Press release
SI-BONE, Inc. Reports Third Quarter 2021 Financial Results and Updates 2021 Financial Guidance
SANTA CLARA, Calif., Nov. 08, 2021 (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., Nov. 08, 2021 (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, 2021. Recent Highlights Record worldwide revenue of $22.3 million for the third quarter 2021, representing a 9% increase over the corresponding period in 2020U.S. revenue of $20.4 million for the third quarter 2021, representing a 8% increase over the corresponding period in 2020Gross margin of 89% for the third quarter 2021Refinanced debt with a new $35 million Term Loan from Silicon Valley Bank at more favorable termsReceived UnitedHealthcare exclusive iFuse coverage for minimally invasive SI Joint Fusion, effective October 1, 2021; approximately 160 million U.S. covered lives now exclusive to iFuseSurpassed 60,000 procedures performed by over 2,500 surgeons worldwide “Our resilient performance in the third quarter reflects the growing demand for our sacropelvic surgical solutions and the perseverance of our employees to support surgeons and their patients during this challenging period,” said Laura Francis, Chief Executive Officer. “I am confident that, as the pandemic-related disruptions subside, our investment in differentiated solutions and our commercialization strategy combined with nearly universal coverage of minimally invasive sacroiliac joint fusion in the U.S., sets us up to further penetrate the market and drive top line growth.” Third Quarter 2021 Financial Results Worldwide revenue was $22.3 million in the third quarter 2021, a 9% increase from $20.4 million in the corresponding period in 2020. U.S. revenue for the third quarter 2021 was $20.4 million, a 8% increase from $18.9 million in the corresponding period in 2020. International revenue for the third quarter 2021 was $1.9 million, a 31% increase from $1.4 million in the corresponding period in 2020. The third quarter 2021 was negatively impacted by COVID deferrals while the third quarter 2020 benefited from COVID rescheduling. Gross margin was 89% for the third quarter 2021, as compared to 87% in the corresponding period in 2020. Gross margin in the third quarter 2020 was impacted by increased write-downs of iFuse-related inventory as a result of the more rapid than anticipated adoption of iFuse-3D. Operating...