The following is a summary of the SI-BONE, Inc. (SIBN) Q1 2024 Earnings Call Transcript:

Financial Performance:

• SI-BONE reported Q1 revenue of $37.9 million, a 16% increase over the same period last year.

• Gross margin stood at 79% while operating expenses increased by 10% to $41.9 million related to revenue growth, stock-based compensation, and R&D investments.

• The Q1 net loss improved by 2% to $10.9 million, and the adjusted EBITDA loss was approximately $4 million.

• The firm exited Q1 2024 with a strong balance sheet, including $157.8 million in cash and marketable securities.

• The company increased its 2024 worldwide revenue guidance to $164 million-$166 million, reflecting growth of approximately 18% to 20%.

Business Progress:

• SI-BONE celebrated 100,000 completed procedures using their products.

• The company expanded its sales and marketing infrastructure, exhibited consistent delivery of support and education for physicians, and enjoyed 17% procedure volume growth.

• It got FDA clearance for the 9.5-millimeter diameter iFuse Bedrock Granite implant and boosted its active U.S. users by 16%.

• The company is focusing on market development, maintaining average selling prices, and reinvesting in an R&D standpoint.

• Initial results for the STACI and SAFFRON studies are expected later in the year, and future projects seem to hinge around clinical data and new product launches.

• The new Granite 9.5 product shows potential for growth within the pediatric deformity segment and the S1 pedicle market. Growth is anticipated to accelerate in the upcoming months.

More details: Si-Bone IR

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