SI-BONE, Inc. reports financial results for the first quarter 2024

SI-BONE, Inc. reported financial results for the quarter ended March 31, 2024.

“I am pleased with the solid start to the year as we continued to benefit from robust procedure volumes across all our target markets and maintained our strong procedure ASP,” said Laura Francis, Chief Executive Officer. “I am confident about our revenue growth acceleration, catalyzed by expansion of our opportunity in the pelvic fixation market with the rollout of the smaller diameter Granite implant and building on the success of iFuse 3D with the adoption of TORQ across all our call points. This top-line growth will also allow us to make significant progress towards our adjusted EBITDA breakeven goal.”

First quarter 2024 financial results
Worldwide revenue was $37.9 million in the first quarter 2024, a ~16% increase from $32.7 million in the corresponding period in 2023. U.S. revenue for the first quarter 2024 was $35.4 million, a ~16% increase from $30.5 million in the corresponding period in 2023. International revenue growth for the first quarter 2024 was $2.4 million compared to $2.3 million in the corresponding period in 2023.

Gross margin was ~79% for the first quarter 2024, as compared to ~82% in the corresponding period in 2023. Gross margin in the first quarter 2024 was impacted by procedure and product mix.

Operating expenses increased ~10% to $41.9 million in the first quarter 2024, as compared to $38.1 million in the corresponding period in 2023. The change in operating expenses was primarily driven by increases in commission related to revenue growth, research and development investments, as well as higher stock based compensation. Operating expenses were also impacted by the timing of our global sales meeting, which was held in the first quarter of 2024 compared to in the second quarter of 2023.

Operating loss increased by ~7% to $12.0 million in the first quarter 2024, as compared to an operating loss of $11.3 million in the corresponding period in 2023.

Net loss improved by ~2%, to $10.9 million, or $0.27 per diluted share for the first quarter 2024, as compared to a net loss of $11.1 million, or $0.32 per diluted share in the corresponding period in 2023.

Adjusted EBITDA loss in the first quarter of 2024 was nearly flat compared to the corresponding period in 2023 at $4.0 million.

Cash and marketable securities were $157.8 million and borrowings were $36.1 million as of March 31, 2024.

2024 updated financial guidance
SI-BONE is updating 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. Compared to 2023, the updated guidance translates to growth of ~18% to ~20%, versus growth of ~17% to ~19% implied in the earlier guidance.
MB Bureau