Press release
SI-BONE, Inc. Reports First Quarter 2020 Financial Results
SANTA CLARA, Calif., May 04, 2020 (GLOBE NEWSWIRE) -- SI-BONE, Inc. (Nasdaq:SIBN), a medical device company dedicated to solving musculoskeletal disorders of
About this update from Si-bone, Inc.
[{"type":"text","content":"SANTA CLARA, Calif., May 04, 2020 (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 March 31, 2020.\n Recent Highlights Revenue of $16.8 million for the first quarter 2020, representing a 12% increase over the corresponding period in 2019U.S. revenue of $15.3 million for the first quarter 2020, representing a 14% increase over the corresponding period in 2019Received FDA 510(k) clearance for an expanded indication for the iFuse Implant System to support the Company's trauma programObtained positive coverage by Health Alliance Plan, a commercial payor in Michigan “Our SI-BONE team has shown tremendous efforts and strength through these difficult times. I am incredibly proud to be part of this team and believe that we will come out of this period even stronger as a company,\" said Jeffrey Dunn, President, CEO and Chairman. “The underlying fundamentals of our business remain strong. Through mid-March, we saw record procedure volumes resulting from the significant investments we made across our commercial organization to develop this market, and we are taking a very disciplined and thoughtful approach to financial decisions and capital allocation priorities.” First Quarter 2020 Financial Results Revenue was $16.8 million in the first quarter 2020, a 12% increase from $15.0 million in the corresponding prior period in 2019. U.S. revenue for the first quarter 2020 was $15.3 million, a 14% increase from $13.5 million in the corresponding prior period in 2019 primarily driven by growth of domestic case volumes. Our international revenue was $1.5 million in the first quarter 2020, flat compared to the corresponding period in 2019. Though our total revenue increased as discussed above, it was partly impacted by lower than anticipated case volumes specifically in the second half of March 2020 due to the effects of COVID-19. Gross margin was 89% for the first quarter 2020, as compared to 90% in the corresponding prior period in 2019. The change in gross margin was due to higher cost of operations to support the growth of the business. Operating expenses were $26.8 million in the first quarter 2020, as compared to $22.3 million in the corresponding prior period in 2019, an increase of 20%. ...