Analysts Remain Bullish On SI-BONE, Forecast Q4's Strength To Continue In 2023

Vandana Singh
2 min read
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In this article:

  • SI-BONE Inc (NASDAQ: SIBN) reported a Q4 EPS loss of $(0.32), beating the consensus of $(0.40) and sales of $31.95 million, slightly ahead of the consensus of $31.22 million.

  • Refinanced existing $35 million term loan with a new $51 million credit facility, including a $36 million term loan and a $15 undrawn revolving credit facility

  • The company reported over 920 active surgeons in the fourth quarter of 2022, up 33% Y/Y.

  • It surpassed 80,000 procedures performed by over 3,000 surgeons worldwide.

  • SI-BONE sees 2023 revenues of $124-$127 million compared to the consensus of $125.26 million.

  • Cantor Fitzgerald views the FY23 guidance as conservative. But retains a bullish view on the Overweight rating with a price target of $24, up from $22.

  • The analyst writes that in 2023, SIBN should benefit from the following:

    • Favorable CMS reimbursement rates (+~30%) should alleviate historical pricing pressures on surgical centers.

    • Rightsized inventory to meet granite demand in the adult deformity space.

    • Incremental sales from TORQ in pelvic ring fracture procedure.

  • Needham reiterates a Buy rating with a price target of $24, up from $20.

  • The analyst writes that SIBN's core iFuse business remains strong, with procedure volume growth improving to 33% Y/Y in 4Q22 from 25% in the prior quarter.

  • The guidance assumes low- to mid-20% procedure volume growth in 2023 by Needham estimate. Cash burn improved sequentially, and management expects adjusted EBITDA loss to improve throughout 2023.

  • Price Action: SIBN shares are up 21.46% at $20.58 on the last check Tuesday.

Latest Ratings for SIBN

Date

Firm

Action

From

To

Mar 2022

Morgan Stanley

Maintains

Overweight

Jan 2022

B of A Securities

Maintains

Buy

Dec 2021

Truist Securities

Maintains

Buy

View More Analyst Ratings for SIBN

View the Latest Analyst Ratings

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This article Analysts Remain Bullish On SI-BONE, Forecast Q4's Strength To Continue In 2023 originally appeared on Benzinga.com

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