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Mar 31, 2024
SI-BONE Q1 2024 Earnings Report
Reported financial results for Q1 2024.
Key Takeaways
SI-BONE, Inc. reported a worldwide revenue of $37.9 million, a 16% increase compared to the prior year period. The company updated its 2024 worldwide revenue guidance to be in the range of $164 million to $166 million.
Worldwide revenue increased by ~16% to $37.9 million.
U.S. revenue increased by ~16% to $35.4 million.
Gross margin was ~79%.
Over 1,100 U.S. active physicians, representing an increase of ~16%.
SI-BONE
SI-BONE
SI-BONE Revenue by Geographic Location
Revenue by Geographic Location
U.S. Revenue
CapyFin.comInternational Revenue
CapyFin.com Forward Guidance
SI-BONE updated 2024 worldwide revenue guidance to be in the range of $164 million to $166 million, an increase from the previous guidance of $162 million to $165 million.
Positive Outlook
- Annual guidance increased to $164 million - $166 million.
- Implies annual growth of ~18% - 20%.
- Expansion of opportunity in the pelvic fixation market with the rollout of the smaller diameter Granite implant.
- Building on the success of iFuse 3D with the adoption of TORQ across all our call points.
- Top-line growth will allow the company to make significant progress towards adjusted EBITDA breakeven goal.
Challenges Ahead
- 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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income