Press release
SI-BONE, Inc. Reports First Quarter 2022 Financial Results
SANTA CLARA, Calif., May 09, 2022 (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 09, 2022 (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, 2022. Recent Highlights Worldwide revenue of $22.4 million for the first quarter 2022, representing a 10% increase over the corresponding period in 2021U.S. revenue of $20.4 million for the first quarter 2022, representing a 9% increase over the corresponding period in 2021Gross margin of 87% for the first quarter 2022Expanded U.S. commercial organization to 18 sales regions with the addition of 2 new sales regionsAwarded Breakthrough Device Designation by the FDA for iFuse Bedrock Granite™ targeting adult spinal deformityNew Technology Add-on Payment (NTAP) proposed by CMS for iFuse Bedrock Granite™ “Our performance in the quarter demonstrates our focused execution to navigate the macro headwinds.” said Laura Francis, Chief Executive Officer of SI-BONE. “As an innovation-driven industry pioneer, we are on the forefront of developing breakthrough sacropelvic surgical solutions to drive top line growth. After the successful launch of TORQ last year, I am extremely proud of the recognition of iFuse Bedrock Granite by the FDA and CMS. Consistent with our long-term value creation strategy, our growing portfolio of highly differentiated solutions positions us to help thousands of patients and extend our leadership as a sacropelvic solutions company.\" First Quarter 2022 Financial Results Worldwide revenue was $22.4 million in the first quarter 2022, a 10% increase from $20.4 million in the corresponding period in 2021. U.S. revenue for the first quarter 2022 was $20.4 million, a 9% increase from $18.8 million in the corresponding period in 2021. International revenue for the first quarter 2022 was $2.1 million, a 24% increase from $1.7 million in the corresponding period in 2021. Gross margin was 87% for the first quarter 2022, as compared to 89% in the corresponding period in 2021. Gross margin in the first quarter 2022 was impacted by lower average selling prices due to procedure and site of service mix, as well as an increase in cost of operations to support the growth of the business. Operating expenses increased 22% to $36.3 million in the first quarter 2022, as compared to $29.8 milli...