Q2 2024 SI-BONE Inc Earnings Call Transcript
Key Points
- SI-BONE Inc (SIBN) reported a record $40 million in worldwide revenue for Q2 2024, representing 20% growth.
- US revenue grew by 21% to $37.8 million, driven by strong demand for their solutions.
- The company added 220 active physicians in the quarter, setting a new record for active physicians.
- SI-BONE Inc (SIBN) achieved a 43% improvement in adjusted EBITDA, indicating significant progress towards profitability.
- The company expects revenue growth to accelerate in the second half of 2024, driven by continued physician growth and increased procedure volumes.
- Gross margin for the quarter was 79%, impacted by procedure and product mix.
- Operating expenses increased by 7% to $41.7 million, driven by higher commissions, increased commercial activity, and R&D investments.
- The company reported a net loss of $8.9 million, or $0.22 per diluted share.
- International revenue was relatively low at $2.2 million.
- There is potential risk associated with the company's ability to maintain favorable reimbursement for its products and procedures.
Good afternoon and welcome to the SI-BONE's second-quarter 2024 earnings conference call. (Operator Instructions) As a reminder this call is being recorded for replay purposes.
I would now like to hand the call over to Saqib Iqbal, Senior Director of Investor Relations at SI-BONE for a few introductory comments.
Thank you for participating in today's call. Joining me are Laura Francis, Chief Executive Officer; and Anshul Maheshwari, Chief Financial Officer. Earlier today, SI-BONE released financial results for the quarter ended June 30, 2024. A copy of the press release is available on the company's website.
Before we begin, I'd like to remind you that management will make statements during this call that include forward-looking statements within the meaning of federal securities laws, which are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements contained in this call that relate to expectations or predictions of
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