Press release
SI-BONE, Inc. Reports Fourth Quarter and Full Year 2022 Financial Results and Issues 2023 Guidance
SANTA CLARA, Calif., Feb. 27, 2023 (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., Feb. 27, 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 fourth quarter and full year ended December 31, 2022. Recent Financial Highlights Worldwide revenue of $32.0 million for the fourth quarter 2022 and $106.4 million for the full year 2022, representing an increase of 27% and 18%, respectively, over the corresponding prior year periodsU.S. revenue of $30.0 million for the fourth quarter 2022 and $98.8 million for the full year 2022, representing an increase of 28% and 19%, respectively, over the corresponding prior year periodsGross Margin of 84% in the fourth quarter 2022 and 85% for the full year 2022Refinanced existing $35 million term loan with a new $51 million credit facility, including a $36 million term loan and a $15 undrawn revolving credit facility Recent Operational Highlights Over 920 active surgeons in the fourth quarter 2022, approximately 33% increase over the prior year periodSurpassed 80,000 procedures performed by over 3,000 surgeons worldwideReceived FDA clearance for promotion of general rod compatibility for iFuse Bedrock Granite® for adult deformity proceduresEffective January 1, 2023 Medicare facility fee increased by approximately 26% and 33% for MIS SI joint fusion procedures performed in ASCs and hospital outpatient departments, respectively “Our performance in the fourth quarter, including strong revenue growth, a record active surgeon base, and significant operating leverage is an outcome of the successful execution of our strategic priorities over the last several quarters,” said Laura Francis, Chief Executive Officer of SI-BONE. “Based on the growing surgeon interest in our differentiated solutions, including the recently launched iFuse Bedrock Granite, and favorable health economics I am optimistic that we may be entering a period of strong and sustained procedure growth in the U.S. I am confident that our expanded portfolio, seasoned salesforce and scalable infrastructure position us well to capitalize on this underlying momentum in the business, deliver strong growth and gain additional operating leverage in 2023.” Fourth Quarter 2022 Financial Results Worldwide revenue was $32.0 million in the fourth quarter 2022, a 27% incre...