SI-BONE Reports Strong Growth in 3Q23 Driven by Increased Physician Adoption and Procedure Expansion
11-7-23 (by: Scott Gleason) SI-BONE has reported financial results for the quarter ended September 30, 2023 with record revenue of $34.0 million representing approximately 29% growth over the corresponding period in 2022. Consensus expectations were calling for revenue of $32.4 million. The company noted that it had over 1,040 U.S. active surgeons in the third quarter 2023 up 30% year-over-year and a strong leading indicator for future adoption. The company now has over 90,000 procedures performed by 3,500 surgeons worldwide using the company’s I-Fuse implant system for sacroiliac (SI) joint pain. The company performed 3,900 procedures in the quarter and estimates its total global market represents 500,000 procedures annually.
Management also noted growth in I-Fuse TORQ in trauma indications for sacral insufficiency fractures, with 120,000 of these fractures occurring annually in the U.S. The company is filing for regulatory approval for this indication in Europe. The company highlighted that trauma surgeons are increasingly also performing SI-joint fusion procedures as well.
On the profitability front, EPS were ($0.25) versus the street at ($0.34). The company had $166.8 million in cash and equivalents at the end of the third quarter with cash use of $2.7 million in the quarter.
Management also noted that it received patent for triangular broach instrument, a crucial technology to place triangular implants in the SI joint, providing protection through 2034. The company also highlighted a publication in the International Journal of Spine Surgery with a meta-analysis of 57 studies with over 2,800 patients which reaffirmed SI-BONE’s technique delivers highest improvement in pain and disability scores for its
Laura Francis, Chief Executive Officer stated, “As we exit 2023 with strong momentum, our planned product portfolio expansions combined with the demand inflection in our large addressable market of almost half a million annual procedures gives me confidence that we are in the early phase of growing demand for our solutions. As well, we have the operational framework and strong balance sheet to deliver long-term, strong and sustainable revenue growth.”