SI-BONE, Inc. (Nasdaq:SIBN), a medical device company dedicated to
solving sacropelvic disorders, today reported financial results for
the fourth quarter and full year ended December 31, 2024.
Fourth Quarter 2024 Financial
Highlights (all comparisons are to the prior year
period)
- Worldwide revenue of $49.0 million,
representing growth of ~26%
- U.S. revenue of $46.9 million,
representing growth of ~28%
- Gross margin of ~79%
- Net loss of $4.5 million,
representing an improvement of ~59%
- Positive adjusted EBITDA of $1.9
million, representing an improvement of ~139%
- Ended the quarter with $150.0
million in cash and equivalents, representing $0.8 million in net
cash usage
Fiscal Year 2024 Highlights
(all comparisons are to the prior year period)
- Worldwide revenue of $167.2
million, representing growth of ~20%
- U.S. revenue of $158.4 million,
representing growth of ~21%
- Gross Margin of ~79%
- Net loss of $30.9 million,
representing an improvement of ~29%
- Adjusted EBITDA loss of $5.1
million, representing an improvement of ~71%
Recent Operational Highlights
(any comparisons are to the prior year period)
- ~1,400 active U.S. physicians in
the fourth quarter, representing an increase of 23%
- Granted Transitional Pass-Through
payment status effective January 1, 2025 for Granite outpatient
procedures
- Received third Breakthrough Device
Designation for a novel implant system
“2024 was a transformative year for SI-BONE.
Years of innovation, strategic investments, and disciplined
execution are delivering meaningful results, including record
revenue and positive adjusted EBITDA in the fourth quarter. More
than 2,000 U.S. physicians performed a SI-BONE procedure last year,
improving the lives of nearly 18,000 patients,” said Laura Francis,
Chief Executive Officer. “With a total addressable market of nearly
500,000 procedures, we are still in the early stages of unlocking
SI-BONE's full potential for strong, sustainable, and highly
profitable growth. In 2025, I am excited about the opportunities to
further expand platform adoption, supported by reimbursement
tailwinds, while advancing toward achieving positive annual AEBITDA
and improving our margins.”
Fourth Quarter 2024
Financial Results
Worldwide revenue was $49.0 million in the
fourth quarter 2024, a ~26% increase from $38.9 million in the
corresponding period in 2023. U.S. revenue for the fourth
quarter 2024 was $46.9 million, a ~28% increase from $36.7 million
in the corresponding period in 2023. International revenue for the
fourth quarter 2024 was $2.1 million compared to $2.2 million in
the corresponding period in 2023.
Gross profit was $38.8 million in the fourth
quarter 2024, an increase of ~35% from $28.7 million in the
corresponding period in 2023. Gross margin was ~79% for the fourth
quarter 2024 compared to ~74% in the corresponding period in 2023.
The fourth quarter 2023 gross margin reflects a four percentage
point reduction, resulting from a $1.7 million excess inventory
reserve.
Operating expenses increased ~8% to $44.3
million in the fourth quarter 2024, as compared to $41.2 million in
the corresponding period in 2023. The change in operating
expenses was primarily driven by general commercial activity
related to higher revenue and new product rollout, as well as
research and development investments related to future
products.
Operating loss improved by ~56% to $5.5 million
in the fourth quarter 2024, as compared to an operating loss of
$12.5 million in the corresponding period in 2023.
Net loss improved by ~59%, to $4.5 million, or
$0.11 per diluted share in the fourth quarter 2024, as compared to
a net loss of $11.0 million, or $0.27 per diluted share in the
corresponding period in 2023.
Adjusted EBITDA improved by ~139% to positive
$1.9 million in the fourth quarter 2024, as compared to a loss of
$4.8 million in the corresponding period in 2023.
Fiscal Year 2024 Financial
Results
Worldwide revenue was $167.2 million for 2024, a
~20% increase from $138.9 million in 2023. U.S. revenue for
2024 was $158.4 million, a ~21% increase from $130.6 million in
2023. International revenue was $8.8 million in 2024 compared to
$8.3 million in 2023.
