On August 5, 2024, SI-BONE Inc (SIBN, Financial) released its 8-K filing for the second quarter of 2024. SI-BONE Inc is a medical device company that develops and commercializes a proprietary minimally invasive surgical implant system in the United States and internationally. Its products include a series of patented titanium implants and the instruments used to implant them, as well as implantable bone products such as iFuse-3D, iFuse-TORQ, and iFuse Bedrock Granite, which have applications across sacroiliac joint dysfunction and fusion, adult spinal deformity and degeneration, and pelvic trauma.
Performance and Challenges
SI-BONE Inc (SIBN, Financial) reported worldwide revenue of $40.0 million for Q2 2024, representing a 20% increase from the same period last year. This figure surpasses the analyst estimate of $38.32 million. U.S. revenue grew by 21% to $37.8 million, while international revenue saw a modest increase to $2.2 million from $2.1 million in Q2 2023. Despite these gains, the company reported a net loss of $8.9 million, an improvement from the $11.2 million loss in the prior year period.
Financial Achievements
SI-BONE Inc (SIBN, Financial) achieved a gross margin of 79%, slightly down from 81% in Q2 2023, due to changes in procedure and product mix. The company's adjusted EBITDA loss improved significantly by 43% to $2.7 million, compared to a $4.7 million loss in the same period last year. The company ended the quarter with $151.5 million in cash and equivalents, positioning it well for future investments and growth.
Income Statement Highlights
| Metric | Q2 2024 | Q2 2023 |
|---|---|---|
| Revenue | $40.0 million | $33.3 million |
| Gross Profit | $31.6 million | $27.0 million |
| Operating Expenses | $41.7 million | $39.0 million |
| Net Loss | $8.9 million | $11.2 million |
| Adjusted EBITDA Loss | $2.7 million | $4.7 million |
Balance Sheet and Cash Flow
SI-BONE Inc (SIBN, Financial) reported total assets of $223.8 million as of June 30, 2024, down from $230.4 million at the end of 2023. The company’s cash and cash equivalents stood at $25.6 million, with short-term investments of $126.0 million. Total liabilities were $59.1 million, slightly down from $61.1 million at the end of 2023. The company’s stockholders' equity was $164.7 million, a decrease from $169.4 million at the end of 2023.
Operational Highlights
SI-BONE Inc (SIBN, Financial) saw an increase in the number of active U.S. physicians to over 1,150, a 23% rise from the previous year. The company also welcomed Thomas West and Dan Wolf to its Board of Directors. Clinical trials such as the SALLY and STACI studies reaffirmed the efficacy and safety of SI-BONE’s products, contributing to the company's strong market position.
I am delighted with our strong operating results as we delivered record revenue in the second quarter, reflecting overall strong demand dynamics including elevated interest in our recently launched Granite 9.5. Given the momentum in the business, we expect revenue growth to accelerate in the second half of 2024,” said Laura Francis, Chief Executive Officer.
Updated Financial Guidance
SI-BONE Inc (SIBN, Financial) has updated its 2024 revenue guidance to a range of $165 million to $167 million, up from the previous guidance of $164 million to $166 million. The company also expects to achieve positive adjusted EBITDA in the fourth quarter of 2024.
For more detailed information, visit the 8-K filing.
Explore the complete 8-K earnings release (here) from SI-BONE Inc for further details.
