Press release
SI-BONE, Inc. Reports Financial Results for the Second Quarter 2023 and Increases Annual Guidance
Annual guidance increased to $132 million - $134 million, implying annual growth of 24%-26% SANTA CLARA, Calif., Aug. 07, 2023 (GLOBE NEWSWIRE) -- SI-BONE,
About this update from Si-bone, Inc.
[{"type":"text","content":"Annual guidance increased to $132 million - $134 million, implying annual growth of 24%-26%\nSANTA CLARA, Calif., Aug. 07, 2023 (GLOBE NEWSWIRE) -- 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 June 30, 2023. Recent Highlights Record worldwide revenue of $33.3 million for the second quarter 2023, representing approximately 30% growth over the corresponding period in 2022Record U.S. revenue of $31.2 million for the second quarter 2023, representing approximately 31% growth over the corresponding period in 2022Gross margin of 81% for the second quarter 2023Approximately 935 U.S. active surgeons in the second quarter 2023, representing 30% growth over the corresponding period in 2022Launch of closed-head Granite implant, addressing an additional segment of the deformity surgeon market$169 million in cash and equivalents at the end of the quarter, including $84 million in net proceeds from follow-on offering in May 2023 “I am pleased with the over 30% U.S. revenue growth in the second quarter of 2023, led by increasing demand for our solutions. Having consistently delivered several consecutive quarters of record revenue and operating leverage, we are excited about the significant opportunity ahead of us as we capitalize on underlying business momentum and progress towards profitability,” said Laura Francis, Chief Executive Officer of SI-BONE, Inc. “As we look beyond 2023, we are focused on judiciously investing in long-term growth drivers, including portfolio expansion programs as well as physician engagement initiatives to extend our market leadership and build a sustainable and high-growth revenue platform.” Second Quarter 2023 Financial Results Worldwide revenue was $33.3 million in the second quarter 2023, a 30% increase from $25.6 million in the corresponding period in 2022. U.S. revenue for the second quarter 2023 was $31.2 million, a 31% increase from $23.8 million in the corresponding period in 2022. International revenue for the second quarter 2023 was $2.1 million, a 15% increase from $1.8 million in the corresponding period in 2022. Gross margin was 81% for the second quarter 2023, as compared to 86% in the corresponding period in 2022. Gross margin in the second quarter 2023 was impact...