SI-BONE, Inc. Reports First Quarter 2021 Financial Results and Reiterates 2021 Financial Guidance
04 May 2021 - 6:03AM
SI-BONE, Inc. (Nasdaq:SIBN), a medical device company dedicated to
solving musculoskeletal disorders of the sacropelvic anatomy, today
reported financial results for the quarter ended March 31, 2021.
Recent Highlights
- Worldwide revenue of $20.4 million
for the first quarter 2021, representing a 22% increase over the
corresponding period in 2020
- U.S. revenue of $18.8 million for
the first quarter 2021, representing a 23% increase over the
corresponding period in 2020
- Launched iFuse-TORQ, a highly
differentiated 3D-printed threaded implant, for pelvic trauma and
minimally invasive sacroiliac joint fusion applications
- Completed the senior leadership
team transition with Laura Francis as CEO, Jeff Dunn as Executive
Chairman, and Tony Recupero as President
- Welcomed Anshul Maheshwari, former
Varian VP Finance, Treasurer, and Head of Investor Relations, as
CFO
- Appointed Laura Francis and Helen
Loh to the Board of Directors
“I'm proud of the strong execution of our team,
despite persistent COVID headwinds,” said Laura Francis, Chief
Executive Officer of SI-BONE. “Our new leadership team is
positioned to accelerate the capture of the multi-billion-dollar
market opportunity in the sacropelvic space. With the recent U.S.
launch of iFuse-TORQ, we will now be able to address a significant
unmet need for patients with pelvic trauma as well as sacroiliac
joint dysfunction and degeneration. I want to thank our team for
their hard work and persistence as they have fought through the
pandemic to put us in this strong position.”
First Quarter 2021 Financial
Results
Worldwide revenue was $20.4 million in the first
quarter 2021, a 22% increase from $16.8 million in the
corresponding period in 2020. U.S. revenue for the first
quarter 2021 was $18.8 million, a 23% increase from $15.3 million
in the corresponding period in 2020. International revenue for the
first quarter 2021 was $1.7 million, a 10% increase from $1.5
million in the corresponding period in 2020.
Gross margin was 89% for the first quarter 2021,
as compared to 89% in the corresponding period in 2020. Higher cost
of operations to support the growth of the business were offset by
lower inventory write-downs.
Operating expenses increased 11% to $29.8
million in the first quarter 2021, as compared to $26.8 million in
the corresponding period in 2020. The increase was driven by
higher sales and marketing expenses related to increased sales
hiring, research and development expenses for new product
development costs and increased stock-based compensation
expense.
Operating loss was $11.6 million in the first
quarter 2021, as compared to an operating loss of $11.9 million in
the corresponding period in 2020.
Net loss was $12.2 million, or $0.37 per diluted
share for the first quarter 2021, as compared to a net loss of
$12.8 million, or $0.47 per diluted share in the corresponding
period in 2020.
Cash and marketable securities were $185.1
million and long-term borrowings were $39.5 million as of March 31,
2021.
2021 Financial Guidance
Update
While encouraged by the strong underlying
momentum in the business, SI-BONE remains cautious given the
uncertainty surrounding COVID-19 cases and the potential negative
impact on hospitals and ASC’s. Company guidance is highly sensitive
to assumptions on a global recovery, which anticipates continued
progress on vaccinations and immunizations resulting in normalized
case scheduling and elective procedure levels progressing
throughout the year. While the first quarter of 2021 was a good
start to the year, the Company continues to take a measured
approach given the early stages of the COVID-19 recovery. Based on
these assumptions, the Company continues to expect full year 2021
total revenue to be approximately $92 million to $94 million,
representing growth of 25% to 28% compared to full year 2020.
Webcast and Conference Call
Information
SI-BONE will host a conference call to discuss
the first quarter 2021 financial results after market close on
Monday, May 3, 2021 at 4:30 P.M. Eastern Time. The conference
call can be accessed live over the phone (866) 470-1968 for
domestic callers or (409) 217-8248 for international callers, using
conference ID: 8177238. The webcast can be accessed at
https://investor.si-bone.com.
About SI-BONE, Inc.
SI-BONE is a medical device company that
pioneered minimally invasive surgery of the SI joint with the iFuse
Implant System. Studies have shown that the SI joint can be a
source of pain in 15% to 30% of chronic low back pain. The iFuse
Implant™, commercially available since 2009, is the only SI joint
fusion device supported by multiple prospective clinical studies,
including two randomized controlled trials, showing improved pain,
patient function and quality of life resulting from treatment.
There are over 90 peer-reviewed publications demonstrating the
safety, durable effectiveness, and biomechanical and economic
benefits unique to the iFuse Implant (www.si-bone.com/results).
This body of evidence has enabled multiple government and private
insurance payors to establish coverage of the SI joint fusion
procedure exclusively when performed with the iFuse Implant
System.
