SI-BONE Inc (SIBN) Reports Record Q3 2023 Financial Results, Raises Annual Guidance
SI-BONE Inc (NASDAQ:SIBN) reported record worldwide revenue of $34.0 million for Q3 2023, a 29% growth over the same period in 2022.
The company's gross margin for Q3 2023 stood at approximately 79%.
SI-BONE Inc (NASDAQ:SIBN) increased its annual guidance to $136 million - $137 million, implying an annual growth of 28%-29%.
The company ended the third quarter with $166.8 million in cash and equivalents.
SI-BONE Inc (NASDAQ:SIBN), a leading medical device company, released its earnings report for the quarter ended September 30, 2023, on November 6, 2023. The company reported record financial results, with significant growth in revenue and gross margin.
Financial Highlights
SI-BONE Inc (NASDAQ:SIBN) reported record worldwide revenue of $34.0 million for the third quarter of 2023, representing a 29% growth over the corresponding period in 2022. The company's U.S. revenue for the same period was $32.3 million, a 31% growth over the corresponding period in 2022. The gross margin for the third quarter of 2023 was approximately 79%.
Operating expenses increased by 6% to $38.1 million in the third quarter of 2023, primarily driven by increases in commission related to revenue growth, research and development investments, and commercial activities to support revenue and active surgeon growth. The operating loss improved by 18% to $11.2 million in the third quarter of 2023, as compared to an operating loss of $13.6 million in the corresponding period in 2022.
The company ended the third quarter with $166.8 million in cash and equivalents, with a cash use of $2.7 million in the quarter.
Operational Highlights
SI-BONE Inc (NASDAQ:SIBN) received a patent for a crucial technology to place triangular implants in the SI joint. The company also surpassed 90,000 procedures performed by over 3,500 surgeons worldwide. The International Journal of Spine Surgery published a meta-analysis of 57 studies with over 2,800 patients which reaffirmed SI-BONE's technique delivers the highest improvement in pain and disability scores.
Updated Financial Guidance
Based on the strength of the company's year-to-date performance, SI-BONE Inc (NASDAQ:SIBN) is increasing its 2023 worldwide revenue guidance to be in the range of $136 million to $137 million from the previous guidance of $132 million to $134 million. The updated guidance translates to growth of approximately 28% to 29% compared to fiscal year 2022, versus the previous revenue growth of approximately 24% to 26%.
About SI-BONE Inc (NASDAQ:SIBN)
SI-BONE Inc (NASDAQ:SIBN) is a global leader in technology for surgical treatment of musculoskeletal disorders of the sacropelvic anatomy. Since pioneering minimally invasive SI joint surgery in 2009, SI-BONE has supported over 3,500 surgeons in performing a total of over 90,000 sacropelvic procedures. A unique body of clinical evidence supports the use of SI-BONEs technologies, including two randomized controlled trials and over 120 peer-reviewed publications.
Explore the complete 8-K earnings release (here) from SI-BONE Inc for further details.
This article first appeared on GuruFocus.
