SI-BONE (SIBN) Q4 2023 earnings summary

Executive summary

• FY23 worldwide revenue reached $138.9M, up 31% YoY; U.S. procedure volume grew more than 32%, while the Adjusted EBITDA loss improved to $17.3M from $33.2M.

• Record activity included more than 1,600 U.S. physicians performing over 15,000 procedures; 2024 priorities include product launches and progress toward Adjusted EBITDA breakeven.

Financial highlights

• Q4 worldwide revenue was $38.9M, up 22% YoY; U.S. revenue was $36.7M, up 22%, and international revenue was $2.2M vs. $2.0M.

• FY23 worldwide revenue was $138.9M vs. $106.4M; U.S. revenue was $130.6M vs. $98.8M, and international revenue was $8.3M vs. $7.7M.

• Q4 net loss was $11.0M, or $0.27 per diluted share, vs. $11.2M, or $0.32; FY23 net loss was $43.3M, or $1.13 per diluted share, vs. $61.3M, or $1.79.

• Q4 Adjusted EBITDA loss was $4.8M, including a $1.7M inventory reserve impact, vs. $4.2M in Q4 2022; FY23 loss was $17.3M vs. $33.2M.

• Q4 operating expenses were $41.2M vs. $38.2M; FY23 operating expenses were $156.4M vs. $150.3M, reflecting growth investments partly offset by lower headcount, travel and commercial-activity timing.

Outlook and guidance

• FY24 worldwide revenue guidance is $162M–$165M, implying 17%–19% YoY growth; gross margin guidance is ~78% and operating expense growth is ~9%.

• Guidance assumes significant YoY improvement in the Adjusted EBITDA loss, with progress toward breakeven over time.

• Planned product launches across target markets and favorable demand dynamics support the 2024 outlook.