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Sep 30, 2023
SI-BONE Q3 2023 Earnings Report
Reported record financial results and raised annual guidance.
Key Takeaways
SI-BONE, Inc. reported record worldwide revenue of $34.0 million for Q3 2023, representing approximately 29% growth over the corresponding period in 2022. The company's annual guidance was increased to $136 million - $137 million, implying annual growth of 28%-29%.
Worldwide revenue reached a record $34.0 million, a 29% increase year-over-year.
U.S. revenue also hit a record at $32.3 million, reflecting a 31% increase year-over-year.
Gross margin was approximately 79% for the third quarter 2023.
Over 1,040 U.S. active surgeons in the third quarter 2023, representing approximately 30% growth over the corresponding period in 2022
SI-BONE
SI-BONE
Forward Guidance
SI-BONE is increasing its 2023 worldwide revenue guidance to be in the range of $136 million to $137 million from the previous guidance of $132 million to $134 million. The updated guidance translates to growth of approximately 28% to 29% compared to fiscal year 2022, versus the previous revenue growth of approximately 24% to 26%.
Positive Outlook
- Increased 2023 worldwide revenue guidance to $136 million - $137 million.
- Guidance implies annual growth of 28%-29%.
- Reflects strength of year-to-date performance.
- Reflects momentum exiting the third quarter of 2023.
- Increased revenue growth compared to previous revenue growth of approximately 24% to 26%.