as compared to an operating loss of
$11.2 million in the corresponding period in 2023.
Net loss improved by ~34%, to $6.6 million, or
$0.16 per diluted share in the third quarter 2024, as compared to a
net loss of $10.0 million, or $0.25 per diluted share in the
corresponding period in 2023.
Adjusted EBITDA loss improved by ~94% to $0.2
million in the second quarter 2024, as compared to an Adjusted
EBITDA loss of $3.9 million in the corresponding period in
2023.
Cash and marketable securities were $150.8
million and borrowings were $36.2 million as of September 30,
2024.
2024 Financial Guidance
Updated
SI-BONE is updating 2024 worldwide revenue
guidance to be in the range of $165 million to $166 million
compared to the prior guidance of $165 million to $167 million. The
updated guidance implies annual revenue growth of ~19% to ~20%. The
Company expects to be Adjusted EBITDA positive in the fourth
quarter of 2024.
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 IqbalSr. Director, FP&A and Investor
Relationsinvestors@SI-BONE.com
|
SI-BONE, INC. CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (In thousands, except
share and per share amounts)
(Unaudited) |
| |
| |
Three Months EndedSeptember
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 |
) |
| |
|
|
|
|
|
|
|
|
Grafico Azioni SI BONE (NASDAQ:SIBN)
Storico
Da Nov 2024 a Dic 2024
Grafico Azioni SI BONE (NASDAQ:SIBN)
Storico
Da Dic 2023 a Dic 2024