The iFuse Implant System is intended for
sacroiliac fusion for conditions including sacroiliac joint
dysfunction that is a direct result of sacroiliac joint disruption
and degenerative sacroiliitis. This includes conditions whose
symptoms began during pregnancy or in the peripartum period and
have persisted postpartum for more than 6 months. The iFuse Implant
System is also intended for sacroiliac fusion to augment
stabilization and immobilization of the sacroiliac joint in
skeletally mature patients undergoing sacropelvic fixation as part
of a lumbar or thoracolumbar fusion. In addition, the iFuse Implant
System is intended for sacroiliac fusion in acute, non-acute, and
non-traumatic fractures involving the sacroiliac joint. There are
potential risks associated with the iFuse Implant System. It may
not be appropriate for all patients and all patients may not
benefit.
For additional information on the company or the
products including risks and benefits, please visit
www.si-bone.com.
SI-BONE and iFuse Implant System are registered
trademarks of SI-BONE, Inc. ©2021 SI-BONE, Inc. All Rights
Reserved. 05032021
Forward Looking Statements
The statements in this press release regarding
expectations of future events or results, including SI-BONE’s
expectations of continued 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 the impact the COVID-19 pandemic
will have on the ability and desire of patients and physicians to
undergo procedures using the iFuse Implant System, the duration of
the COVID-19 pandemic, whether the COVID-19 pandemic will recur in
the future, and SI-BONE's ability to increase demand for iFuse, and
obtain favorable coverage and reimbursement determinations from
third-party payors. 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.
Investor ContactMatt Bacso,
CFAinvestors@SI-BONE.com
SI-BONE, INC. CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS(In
thousands, except share and per share amounts)
(unaudited)
|
|
Three Months Ended March 31, |
|
|
2021 |
|
2020 |
Revenue |
|
$ |
20,442 |
|
|
|
$ |
16,821 |
|
|
Cost of goods sold |
|
2,200 |
|
|
|
1,932 |
|
|
Gross profit |
|
18,242 |
|
|
|
14,889 |
|
|
Gross margin |
|
89 |
|
% |
|
89 |
|
% |
Operating expenses: |
|
|
|
|
Sales and marketing |
|
20,922 |
|
|
|
19,281 |
|
|
Research and development |
|
2,955 |
|
|
|
2,090 |
|
|
General and administrative |
|
5,940 |
|
|
|
5,400 |
|
|
Total operating expenses |
|
29,817 |
|
|
|
26,771 |
|
|
|
|
|
|
|
Loss from operations |
|
(11,575 |
) |
|
|
(11,882 |
) |
|
Interest and other income
(expense), net: |
|
|
|
|
Interest income |
|
61 |
|
|
|
498 |
|
|
Interest expense |
|
(1,064 |
) |
|
|
(1,231 |
) |
|
Other income (expense), net |
|
336 |
|
|
|
(157 |
) |
|
Net loss |
|
$ |
(12,242 |
) |
|
|
$ |
(12,772 |
) |
|
|
|
|
|
|
Net loss per share, basic and
diluted |
|
$ |
(0.37 |
) |
|
|
$ |
(0.47 |
) |
|
Weighted-average number of
common shares used to compute basic and diluted net loss per
share |
|
32,691,578 |
|
|
|
27,252,409 |
|
|
SI-BONE, INC. CONDENSED
CONSOLIDATED BALANCE SHEETS(in
thousands)(unaudited)
|
|
March 31, |
|
December 31, |
|
|
2021 |
|
2020 |
ASSETS |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
37,364 |
|
|
$ |
53,581 |
|
Short-term investments |
|
147,687 |
|
|
142,851 |
|
Accounts receivable, net |
|
13,088 |
|
|
13,611 |
|
Inventory |
|
7,408 |
|
|
5,633 |
|
Prepaid expenses and other
current assets |
|
2,563 |
|
|
2,565 |
|
Total current assets |
|
208,110 |
|
|
218,241 |
|
Property and equipment,
net |
|
7,285 |
|
|
4,527 |
|
Other non-current assets |
|
366 |
|
|
374 |
|
TOTAL ASSETS |
|
$ |
215,761 |
|
|
$ |
223,142 |
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
|
$ |
5,183 |
|
|
$ |
3,271 |
|
Accrued liabilities and
other |
|
8,525 |
|
|
10,199 |
|
Total current liabilities |
|
13,708 |
|
|
13,470 |
|
Long-term borrowings |
|
39,543 |
|
|
39,455 |
|
Other long-term
liabilities |
|
843 |
|
|
854 |
|
TOTAL LIABILITIES |
|
54,094 |
|
|
53,779 |
|
|
|
|
|
|
Stockholders' Equity: |
|
|
|
|
Common stock and additional paid-in capital |
|
412,756 |
|
|
408,116 |
|
Accumulated other comprehensive income |
|
430 |
|
|
524 |
|
Accumulated deficit |
|
(251,519 |
) |
|
(239,277 |
) |
TOTAL STOCKHOLDERS'
EQUITY |
|
161,667 |
|
|
169,363 |
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
|
$ |
215,761 |
|
|
$ |
223,142 |
|
|
|
|
|
|
|
|
|
|
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