SI-BONE, Inc. (Nasdaq: SIBN), a medical device company dedicated to
solving musculoskeletal disorders of the sacropelvic anatomy, today
reported financial results for the fourth quarter and full year
ended December 31, 2023.
Fourth Quarter 2023 Highlights
(all comparisons are to the prior year period)
- Worldwide revenue of $38.9 million, representing an increase of
~22%
- U.S. revenue of $36.7 million, representing an increase of
~22%
- Gross Margin of ~74%, reflecting a ~4 percentage point
reduction from excess inventory reserve
- Over 1,130 active physicians, representing an increase of
~22%
- Cash and equivalents of ~$166 million, representing net cash
usage of ~$0.8 million
Fiscal Year 2023 Highlights
(all comparisons are to the prior year period)
- Worldwide revenue of $138.9 million, representing an increase
of ~31%
- U.S. revenue of $130.6 million, representing an increase of
~32%
- Gross Margin of ~79%, reflecting a ~1 percentage point
reduction from excess inventory reserve
- Over 1,600 physicians performed more than 15,000 procedures in
the U.S.
Recent Operational
Highlights
- Received 510(k) clearance for
smaller diameter iFuse Bedrock Granite implant, with S1 and
pediatric deformity indication
- Published early SILVIA results which demonstrate the
feasibility and safety of pelvic fixation and fusion with iFuse-3D
and highlighted the prevalence of SI joint pain in 16% of the
patients undergoing deformity surgery
- Built on the success of iFuse TORQ with interventional spine
physicians and completed the first SI joint allograft procedure,
reimbursed under CPT 27278, using iFuse INTRA
“2023 was a year of records for us, as our
annual worldwide revenue growth exceeded 30%, led by over 32%
procedure volume growth in the U.S. I am proud of our team’s
stellar execution as we supported a record 1,600 U.S. physicians to
help improve the lives of nearly 15,000 patients in the U.S., while
driving substantial operating leverage and reduction in cash
usage,” said Laura Francis, Chief Executive Officer. “I expect 2024
to be an exciting year for us as we capitalize on favorable demand
dynamics, launch products across each of our target markets, and
make significant progress toward our Adjusted EBITDA breakeven
goal.”
Fourth Quarter
2023 Financial Results
Worldwide revenue was $38.9 million in the
fourth quarter 2023, a ~22% increase from $32.0 million in the
corresponding period in 2022. U.S. revenue for the fourth
quarter 2023 was $36.7 million, an increase of ~22% from $30.0
million in the corresponding period in 2022. International revenue
was $2.2 million in the fourth quarter 2023 compared to $2.0
million in the corresponding period in 2022.
Gross margin was ~74% for the fourth quarter
2023, compared to ~84% in the corresponding period in 2022. Gross
margin in the fourth quarter 2023 was impacted by procedure and
product mix as well as the impact of higher depreciation from
instrument trays, depreciation associated with our second facility
in Santa Clara, and higher freight costs. The fourth quarter 2023
gross margin also reflects a ~4 percentage point reduction from a
$1.7 million excess inventory reserve.
Operating expenses increased ~8% to $41.2
million in the fourth quarter 2023, compared to $38.2 million in
the corresponding period in 2022. The change in operating
expenses was primarily driven by higher commission related to
revenue growth, increase in compensation as well as research and
development investments.
Net loss improved by ~2% to $11.0 million, or
$0.27 per diluted share for the fourth quarter 2023, as compared to
a net loss of $11.2 million, or $0.32 per diluted share in the
corresponding period in 2022. Net loss per diluted share for the
fourth quarter 2023 includes the impact of the increase in shares
outstanding as a result of the follow-on common stock offering in
May 2023.
Adjusted EBITDA loss, including the $1.7 million
impact from excess inventory reserve, declined by approximately
~16% to $4.8 million in the fourth quarter 2023 compared to an
adjusted EBITDA loss of $4.2 million in the corresponding period in
2022.
2023 Financial
Results
Worldwide revenue was $138.9 million for 2023, a
~31% increase from $106.4 million in 2022. U.S. revenue for
2023 was $130.6 million, a ~32% increase from $98.8 million in
2022. International revenue was $8.3 million in 2023 compared to
$7.7 million in 2022.
Gross margin was ~79% for 2023, compared to ~85%
in 2022. In 2023, gross margin was impacted by procedure and
product mix, higher depreciation from instrument trays,
depreciation associated with the second facility in Santa Clara,
and freight costs. The 2023 gross margin reflects a ~1 percentage
point reduction from excess inventory reserve.
