Si-bone, Inc. · NASDAQ:SIBN
Si-bone — Investor Presentation (January 2021)
28 slides from Si-bone's investor presentation, Jan 7, 2021
Slide 1: Corporate Overview January 2021
1 Corporate Overview January 2021 v.08032020
Slide 2: Safe Harbor Statement
Safe Harbor Statement This presentation contains “forward-looking statements,” which are statements related to events, results, activities or developments that SI-BONE expects, believes or anticipates will or may occur in the future. Forward-looking often contain words such as “intends,” “estimates,
Slide 3: Transforming & Leading the Sacropelvic Space
Transforming & Leading the Sacropelvic Space Large Market Pioneering sacropelvic surgical solutions 7,500 iFuse U.S. procedures in 2020 Majority estimated U.S. market share iFuse1 Market Leadership 5-year clinical data 37 Exclusive iFuse payor policies2 >120 dedicated field reps2 Sacropelvic product
Slide 4: Market Expansion Focus
Market Expansion Focus Growth Initiatives Patient awareness Surgeon & HCP training Increase sales force Product innovation Coverage & reimbursement SI-BONE 60% Competition 40% $110M $2.5 Billion CY 2020 Total Addressable Market 1. Spinemarket, Inc. (2020) 4 < >
Slide 5: Completed U.S. Cases
4,300 5,100 6,400 7,500 2017 2018 2019 2020 Completed U.S. Cases 5 Note: All figures rounded to the nearest hundred
Slide 6: Growth Rate Catalysts
Growth Rate Catalysts 13% 19% 21% 23% 27% 12% -14% 26% 11-12% Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 IPO use of proceeds: Sales force hiring Surgeon training Product development CIGNA win COVID hits Aetna win: 300M covered lives Growth returns prior to COVID resurgence Surgeon payment
Slide 7: Major Joints Market
LAST JOINT LARGEST JOINT SI JOINT Major Joints Market 7
Slide 8: 30M+ in the U.S. Suffer From Lower Back Pain
30M+ in the U.S. Suffer From Lower Back Pain… 15 SI joint pain sufferers Eligible for surgery Eligible for SIJ surgeries each year Annual U.S. Market Opportunity Sources: Jensen M, Brant-Zawadzki M, Obuchowski N, et al. Magnetic Resonance Imaging of the Lumbar Spine in People Without Back Pain. N En
Slide 9: Pioneering sacropelvic surgical solutions
9 Pioneering sacropelvic surgical solutions 9 >50,000 Procedures Note: As of December 31, 2020 U.S. covered lives do not include Anthem coverage for pelvic girdle trauma only 2,300 Surgeons 312M / 80M Total / Exclusive Covered Lives
Slide 10: Diagnostic Algorithm Acceptance and Adoption
Diagnostic Algorithm Acceptance and Adoption Source: Petersen, et al. BMC Musculoskeletal Disorders. 2017;18(1):188. DOI 10.1186/s 12891-017-1549-6 PATIENT HISTORY PROVOCATIVE TESTS LOCAL ANESTHETIC INJECTION MEDICARE (MACs) PRIVATE PAYORS Accuracy equals or exceeds other lumbar spine diagnoses 10
Slide 11: A Major Gap in Sacroiliac Joint Therapy
A Major Gap in Sacroiliac Joint Therapy NON-SURGICAL MANAGEMENT SURGERY MEDICATIONS, PHYSICAL THERAPY THERAPEUTIC INJECTIONS RADIO-FREQUENCY ABLATION OPEN SI JOINT FUSION MIS SI JOINT FUSION 11
Slide 12: Clinically Proven Minimally Invasive Solution
Clinically Proven Minimally Invasive Solution >33,000 PROCEDURES REPRESENTATIVE COMPETITOR CANCELLOUS BONE 3D-PRINTED IFUSE-3D TPS-COATED IFUSE 3 MONTH SHEEP STUDY* Proven triangular design and procedure Porous, 3D-printed titanium implant Bony on-growth, in-growth, through-growth* * MacBarb R
Slide 13: Proprietary, Differentiated Technology
Proprietary, Differentiated Technology 1. SI-BONE Technical Study 300610-TS. Torsional Rigidity of the iFuse Implant Compared with a SI Joint Screw in a Sawbones Model. 2. SI-BONE Report. Strength of materials of the SI-BONE iFuse Implant vs. 8.0 mm Cannulated Screw. Mauldin RG. December 2009. 3. SI
