SI-BONE, Inc. Reports Financial Results for the Third Quarter 2024 and Updates Guidance

SIBN 11.12.2024

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Expects to achieve positive Adjusted EBITDA in Fourth Quarter 2024

SANTA CLARA, Calif.,Nov. 12, 2024(GLOBE NEWSWIRE) --SI-BONE, Inc.(Nasdaq:SIBN), a medical device company dedicated to solving sacropelvic disorders, today reported financial results for the quarter endedSeptember 30, 2024.

Third Quarter 2024 Financial Highlights(any comparisons are to the prior year period)

  • Worldwide revenue of$40.3 million, representing growth of ~19%
  • U.S.revenue of$38.3 million, representing growth of ~18%
  • Gross margin of ~79%
  • Net loss of$6.6 million, representing an improvement of ~34%
  • Adjusted EBITDA loss of$0.2 million, representing an improvement of ~94%
  • Ended the quarter with$150.8 millionin cash and equivalents, representing$0.7 millionin net cash usage

Recent Operational Highlights(any comparisons are to the prior year period)

  • Over 1,200U.S.active physicians in the third quarter 2024, representing an increase of ~15%
  • Commercialized iFuse TORQ TNT, a breakthrough device designed to address the anatomic and biomechanical challenges of pelvic fragility fractures
  • Granted Transitional Pass-Through (TPT) payment status for CY2025 procedures reporting the use of Granite
  • Completed enrollment of 110 patients across 15 sites forSTACI, a prospective study on lateral transfixing SI joint fusion using TORQ when performed by interventional spine physicians
  • Refinanced$36 millionTerm Loan, lowering all-in borrowing cost and extending maturity to 2029

“The team did a tremendous job delivering record worldwide revenue and getting close to Adjusted EBITDA breakeven in the third quarter. In addition to the sequential revenue growth, the record 1,200 active physicians in the quarter demonstrates that our strategy to build anatomy specific platforms to address unmet needs is gaining momentum,” saidLaura Francis, Chief Executive Officer. “Given the robust demand trends, including the excitement around Granite 9.5 and TORQ TNT, we are positioned to deliver a strong end to the year and be Adjusted EBITDA profitable in the fourth quarter. Going into 2025, we will leverage our formidable physician user base, our breakthrough devices, and our asset-lite business model to deliver strong and profitable revenue growth.”

ThirdQuarter 2024 Financial Results

Worldwide revenue was$40.3 millionin the third quarter 2024, a ~19% increase from$34.0 millionin the corresponding period in 2023. U.S. revenue for the third quarter 2024 was$38.3 million, a ~18% increase from$32.3 millionin the corresponding period in 2023. International revenue for the third quarter 2024 was$2.1 millioncompared to$1.7 millionin the corresponding period in 2023.

Gross profit was$31.9 millionin the second quarter 2024, a ~18% increase from$27.0 millionin the corresponding period in 2023. Gross margin was ~79% for the third quarter 2024 and was flat as compared to the corresponding period in 2023.

Operating expenses increased ~4% to$39.5 millionin the third quarter 2024, as compared to$38.1 millionin 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 ~32% to$7.6 millionin the third quarter 2024, as compared to an operating loss of$11.2 millionin the corresponding period in 2023.

Net loss improved by ~34%, to$6.6 million, or$0.16per diluted share in the third quarter 2024, as compared to a net loss of$10.0 million, or$0.25per diluted share in the corresponding period in 2023.

Adjusted EBITDA loss improved by ~94% to$0.2 millionin the second quarter 2024, as compared to an Adjusted EBITDA loss of$3.9 millionin the corresponding period in 2023.

Cash and marketable securities were$150.8 millionand borrowings were$36.2 millionas ofSeptember 30, 2024.

2024 Financial Guidance Updated

SI-BONEis updating 2024 worldwide revenue guidance to be in the range of$165 millionto$166 millioncompared to the prior guidance of$165 millionto$167 million. The updated guidance implies annual revenue growth of ~19% to ~20%. The Company expects to be Adjusted EBITDA positive in the fourth quarter of 2024.

