Press release
SI-BONE, Inc. Reports Third Quarter 2020 Financial Results and 2020 Revenue Guidance
SANTA CLARA, Calif. , Nov. 02, 2020 (GLOBE NEWSWIRE) -- SI-BONE, Inc. (Nasdaq:SIBN), a medical device company dedicated to solving musculoskeletal disorders
About this update from Si-bone, Inc.
[{"type":"text","content":"SANTA CLARA, Calif. , Nov. 02, 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 September 30, 2020.\n Recent Highlights Worldwide revenue of $20.4 million for the third quarter 2020, representing a 26% increase over the corresponding period in 2019U.S. revenue of $18.9 million for the third quarter 2020, representing a 27% increase over the corresponding period in 2019Surpassed 50,000 iFuse procedures performed by more than 2,200 surgeons worldwideObtained exclusive iFuse coverage policy by Medica, one of the three largest commercial payers in the state of Minnesota, with an estimated 1.1 million covered lives, effective August 19, 2020Introduced a portable, radiation-free, haptics based computer simulator for surgeon training, enabling the training of over 100 surgeons in their officesCompleted a second follow-on offering in October 2020, with net proceeds of $71.9 million after deducting underwriting discounts and commissions “Our team executed remarkably well during the quarter, supported by the fact that approximately 80% of our procedures are performed in an outpatient or ASC setting, where patients are currently more receptive to treatment,” said Jeff Dunn, President, Chief Executive Officer and Chairman of SI-BONE. “As the market and innovation leader for minimally invasive SI joint fusion, we believe our strong balance sheet and recent favorable reimbursement coverage decisions will enable us to capture this multi-billion dollar market as we enter 2021.” Third Quarter 2020 Financial Results Revenue was $20.4 million in the third quarter 2020, a 26% increase from $16.2 million in the corresponding period in 2019. U.S. revenue for the third quarter 2020 was $18.9 million, a 27% increase from $14.9 million in the corresponding period in 2019 primarily driven by growth of domestic case volumes. International revenue for the third quarter 2020 was $1.4 million, a 9% increase from $1.3 million in the corresponding period in 2019. Gross margin was 87% for the third quarter 2020, as compared to 90% in the corresponding period in 2019. The decrease was primarily due to increased write-downs of iFuse-related inventory as a result of the more rapid than anticipated adoption ...