Operating expenses increased ~4% to $156.4
million in 2023, compared to $150.3 million in 2022. The
change in operating expenses was primarily driven by higher
commission related to revenue growth, increase in compensation as
well as research and development investments offset by timing of
certain commercial activity, lower headcount and travel costs.
Net loss improved by ~29% to $43.3 million, or
$1.13 per diluted share for 2023, as compared to a net loss $61.3
million, or $1.79 per diluted share in 2022. Net loss per diluted
share for 2023 includes the impact of the increase in shares
outstanding as a result of the follow-on common stock offering in
May 2023.
Adjusted EBITDA loss, which includes the impact
of excess inventory reserve, improved by ~48% to $17.3 million for
2023, compared to an adjusted EBITDA loss of $33.2 million in
2022.
Cash and marketable securities were ~$166.0
million as of December 31, 2023.
2024 Financial Guidance
SI-BONE expects 2024 worldwide revenue of $162
million to $165 million, implying year-over-year growth of ~17% to
~19%. SI-BONE estimates fiscal year 2024 gross margin to be ~78%
and operating expenses growth to be ~9%. Based on these
assumptions, SI-BONE expects significant year-over-year improvement
in Adjusted EBITDA loss for full year 2024.
Webcast and Conference Call
Information
SI-BONE will host a conference call to discuss
the fourth quarter 2023 financial results after market close on
Monday, February 26, 2024 at 4:30 P.M. Eastern Time. The
conference call can be accessed live over webcast at
https://edge.media-server.com/mmc/p/px3jaycu. 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
SI-BONE (NASDAQ: SIBN) is a global leader in
technology for surgical treatment of musculoskeletal disorders of
the sacropelvic anatomy. Since pioneering minimally invasive
surgery of the SI joint in 2009, SI-BONE has supported over 3,600
physicians in performing a total of more than 95,000 sacropelvic
procedures. A unique body of clinical evidence supports the use of
SI-BONE’s technologies, including two randomized controlled trials
and over 125 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,
spinopelvic 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, iFuse-TORQ and SI-BONE
are registered trademarks of SI-BONE, Inc. ©2024 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, and future
capital requirements driven by new surgical systems requiring
investment in instrument trays and implant inventory. 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 filings on Form 10-K and Form 10-Q, 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 the Company'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 ContactSaqib Iqbal
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, |
|
Year Ended December 31, |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
| Revenue |
|
$ |
38,859 |
|
|
$ |
31,953 |
|
|
$ |
138,886 |
|
|
$ |
106,409 |
|
| Cost of goods sold |
|
|
10,183 |
|
|
|
5,089 |
|
|
|
29,466 |
|
|
|
15,705 |
|
| Gross profit |
|
|
28,676 |
|
|
|
26,864 |
|
|
|
109,420 |
|
|
|
90,704 |
|
| Gross margin |
|
|
74 |
% |
|
|
84 |
% |
|
|
79 |
% |
|
|
85 |
% |
| |
|
|
|
|
|
|
|
|
| Operating expenses: |
|
|
|
|
|
|
|
|
|
Sales and marketing |
|
|
28,937 |
|
|
|
27,609 |
|
|
|
110,254 |
|
|
|
107,726 |
|
|
Research and development |
|
|
4,162 |
|
|
|
3,480 |
|
|
|
15,028 |
|
|
|
13,627 |
|
|
General and administrative |
|
|
8,083 |
|
|
|
7,069 |
|
|
|
31,069 |
|
|
|
28,960 |
|
| Total operating expenses |
|
|
