Si-bone, Inc. · NASDAQ:SIBN
Si-bone — Investor Presentation (January 2020)
28 slides from Si-bone's investor presentation, Jan 9, 2020
Slide 1: Corporate Overview January 2020
Exhibit 99.2 Corporate Overview January 2020 1
Slide 2: Safe Harbor Statement
Safe Harbor Statement This presentation contains “forward-looking statements,” which are statements related to future events, expectations, results, activities, events or developments that SI-BONE expects, believes or anticipates will or may occur in the future. Forward-looking often contain words s
Slide 3: Transforming & Leading the Sacropelvic Space
Transforming & Leading the Sacropelvic Space Robust Reimbursement Market Large Market1 Clinical Data Advantage Leadership $2.7 billion annual U.S. 80+ published clinical 282 million+ U.S. Pioneering sacropelvic opportunity studies/papers covered lives surgical solutions 279K potential U.S. 2 randomi
Slide 4: Financial Profile
Financial Profile Strong Revenue Growth Financial Leverage 2019 2020 1 tray $67 - $67.3M $80 - $82M case REVENUE1 REVENUE2 ~90% cost GROSS MARGINS3 CAPITAL EFFICIENCY 21% 19 – 22% GROWTH GROWTH 1 2019 preliminary revenue range reported January 9, 2020 4 2 2020 revenue guidance as of January 9, 2020
Slide 5: Major Joints Market
Major Joints Market LAST JOINT SI JOINT LARGEST JOINT 5
Slide 6: 30M+ in the U.S. Suffer From Lower Back Pain
30M+ in the U.S. Suffer From Lower Back Pain… 5 years in pain $2.7 15 279K BILLION 4.7M CasesEligible for SIJ 1.4M Annual U.S. surgeries each year SI joint pain sufferers Eligible for surgery Market Opportunity 1.2M therapeutic injections per year 6 Sources: Jensen M, Brant-Zawadzki M, Obuchowski N,
Slide 7: Pioneering sacropelvic surgical solutions
Pioneering sacropelvic surgical solutions 40,000+ 2,000+ 282M+ Procedures Surgeons Covered Lives 7 Note: As of December 31, 2019 7
Slide 8: Diagnostic Algorithm Acceptance and Adoption
Diagnostic Algorithm Acceptance and Adoption Results are as good or better than rules for other lumbar spine conditions PATIENT HISTORY PROVOCATIVE TESTS LOCAL ANESTHETIC INJECTION MEDICARE PRIVATE JAPANESE SACROILIAC JOINT (MACs) PAYORS RESEARCH SOCIETY 8 Source: Petersen et al. BMC Musculoskeletal
Slide 9: A Major Gap in Sacroiliac Joint Therapy
A Major Gap in Sacroiliac Joint Therapy NON-SURGICAL MANAGEMENT SURGERY MEDICATIONS, THERAPEUTIC RADIO-FREQUENCY OPEN SI JOINT MIS SI JOINT PHYSICAL THERAPY INJECTIONS ABLATION FUSION FUSION 9
Slide 10: Clinically Proven Minimally Invasive Solution
Clinically Proven Minimally Invasive Solution . Proven triangular design and procedure . Porous, 3D-printed titanium implant . Bony on-growth, in-growth, through-growth REPRESENTATIVE TPS-COATED CANCELLOUS 3D-PRINTED 3 MONTH COMPETITOR IFUSE BONE IFUSE-3D SHEEP STUDY >33,000 PROCEDURES 10
Slide 11: Proprietary, Differentiated Technology
Proprietary, Differentiated Technology SI Screws iFuse Rotation . 1X resistance . >6x resistance 1 Strength . 1X strength . 3X strength Safety . Unknown . Very low complication rate Revision . Unknown . 3.5% (4-year) Clinical Evidence . 16 publications (no RCTs) . >80 publications Surface . Smooth .
Slide 12: Comprehensive Sacropelvic Surgical Solution Platform
Comprehensive Sacropelvic Surgical Solution Platform Enabling Adjacent Technologies Technologies Markets iFuse iFuse Navigation Decorticator iFuse and iFuse iFuse iFuse Adult Ortho iFuse-3D Neuromonitoring Robotics Bone Deformity Trauma 2009 - 2017 2018 - 2019 2019 - 2020 12
Slide 13: Intellectual Property Overview
Intellectual Property Overview . 50 issued patents: U.S. (40), OUS (10) . iFuse patents cover until August 2024 . 22 pending patents: U.S. (17), OUS (5) . iFuse-3D patents cover until September 2035 SHAPE APPROACH 3-D TECHNOLOGY Joint … fused … a rectilinear Lateral insertion path through the Fenest
Slide 14: Patient Experience
Patient Experience VAS Pain Clinically meaningful at 20 pts 54 Reduction1 POINTS ODI Disability Clinically meaningful at 15 pts 26 Improvement1 POINTS Patient satisfaction 95% 14 1. Whang PG, et al. Med Devices (Auckl). 2019;12:411-422. DOI: 10.2147/MDER.S219862.