Webcast Information

SI-BONEwill host a conference call to discuss the third quarter 2024 financial results after market close onTuesday, November 12, 2024at4:30 P.M. Eastern Time. The conference call can be accessed live over webcast athttps://edge.media-server.com/mmc/p/b8oqnu9r. 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.

AboutSI-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-BONEhas supported over 4,100 physicians in performing a total of over 110,000 procedures. A unique body of clinical evidence supports the use of SI-BONE’s technologies, including two randomized controlled trials and over 140 peer reviewed publications.SI-BONEhas 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 visitwww.si-bone.com.

iFuse Bedrock Granite, iFuse-TORQ andSI-BONEare registered trademarks ofSI-BONE, Inc.iFuse TORQ TNT is a trademark ofSI-BONE, Inc.©2024SI-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 onSI-BONE'scurrent expectations and inherently involve significant risks and uncertainties. These risks includeSI-BONE'sability to introduce and commercialize new products and indications, the impact of recent hurricanes including a resulting shortage in critical operating supplies on elective procedure volumes,SI-BONE'sability 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 usingSI-BONE'sdevices,SI-BONE'sability 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 usingSI-BONE'sdevices. 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 theSecurities and Exchange Commission(SEC) available at theSEC'sInternet site (www.sec.gov), especially under the caption "Risk Factors."SI-BONEdoes 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-BONEuses 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-BONEbelieves 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-BONEalso 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 decreaseSI-BONE'sreported 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 EndedSeptember 30,Nine Months EndedSeptember 30,
2024202320242023
Revenue$40,340$34,014$118,176$100,027
Cost of goods sold8,4377,04124,83219,283
Gross profit31,90326,97393,34480,744
Operating expenses:
Sales and marketing27,44826,51285,80581,317
Research and development3,9933,91912,69010,866
General and administrative8,0957,71124,60322,986
Total operating expenses39,53638,142123,098115,169
Loss from operations(7,633)(11,169)(29,754)(34,425)
Interest and other income (expense), net:
Interest income1,9362,1746,0644,689
Interest expense(884)(884)(2,647)(2,573)
Other income (expense), net6(143)(81)(44)
Net loss$(6,575)$(10,022)$(26,418)$(32,353)
Net loss per share, basic and diluted$(0.16)$(0.25)$(0.64)$(0.86)
Weighted-average number of common shares used to compute basic and diluted net loss per share41,717,50540,265,52041,324,61437,702,207

SI-BONE, INC.CONDENSED CONSOLIDATED BALANCE SHEETS(in thousands)(unaudited)
September 30, 2024December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents$30,225$33,271
Short-term investments120,593132,748
Accounts receivable, net24,90921,953
Inventory25,51820,249
Prepaid expenses and other current assets2,4543,173
Total current assets203,699211,394
Property and equipment, net20,74816,000
Operating lease right-of-use assets2,2252,706
Other non-current assets326325
TOTAL ASSETS$226,998$230,425
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable$7,318$4,588
Accrued liabilities and other16,15617,452
Operating lease liabilities, current portion1,2101,416
Total current liabilities24,68423,456
Long-term borrowings36,19236,065
Operating lease liabilities, net of current portion1,1351,511
Other long-term liabilities1318
TOTAL LIABILITIES62,02461,050
Stockholders' Equity:
Common stock and additional paid-in capital591,251569,481
Accumulated other comprehensive income582335
Accumulated deficit(426,859)(400,441)
TOTAL STOCKHOLDERS’ EQUITY164,974169,375
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$226,998$230,425

SI-BONE, INC.RECONCILIATION OF NET LOSS TO NON-GAAP ADJUSTED EBITDA(In thousands)(unaudited)
Three Months EndedSeptember 30,Nine Months EndedSeptember 30,
2024202320242023
Net loss$(6,575)$(10,022)$(26,418)$(32,353)
Interest income(1,936)(2,174)(6,064)(4,689)
Interest expense8848842,6472,573
Depreciation and amortization1,0851,5343,1663,855
Stock-based compensation6,3065,92819,73318,120
Adjusted EBITDA$(236)$(3,851)$(6,936)$(12,494)

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Source: SI-BONE, Inc.

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