Gross profit was $132.1 million in 2024, a ~21%
increase from $109.4 million in 2023. Gross margin was ~79% in 2024
and in 2023.
Operating expenses increased ~7% to $167.4
million in 2024, as compared to $156.4 million in 2023. The
change in operating expenses was primarily driven by general
commercial activity related to higher revenue and new product
rollout, as well as research and development investments related to
future products.
Operating loss improved by ~25% to $35.2 million
in 2024, as compared to an operating loss of $46.9 million in
2023.
Net loss improved by ~29%, to $30.9 million, or
$0.75 per diluted share in 2024, as compared to a net loss of $43.3
million, or $1.13 per diluted share in 2023.
Adjusted EBITDA improved by ~71% to a loss of
$5.1 million in 2024, as compared to a loss of $17.3 million in
2023.
Cash and marketable securities were $150.0
million and borrowings were $35.5 million as of December 31,
2024.
2025 Financial Guidance
SI-BONE expects 2025 worldwide revenue to be in
the range of $193.5 million to $195.5 million, implying
year-over-year growth of ~16% to ~17%. SI-BONE estimates fiscal
year 2025 gross margin to be in the range of 77% to 78%, and
operating expenses growth to be ~9% at the mid-point of the revenue
guidance. Based on these assumptions, SI-BONE expects to deliver
positive adjusted EBITDA for second half and full year 2025.
Webcast Information
SI-BONE will host a conference call to discuss
the fourth quarter 2024 financial results after market close on
Monday, February 24, 2025 at 4:30 P.M. Eastern Time. The conference
call can be accessed live over webcast at
https://edge.media-server.com/mmc/p/xyxunb4k. Live audio of the
webcast will be available on the “Investors” section of the
company’s website at: www.si-bone.com. The webcast will be archived
and available for replay for at least 90 days after the event.
About SI-BONE, Inc.
SI-BONE (NASDAQ: SIBN) is a global leader in
developing unique technologies for surgical treatment of
sacropelvic disorders. Since pioneering minimally invasive SI joint
surgery in 2009, SI-BONE has supported over 4,300 physicians in
performing a total of over 115,000 procedures. A unique body of
clinical evidence supports the use of SI-BONE’s technologies,
including two randomized controlled trials and over 160 peer
reviewed publications. SI-BONE has leveraged its leadership in
minimally invasive SI joint fusion to commercialize novel solutions
for adjacent markets, including adult deformity, sacropelvic
fixation and pelvic trauma.
For additional information on the company or the
products including risks and benefits, please visit
www.si-bone.com.
iFuse Bedrock Granite and SI-BONE are registered trademarks of
SI-BONE, Inc. ©2025 SI-BONE, Inc. All Rights Reserved.
Forward Looking Statements
The statements in this press release regarding
expectations of future events or results, including SI-BONE’s
expectations of continued revenue and procedure growth and
financial outlook, contained in this press release are
"forward-looking" statements. These forward-looking statements are
based on SI-BONE's current expectations and inherently involve
significant risks and uncertainties. These risks include SI-BONE's
ability to introduce and commercialize new products and
indications, SI-BONE's ability to maintain favorable reimbursement
for procedures using its products, the impact of any future
economic weakness on the ability and desire of patients to undergo
elective procedures including those using SI-BONE's devices,
SI-BONE's ability to manage risks to its supply chain, future
capital requirements driven by new surgical systems requiring
instrument tray and implant inventory investment, and the pace of
the re-normalization of the healthcare operating environment
including the ability and desire of patients and physicians to
undergo and perform procedures using SI-BONE's devices. Actual
results and the timing of events could differ materially from those
anticipated in such forward-looking statements as a result of these
and other risks and uncertainties, many of which are described in
the company's most recent filing on Form 10-K, and the company’s
other filings with the Securities and Exchange Commission (SEC)
available at the SEC's Internet site (www.sec.gov), especially
under the caption "Risk Factors." SI-BONE does not undertake any
obligation to update forward-looking statements and expressly
disclaims any obligations or undertaking to release publicly any
updates or revisions to any forward-looking statements contained
herein, except as required by law.