Slide 15: Robust Clinical Evidence
Robust Clinical Evidence • >80 peer-reviewed published papers • Long-term 5-year data • Two level 1 randomized studies 15
Slide 16: 5-Year Prospective Study, Including RCT
5-Year Prospective Study, Including RCT VAS SIJ Pain Oswestry Disability Index p < 0.0001 p < 0.0001 Months after iFuse Months after iFuse Published September 2019 16 Source: Whang PG, Darr E, Meyer SC, Kovalsky D, Frank C, Lockstadt H, Limoni R, Redmond AJ, Ploska P, Oh M, Chowdhary A, Cher D, Hill
Slide 17: Commercial Progress in 2019
Commercial Progress in 2019 Expand Sales Influence Increase Surgeon Engage Organization Reimbursement Activity KOL’s 100+ U.S. field 282M+ U.S. covered 539 active surgeons Bedrock procedure personnel lives penetrating academic KOL centers Focus on U.S. surgeon 10 U.S. sales regions 27% increase in t
Slide 18: Investment in U.S. Salesforce
Investment in U.S. Salesforce 100+ FIELD PEOPLE 10 SALES REGIONS • 107 FTEs in U.S. sales organization • 56 sales reps • 51 clinical support specialists • $1.2M average rep productivity 18 Note: As of December 31, 2019, unless stated otherwise
Slide 19: Growing U.S. Reimbursement
Growing U.S. Reimbursement COVERED LIVES (12/31) 162 256 282+ MILLION MILLION MILLION 2017 2018 2019 . 131 million covered by private payors . 35 U.S. exclusive policies . All 7 Medicare MACS cover . 60+ million exclusive covered lives 19 Note: As of December 31, 2019
Slide 20: Medicare Increased Surgeon Payment
Medicare Increased Surgeon Payment 27% Increase $915 $720 2019 2020 20 Note: As of December 31, 2019
Slide 21: Bedrock Technique Increasing Awareness of SI-Joint
Bedrock Technique Increasing Awareness of SI-Joint • Bedrock technique as an adjunct to long fusion • US Bedrock launched: June 2019 • “Open” or MIS technique • Posterior: iFuse-3D implants parallel to S2AI screws • Lateral: iFuse-3D implants plus S2AI screws • iFuse biomechanical: >30% reduction in
Slide 22: Bedrock Case Studies
Bedrock Case Studies • Completed 86+ primary iFuse cases • 1-2 adult spinal deformity cases per week • 20% of adult spinal deformity patients have pre-op SIJ pain Joshua Heller, MD, MBA 1st Bedrock Case December 19, 2019 Assistant Professor Neurosurgery Jefferson University Hospital • Trained 14 sur
Slide 23: Worldwide Revenue Growth
Worldwide Revenue Growth $19.5 – $19.8M $80 – $82M $67 – $67.3M $55.4M $15.6M 1 Q4 2018 Q4 2019 2018 2019 2020 Growth 13% 25 – 27% Growth 15% 21% 19 – 22% 23 1. 2020 revenue guidance as of January 9, 2020
Slide 24: U.S. Revenue Growth
U.S. Revenue Growth $18.3 – $18.5M $61.6 – $61.8M $15.6M $50.1M Q4 2018 Q4 2019 2018 2019 Growth 16% 27 – 28% GrowthGrowth 16%16% 21 – 22%23% 20 – 23% 24
Slide 25: 2020 Outlook
2020 Outlook • Expecting revenues of $80 – $82 million, 19-22% growth • Increasing U.S. field personnel and productivity • Training activities to increase active surgeons • Penetrating additional academic KOL centers with Bedrock • Capitalizing on 27% increase in Medicare surgeon payment and additio
Slide 26: Investment Highlights
Investment Highlights >6,000 U.S. PROCEDURES IN 2019 ROBUST REIMBURSEMENT POSITIVE DATA ADVANTAGE FINANCIAL PROFILE + PUBLISHED 282M I L L I O N 21% >80 PAPERS COVERED LIVES GROWTH RANDOMIZED PAYOR $67 - $67.3M REVENUE 2 TRIALS 35 EXCLUSIVES ~90% GROSS MARGINS 279,000 U.S. POTENTIAL PATIENTS PER YEA
Slide 27: SI-BONE
SI-BONE
Slide 28: Disclosure
Disclosure The iFuse Implant System is intended for sacroiliac fusion for conditions including sacroiliac joint dysfunction that is a direct result of sacroiliac joint disruption and degenerative sacroiliitis. This includes conditions whose symptoms began during pregnancy or in the peripartum period