SI-BONE (SIBN) Q3 2024 earnings summary

Executive summary

• Achieved record worldwide revenue of $40.3 million in Q3 2024, up 19% year-over-year, with U.S. revenue at $38.3 million, up 18% year-over-year, and strong performance across all priorities.

• Net loss improved by 34% to $6.6 million ($0.16 per share) compared to Q3 2023, with Adjusted EBITDA loss narrowing to $0.2 million, a 94% improvement year-over-year.

• Ended Q3 with $150.8 million in cash and equivalents, with minimal net cash usage and strong liquidity.

• Expanded product portfolio with FDA clearances and launches, including iFuse TORQ TNT and Granite 9.5, targeting new market opportunities.

• Over 1,200 active U.S. physicians at quarter-end, up 15% year-over-year, with strong adoption and engagement trends.

Financial highlights

• Q3 2024 revenue grew 19% to $40.3 million; U.S. revenue up 18% to $38.3 million; international revenue up 21% to $2.1 million.

• Gross margin held steady at 79% in Q3 2024, flat year-over-year.

• Operating expenses rose 4% to $39.5 million, driven by commercial activity and R&D investments.

• Net loss for Q3 2024 was $6.6 million, improved from $10.0 million in Q3 2023.

• Cash and marketable securities at September 30, 2024: $150.8 million; outstanding debt: $36.2 million.

Outlook and guidance

• Updated 2024 worldwide revenue guidance to $165–$166 million, implying 19–20% annual growth.

• Expects to achieve positive Adjusted EBITDA in Q4 2024 and full-year Adjusted EBITDA profitability in 2025.

• Management expects existing cash and marketable securities to fund operations and capital expenditures for at least the next 12 months.

• Guidance reflects some case deferrals due to hurricanes and IV solution shortages, with some deferred cases possibly shifting to 2025.

• Ongoing investments in R&D, sales force, and new product launches anticipated to support future growth.