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Dec 31, 2022
SI-BONE Q4 2022 Earnings Report
SI-BONE's Q4 2022 financial results were reported, showing revenue growth and progress in strategic priorities.
Key Takeaways
SI-BONE, Inc. reported a 27% increase in worldwide revenue for Q4 2022, reaching $32.0 million. U.S. revenue increased by 28% to $30.0 million. The company's net loss was $11.2 million, or $0.32 per diluted share, and the adjusted EBITDA loss improved by 54% to $4.2 million.
Worldwide revenue increased by 27% to $32.0 million compared to the prior year period.
U.S. revenue grew by 28% to $30.0 million, driven by domestic case volumes.
Gross margin was 84%, impacted by lower average selling prices and higher costs.
Net loss improved to $11.2 million, or $0.32 per diluted share, compared to $14.5 million in the prior year period.
Revenue by Geographic Location
Forward Guidance
SI-BONE expects 2023 worldwide revenue of approximately $124 million to $127 million, representing growth of approximately 17% to 19% compared to fiscal year 2022. SI-BONE also anticipates that gross margin will be approximately 80% for fiscal year 2023 and Adjusted EBITDA loss will continue to improve year over year in 2023.
Positive Outlook
- Expects 2023 worldwide revenue of approximately $124 million to $127 million
- Revenue growth of approximately 17% to 19% compared to fiscal year 2022
- Anticipates that gross margin will be approximately 80% for fiscal year 2023
- Adjusted EBITDA loss will continue to improve year over year in 2023
- Demand momentum continues
Challenges Ahead
- Remains cognizant of the early phase of re-acceleration of the U.S. business
- Pace of international recovery
- Ability to introduce and commercialize new products and indications
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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