Slide 14: Platform Technologies
Pl a t f o r m Tec h n o lo g i es En ab l i n g Tec h n o lo g i es iFuse and iFuse-3D iFuse Navigation iFuse Decorticator Adult Deformity iFuse Neuromonitoring iFuse Robotics iFuse Bone Ad j a cen t Ma r ke ts Ortho Trauma 2009 - 2017 2018 - 2019 2019 - 2021 Comprehensive Sacropelvic Surgical Solu
Slide 15: Intellectual Property Overview
Intellectual Property Overview 54 issued patents: U.S. (40), OUS (14) 35 pending patents: U.S. (29), OUS (6) iFuse patents cover until November 2024 iFuse-3D patents cover until September 2035 SHAPE Joint … fused … a rectilinear bone fusion implant … across the joint APPROACH Lateral inserti
Slide 16: Patient Experience
Patient Experience 95%Patient satisfaction1 Clinically meaningful threshold at 15 pts 1. Whang PG, et al. Long-Term Prospective Clinical And Radiographic Outcomes After Minimally Invasive Lateral Transiliac Sacroiliac Joint Fusion Using Triangular Titanium Implants. Med Devices (Auckl). 2019;12:411-
Slide 17: Robust Clinical Evidence
Robust Clinical Evidence • >90 peer-reviewed published papers • 5-year long-term, prospective data • Two level 1 randomized studies 17
Slide 18: 5-Year Prospective Study, Including RCT
5-Year Prospective Study, Including RCT Months after iFuse VAS SIJ Pain Oswestry Disability Index Months after iFuse Published September 2019 p < 0.0001 p < 0.0001 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, Hillen
Slide 19: SI-BONE Enters 2021 in a Position of Strength
SI-BONE Enters 2021 in a Position of Strength 4Q19 1Q20 2Q20 3Q20 4Q20E Gross Margin 89.7% 88.5% 84.9% 87.3% NA $19.8 $16.8 $14.1 $20.4 $21.9-22.2 Revenue (in millions) 19
Slide 20: 2021 Growth Drivers
2021 Growth Drivers Sales Force Adjacent Markets Surgeon Training • Increase sales force to support more surgeons • Launch new products in adult deformity and trauma • Add 20 SImulators to increase active surgeons Patient Awareness • Introduce direct-to-patient initiatives 20
Slide 21: Investment in U.S. Salesforce
Q4 2020 Investment in U.S. Salesforce Q3 2020 116 FTEs in U.S. Salesforce 59 sales reps 57 clinical support specialists 12 Sales Regions 122 FTEs in U.S. Salesforce 64 sales reps 58 clinical support specialists 14* Sales Regions 21 *as of January 1, 2021
Slide 22: SI-BONE SImulator Surgeon Training System
SI-BONE SImulator Surgeon Training System Anytime, anywhere without travel On demand No radiation with virtual CTs Eliminate expense of cadaver All three procedures and morphologies Adding 20 SImulators 100% 54% 45% 1H20 2H20 Non-SImulator SImulator % First-Time Trainings (U.S.) 22
Slide 23: SI-BONE SImulator
23 SI-BONE SImulatorTM
Slide 24: Significant Milestones
Q4 Policy Exclusives • Humana • Priority Health • BCBSA update ISASS Policy Positives • Only use a trans-articular lateral approach • All others should be coded as unlisted Clinical • SILVIA Bedrock study has enrolled 41 patients Significant Milestones 24
Slide 25: Executive Leadership
Tony Recupero Chief Commercial Officer President Laura Francis Chief Financial Officer Chief Operating Officer CEO Jeffrey Dunn Chairman, President, CEO & Founder Executive Chairman Executive Leadership
Slide 26: Investment Highlights
Investment Highlights $196M IN CASH AT DECEMBER 31 , 2020 POSITIVE FINANCIAL PROFILE3 >$73M REVENUE ROBUST DATA1 >90 PUBLISHEDPAPERS 2 RANDOMIZEDTRIALS REIMBURSEMENT ADVANTAGE2 37 PAYOREXCLUSIVES 312M COVERED LIVES Note 1: Data as December 31, 2020 Note 2: ~312 covered lives do not include Anthem co
Slide 27: SI-BONE
SI-BONE
Slide 28: Disclosure
DisclosureDisclosure The iFuse Implant System is intended for sacroiliac fusion for the following conditions: • 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