SI-BONE (SIBN) Canaccord Genuity 44th Annual Growth Conference & Private Company Showcase 2024 summary

Key business and financial highlights

• Achieved record worldwide and U.S. revenue in Q2, with U.S. revenue and procedure growth both at 21% year-over-year.

• Active physician base grew 23%, marking 14 consecutive quarters of double-digit growth.

• Adjusted EBITDA improved 43% to $2.6 million, with breakeven expected in Q4 2024 and full-year 2025.

• Territory productivity rose 24% to $1.7 million per territory, up from under $1 million three years ago.

• Ended the quarter with $150 million in cash and gross margins at 79%.

Product portfolio and innovation

• Expanded from core SI joint fusion to deformity, degenerative, and sacral insufficiency fracture solutions.

• Launched Granite 9.5 in Q2, targeting deformity and Degen markets, with strong early demand.

• TORQ product addresses both SI joint fusion and sacral insufficiency fractures, with ongoing clinical studies (STACI, SAFFRON).

• New trauma product launch planned for Q4 2024, designed with surgeon feedback and complementary to TORQ.

Market strategy and competitive positioning

• Targeting 8,000 surgeons and 1,000 interventionalists, with differentiated multi-product offerings.

• TORQ preferred for interventionalists due to ease of use and robust reimbursement under CPT 27279.

• Granite products gaining traction in both deformity and shorter construct procedures, driving higher ASP.

• Commercial infrastructure and educational approach cited as key competitive advantages.