SI-BONE (SIBN) 2024 Truist Securities MedTech Conference summary

Market overview and growth

• Operates in the sacropelvic space, targeting SI joint fusion, pelvic fixation, and trauma markets, with a combined TAM over $3 billion and nearly 500,000 annual procedures.

• Holds majority market share in SI joint fusion, supported by over 130 peer-reviewed papers and multiple randomized controlled trials.

• Market penetration remains below 10%, presenting significant growth opportunities.

• Competes effectively against larger companies, maintaining leadership through differentiated products and deep clinical expertise.

• Revenue guidance for 2024 is $164–$166 million, with expectations for accelerated growth in the second half due to new product launches.

Product innovation and launches

• Granite 9.5, launched in April, targets the 100,000-case short construct pelvic fixation market, expanding reach beyond long construct cases.

• Intra, a dorsal allograft product, was introduced to address physician preferences for non-metallic implants.

• TORQ, a minimally invasive implant for trauma and SI joint fusion, is supported by ongoing clinical studies and will see a new product launch in Q4.

• Granite 9.5 offers NTAP reimbursement of $9,800 per case, enhancing health economics for providers.

• Product portfolio provides options for both lateral and posterior approaches, catering to diverse physician needs.

Physician engagement and market strategy

• Engages a broad base of spine surgeons and interventionalists, with 1,300+ active physicians and strong relationships in pain management.

• Direct sales force and territory managers provide in-depth procedural support and education.

• Asset-light model enables lower capital requirements per case, supporting rapid progress toward profitability.

• Focused on increasing both the number of active surgeons and the average number of cases per physician.

• Working with third-party agents to expand reach, especially in the trauma and pelvic fixation segments.