41,182 |
|
|
|
38,158 |
|
|
|
156,351 |
|
|
|
150,313 |
|
| |
|
|
|
|
|
|
|
|
| Loss from operations |
|
|
(12,506 |
) |
|
|
(11,294 |
) |
|
|
(46,931 |
) |
|
|
(59,609 |
) |
| Interest and other income
(expense), net: |
|
|
|
|
|
|
|
|
|
Interest income |
|
|
2,228 |
|
|
|
749 |
|
|
|
6,916 |
|
|
|
1,304 |
|
|
Interest expense |
|
|
(890 |
) |
|
|
(881 |
) |
|
|
(3,462 |
) |
|
|
(2,819 |
) |
|
Other income (expense), net |
|
|
185 |
|
|
|
251 |
|
|
|
141 |
|
|
|
(132 |
) |
| Net loss |
|
$ |
(10,983 |
) |
|
$ |
(11,175 |
) |
|
$ |
(43,336 |
) |
|
$ |
(61,256 |
) |
| |
|
|
|
|
|
|
|
|
| Net loss per share, basic and
diluted |
|
$ |
(0.27 |
) |
|
$ |
(0.32 |
) |
|
$ |
(1.13 |
) |
|
$ |
(1.79 |
) |
| Weighted-average number of
common shares used to compute basic and diluted net loss per
share |
|
|
40,579,409 |
|
|
|
34,594,536 |
|
|
|
38,427,419 |
|
|
|
34,201,824 |
|
|
SI-BONE, INC. CONDENSED CONSOLIDATED
BALANCE SHEETS(in
thousands)(unaudited) |
| |
| |
|
December 31, |
|
|
|
|
2023 |
|
|
|
2022 |
|
| ASSETS |
|
|
|
|
| Current assets: |
|
|
|
|
|
Cash and cash equivalents |
|
$ |
33,271 |
|
|
$ |
20,717 |
|
|
Short-term investments |
|
|
132,748 |
|
|
|
76,573 |
|
|
Accounts receivable, net |
|
|
21,953 |
|
|
|
20,674 |
|
|
Inventory |
|
|
20,249 |
|
|
|
17,282 |
|
|
Prepaid expenses and other current assets |
|
|
3,173 |
|
|
|
2,365 |
|
| Total current assets |
|
|
211,394 |
|
|
|
137,611 |
|
| Property and equipment,
net |
|
|
16,000 |
|
|
|
15,564 |
|
| Operating lease right-of-use
assets |
|
|
2,706 |
|
|
|
4,002 |
|
| Other non-current assets |
|
|
325 |
|
|
|
375 |
|
|
TOTAL ASSETS |
|
$ |
230,425 |
|
|
$ |
157,552 |
|
| |
|
|
|
|
| LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
|
|
| Current liabilities: |
|
|
|
|
|
Accounts payable |
|
$ |
4,588 |
|
|
$ |
6,279 |
|
|
Accrued liabilities and other |
|
|
17,452 |
|
|
|
13,511 |
|
|
Operating lease liabilities, current portion |
|
|
1,416 |
|
|
|
1,388 |
|
| Total current liabilities |
|
|
23,456 |
|
|
|
21,178 |
|
| Long-term borrowings |
|
|
36,065 |
|
|
|
35,171 |
|
| Operating lease liabilities,
net of current portion |
|
|
1,511 |
|
|
|
2,871 |
|
| Other long-term
liabilities |
|
|
18 |
|
|
|
30 |
|
|
TOTAL LIABILITIES |
|
|
61,050 |
|
|
|
59,250 |
|
| |
|
|
|
|
| Stockholders' Equity: |
|
|
|
|
|
Common stock and additional paid-in capital |
|
|
569,481 |
|
|
|
455,175 |
|
|
Accumulated other comprehensive income |
|
|
335 |
|
|
|
232 |
|
|
Accumulated deficit |
|
|
(400,441 |
) |
|
|
(357,105 |
) |
|
TOTAL STOCKHOLDERS' EQUITY |
|
|
169,375 |
|
|
|
98,302 |
|
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
|
$ |
230,425 |
|
|
$ |
157,552 |
|
|
SI-BONE, INC. RECONCILIATION OF NET LOSS
TO NON-GAAP ADJUSTED EBITDA(In thousands)
(unaudited) |
| |
| |
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
| Net loss |
|
$ |
(10,983 |
) |
|
$ |
(11,175 |
) |
|
$ |
(43,336 |
) |
|
$ |
(61,256 |
) |
|
Interest income |
|
|
(2,228 |
) |
|
|
(749 |
) |
|
|
(6,916 |
) |
|
|
(1,304 |
) |
|
Interest expense |
|
|
890 |
|
|
|
881 |
|
|
|
3,462 |
|
|
|
2,819 |
|
|
Depreciation and amortization |
|
|
1,573 |
|
|
|
1,002 |
|
|
|
5,428 |
|
|
|
3,452 |
|
|
Stock-based compensation |
|
|
5,937 |
|
|
|
5,881 |
|
|
|
24,057 |
|
|
|
23,061 |
|
| Adjusted EBITDA |
|
$ |
(4,811 |
) |
|
$ |
(4,160 |
) |
|
$ |
(17,305 |
) |
|
$ |
(33,227 |
) |
| |
|
|
|
|
|
|
|
|
SI BONE (NASDAQ:SIBN)
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SI BONE (NASDAQ:SIBN)
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