Use of Non-GAAP Financial
Measures
SI-BONE uses adjusted EBITDA, a non-GAAP
financial measures that excludes from net loss the effects of
interest income, interest expense, depreciation and amortization,
and stock-based compensation. SI-BONE believes the presentation of
adjusted EBITDA is useful to management because it allows
management to more consistently analyze period-to-period financial
performance and provides meaningful supplemental information with
respect to core operational activities used to evaluate
management's performance. SI-BONE also believes the presentation of
adjusted EBITDA is useful to investors and other interested persons
as it enables these persons to use this additional information to
assess the company’s performance in using this additional metric
that management uses to assess the company’s performance.
Adjusted EBITDA should be considered
supplemental to, and not a substitute for, financial information
prepared in accordance with GAAP. Because adjusted EBITDA excludes
the effect of items that increase or decrease SI-BONE's reported
results of operations, management strongly encourages investors to
review, when they become available, the company's consolidated
financial statements and publicly filed reports in their entirety.
The company's definition of adjusted EBITDA may differ from
similarly titled measures used by others.
Investor Contact
Saqib IqbalSr. Director, FP&A and Investor
Relationsinvestors@SI-BONE.com
|
SI-BONE, INC. CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (In thousands, except share and per
share amounts) (Unaudited) |
| |
Three Months Ended December 31, 2024 |
|
Twelve Months Ended December 31, 2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
| Revenue |
$ |
49,002 |
|
|
$ |
38,859 |
|
|
$ |
167,178 |
|
|
$ |
138,886 |
|
| Cost of goods sold |
|
10,225 |
|
|
|
10,183 |
|
|
|
35,057 |
|
|
|
29,466 |
|
|
Gross profit |
|
38,777 |
|
|
|
28,676 |
|
|
|
132,121 |
|
|
|
109,420 |
|
| Operating expenses: |
|
|
|
|
|
|
|
|
Sales and marketing |
|
31,249 |
|
|
|
28,937 |
|
|
|
117,054 |
|
|
|
110,254 |
|
|
Research and development |
|
3,870 |
|
|
|
4,162 |
|
|
|
16,560 |
|
|
|
15,028 |
|
|
General and administrative |
|
9,152 |
|
|
|
8,083 |
|
|
|
33,755 |
|
|
|
31,069 |
|
| Total operating expenses |
|
44,271 |
|
|
|
41,182 |
|
|
|
167,369 |
|
|
|
156,351 |
|
| Loss from operations |
|
(5,494 |
) |
|
|
(12,506 |
) |
|
|
(35,248 |
) |
|
|
(46,931 |
) |
| Interest and other income
(expense), net: |
|
|
|
|
|
|
|
|
Interest income |
|
1,784 |
|
|
|
2,228 |
|
|
|
7,848 |
|
|
|
6,916 |
|
|
Interest expense |
|
(795 |
) |
|
|
(890 |
) |
|
|
(3,440 |
) |
|
|
(3,462 |
) |
| Other income (expense),
net |
|
10 |
|
|
|
185 |
|
|
|
(73 |
) |
|
|
141 |
|
| Net loss |
$ |
(4,496 |
) |
|
$ |
(10,983 |
) |
|
$ |
(30,913 |
) |
|
$ |
(43,336 |
) |
