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 $40.0 million in the
second quarter 2024, a ~20% increase from $33.3 million in the
corresponding period in 2023. U.S. revenue for the second
quarter 2024 was $37.8 million, a ~21% increase from $31.2 million
in the corresponding period in 2023. International revenue for the
second quarter 2024 was $2.2 million compared to $2.1 million in
the corresponding period in 2023.
Gross profit was $31.6 million in the second
quarter 2024, a ~17% increase from $27.0 million in the
corresponding period in 2023. Gross margin was ~79% for the second
quarter 2024, as compared to ~81% in the corresponding period in
2023. Gross margin in the second quarter 2024 was impacted by
procedure and product mix.
Operating expenses increased ~7% to $41.7
million in the second quarter 2024, as compared to $39.0 million in
the corresponding period in 2023. The change in operating
expenses was primarily driven by increases in sales commissions
driven by revenue growth, increase in commercial activities to
support new product launches, research and development investments,
and higher stock-based compensation.
Operating loss improved by ~16% to $10.1 million
in the second quarter 2024, as compared to an operating loss of
$12.0 million in the corresponding period in 2023.
Net loss improved by ~20%, to $8.9 million, or
$0.22 per diluted share in the second quarter 2024, as compared to
a net loss of $11.2 million, or $0.30 per diluted share in the
corresponding period in 2023.
Adjusted EBITDA loss improved by ~43% to $2.7
million in the second quarter 2024, as compared to an Adjusted
EBITDA loss of $4.7 million in the corresponding period in
2023.
Cash and marketable securities were $151.5
million and borrowings were $36.1 million as of June 30, 2024.
2024 Updated Financial
Guidance
SI-BONE is updating 2024 worldwide revenue
guidance to be in the range of $165 million to $167 million, an
increase from the previous guidance of $164 million to $166
million. Compared to 2023, the updated guidance translates to
growth of ~19% to ~20%, versus growth of ~18% to ~20% implied in
the earlier guidance. 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 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 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 EndedJune 30, |
|
Six Months EndedJune 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 |
) |
| |
|
|
|
|
|
|
|
|
SI BONE (NASDAQ:SIBN)
過去 株価チャート
から 11 2024 まで 12 2024
SI BONE (NASDAQ:SIBN)
過去 株価チャート
から 12 2023 まで 12 2024
