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.

• Over 1,200 active U.S. physicians in Q3 2024, up 15% year-over-year, and a 35% increase in physicians performing multiple procedure types.

• Expanded product portfolio with FDA clearances and breakthrough device designations for iFuse Bedrock Granite and iFuse TORQ TNT.

• Continued investment in R&D and sales force expansion to drive growth and market penetration.

Financial highlights

• Q3 2024 revenue: $40.3M (up 19% YoY); U.S. revenue: $38.3M (up 18% YoY); international revenue: $2.1M (up 21% YoY).

• Gross profit increased 18% to $31.9 million; gross margin stable at 79%.

• Operating expenses grew 4% to $39.5 million, with year-to-date operating leverage exceeding 2x.

• Net loss for Q3 2024 was $6.6M; adjusted EBITDA loss was $0.2M, a 94% improvement year-over-year.

• Ended Q3 with $150.8 million in cash and equivalents; outstanding debt at $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 positive 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 hurricane and IV solution supply issues; some deferred cases may shift to 2025.

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