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Jun 30, 2024
SI-BONE Q2 2024 Earnings Report
Reported financial results for Q2 2024 with increased revenue guidance.
Key Takeaways
SI-BONE, Inc. reported strong Q2 2024 financial results, with worldwide revenue of $40.0 million, representing a growth of approximately 20%. The company's net loss improved by approximately 20%, and they ended the quarter with $151.5 million in cash and equivalents. They increased 2024 revenue guidance to $165 million - $167 million and expects to achieve positive Adjusted EBITDA in Fourth Quarter 2024.
Worldwide revenue increased by ~20% to $40.0 million.
U.S. revenue increased by ~21% to $37.8 million.
Net loss improved by ~20% to $8.9 million.
Adjusted EBITDA loss improved by ~43% to $2.7 million.
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 is updating 2024 worldwide revenue guidance to be in the range of $165 million to $167 million and expects to be Adjusted EBITDA positive in the fourth quarter of 2024.
Positive Outlook
- Revenue guidance increased to $165 million - $167 million.
- Updated guidance translates to growth of ~19% to ~20%.
- Company expects to be Adjusted EBITDA positive in Q4 2024.
- Momentum in the business is expected to accelerate revenue growth in the second half of 2024.
- Ability to develop new markets with large unmet clinical needs is driving U.S. procedure volume growth and expanding physician base.
Challenges Ahead
- Ability to introduce and commercialize new products and indications.
- 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.
- 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