Press release
SI-BONE, Inc. Reports Fourth Quarter and Full Year 2019 Financial Results
Reiterates Full Year 2020 Financial Outlook SANTA CLARA, Calif., March 09, 2020 (GLOBE NEWSWIRE) -- SI-BONE, Inc. (Nasdaq:SIBN), a medical device company
About this update from Si-bone, Inc.
[{"type":"text","content":"Reiterates Full Year 2020 Financial Outlook\nSANTA CLARA, Calif., March 09, 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 and full year ended December 31, 2019.\n Recent Highlights Worldwide revenue of $19.8 million for the fourth quarter 2019 and $67.3 million for the full year 2019, representing 27% and 22% increases, respectively, over the corresponding periods in 2018U.S. revenue of $18.5 million for fourth quarter 2019 and $61.8 million for the full year 2019, representing 28% and 23% increases, respectively, over the corresponding prior periods in 2018Surpassed 45,000 iFuse procedures performed by more than 2,000 surgeons worldwideObtained coverage by Cigna, the fourth largest commercial payor in the U.S. with 14.6 million membersCompleted a follow-on offering in the first quarter of 2020, with net proceeds to the Company of $63.4 million after deducting underwriting discounts and commissions “2019 was a transformational year for SI-BONE and the treatment of sacroiliac joint dysfunction,” said Jeffrey Dunn, President, CEO and Chairman. “During the year, our business grew 23% in the U.S., which was primarily driven by our growing U.S. sales force and an increase in surgeon training by our medical affairs team. As we enter 2020, we are well-positioned to continue to grow with the benefit of commercial tailwinds including new reimbursement coverage from Cigna and a 27% increase in the surgeon payment for minimally invasive sacroiliac fusion.” Fourth Quarter 2019 Financial Results Revenue was $19.8 million in the fourth quarter 2019, a 27% increase from $15.6 million in the corresponding prior year period. U.S. revenue for the fourth quarter 2019 was $18.5 million, an increase of 28% from $14.5 million in the corresponding prior year period, primarily driven by growth of domestic case volumes. International revenue was $1.3 million in the fourth quarter 2019 compared to $1.2 million in the corresponding prior year period. Gross margin was 90% for the fourth quarter 2019, as compared to 91% in the corresponding prior year period. The change in gross margin was due to an increase in personnel in operations to support the growth of the business. Operating expenses were $26.3 ...