- Protecting Employees and Others: To reduce the risk to
SI-BONEemployees and their families from potential exposure to COVID-19, all employees in the Santa Claraoffice and in other office locations have been required to work from home, with the exception of those related to manufacturing order fulfillment and select others, based on local restrictions and guidance. SI-BONEhas also restricted non-essential business travel, and urged employees to restrict personal travel, to protect the health and safety of its employees, patients and customers.
- Continuing Operations and Clinical Support: Consistent with applicable exceptions,
SI-BONEis maintaining streamlined assembly, distribution and other related processes in order to continue providing products to its customers. Specific protocols have been designed and implemented in order to minimize contact time among employees working on site. Where healthcare operations have been impacted, the sales team is supporting healthcare providers via telephone and online technologies, until conditions permit resumption of healthcare operations.
- Curtailing Operating Expenses: Until the Company has more clarity on the extent and duration of the impact from COVID-19,
SI-BONEhas taken pre-emptive steps to curtail spending, including implementing hiring restrictions, eliminating discretionary spending, reducing executive salaries, reducing capital expenditures, reducing non-essential marketing expenses, and delaying clinical research projects.
- Expanding Product Utility: On
March 31, the Company received FDA 510(k) clearance for an expanded indication for the iFuse Implant System to support the Company’s trauma program. The new indication applies to acute, non-acute, and non-traumatic fractures involving the sacroiliac joint. The Company will be launching its trauma marketing initiative in the United Statesin Q2 2020.
"Our immediate priority amidst this pandemic is the health and safety of our employees, customers and patients, so we acted quickly ahead of the shelter at home orders. We also acted to minimize business disruption, ensure we can continue supporting physicians, and reduce spending in areas not critical to patient care to ensure we have financial flexibility,” said
Balance Sheet Update
As of March 31, 2020, the Company had over
Update to 2020 Financial Guidance
Due to the evolving environment and continued uncertainties from the impact of COVID-19,
The iFuse Implant System is intended for sacroiliac fusion for conditions including sacroiliac joint dysfunction that is a direct result of sacroiliac joint disruption and degenerative sacroiliitis. This includes conditions whose symptoms began during pregnancy or in the peripartum period and have persisted postpartum for more than 6 months. The iFuse Implant System is also intended for sacroiliac fusion to augment stabilization and immobilization of the sacroiliac joint in skeletally mature patients undergoing sacropelvic fixation as part of a lumbar or thoracolumbar fusion. There are potential risks associated with the iFuse Implant System. It may not be appropriate for all patients and all patients may not benefit.
For additional information on the company or the products including risks and benefits, please visit www.si-bone.com.
The statements in this press release regarding expectations of future events or results, including SI-BONE’s belief that it has sufficient cash balance to fund operations through 2021, are "forward-looking" statements. These forward-looking statements are based on
Source: SI-BONE, Inc.