| |
|
|
|
|
|
|
|
| Net loss per share, basic and
diluted |
$ |
(0.11 |
) |
|
$ |
(0.27 |
) |
|
$ |
(0.75 |
) |
|
$ |
(1.13 |
) |
| Weighted-average number of
common shares used to compute basic and diluted net loss per
share |
|
41,994,284 |
|
|
|
40,579,409 |
|
|
|
41,466,564 |
|
|
|
38,427,419 |
|
|
SI-BONE, INC. CONDENSED CONSOLIDATED BALANCE
SHEETS(in
thousands)(unaudited) |
| |
December 31, 2024 |
|
December 31, 2023 |
| ASSETS |
|
|
|
| Current assets: |
|
|
|
|
Cash and cash equivalents |
$ |
34,948 |
|
|
$ |
33,271 |
|
|
Short-term investments |
|
115,094 |
|
|
|
132,748 |
|
|
Accounts receivable, net |
|
27,459 |
|
|
|
21,953 |
|
|
Inventory |
|
27,074 |
|
|
|
20,249 |
|
|
Prepaid expenses and other current assets |
|
3,204 |
|
|
|
3,173 |
|
| Total current assets |
|
207,779 |
|
|
|
211,394 |
|
| Property and equipment,
net |
|
20,374 |
|
|
|
16,000 |
|
| Operating lease right-of-use
assets |
|
1,984 |
|
|
|
2,706 |
|
| Other non-current assets |
|
300 |
|
|
|
325 |
|
|
TOTAL ASSETS |
$ |
230,437 |
|
|
$ |
230,425 |
|
| |
|
|
|
| LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
|
| Current liabilities: |
|
|
|
|
Accounts payable |
$ |
6,488 |
|
|
$ |
4,588 |
|
|
Accrued liabilities and other |
|
19,492 |
|
|
|
17,452 |
|
|
Operating lease liabilities, current portion |
|
1,152 |
|
|
|
1,416 |
|
| Total current liabilities |
|
27,132 |
|
|
|
23,456 |
|
| Long-term borrowings |
|
35,452 |
|
|
|
36,065 |
|
| Operating lease liabilities,
net of current portion |
|
879 |
|
|
|
1,511 |
|
| Other long-term
liabilities |
|
10 |
|
|
|
18 |
|
|
TOTAL LIABILITIES |
|
63,473 |
|
|
|
61,050 |
|
| |
|
|
|
| Stockholders' Equity: |
|
|
|
|
Common stock and additional paid-in capital |
|
598,074 |
|
|
|
569,481 |
|
|
Accumulated other comprehensive income |
|
244 |
|
|
|
335 |
|
|
Accumulated deficit |
|
(431,354 |
) |
|
|
(400,441 |
) |
|
TOTAL STOCKHOLDERS’ EQUITY |
|
166,964 |
|
|
|
169,375 |
|
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
$ |
230,437 |
|
|
$ |
230,425 |
|
|
SI-BONE, INC. RECONCILIATION OF NET LOSS TO
NON-GAAP ADJUSTED EBITDA(In thousands)
(unaudited) |
| |
Three Months Ended December 31, 2024 |
|
Twelve Months Ended December 31, 2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
| Net loss |
$ |
(4,496 |
) |
|
$ |
(10,983 |
) |
|
$ |
(30,913 |
) |
|
$ |
(43,336 |
) |
|
Interest income |
|
(1,784 |
) |
|
|
(2,228 |
) |
|
|
(7,848 |
) |
|
|
(6,916 |
) |
|
Interest expense |
|
795 |
|
|
|
890 |
|
|
|
3,440 |
|
|
|
3,462 |
|
|
Depreciation and amortization |
|
1,213 |
|
|
|
1,573 |
|
|
|
4,379 |
|
|
|
5,428 |
|
|
Stock-based compensation |
|
6,135 |
|
|
|
5,937 |
|
|
|
25,868 |
|
|
|
24,057 |
|
| Adjusted EBITDA |
$ |
1,864 |
|
|
$ |
(4,811 |
) |
|
$ |
(5,074 |
) |
|
$ |
(17,305 |
) |
| |
|
|
|
|
|
|
|
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