Recent Highlights
- Revenues of
$55.4 million for 2018, representing a 15% increase over 2017 - Revenues of
$15.6 million for the fourth quarter of 2018, representing a 13% increase over fourth quarter 2017 FDA clearance of the iFuse Bedrock technique for use in adult deformity patients with sacroiliac joint dysfunction- Exclusive payer coverage policies from
BlueCross BlueShield of Arizona , CareFirst BlueCross BlueShield,Premera Blue Cross , and Excellus BlueCross BlueShield - Non-exclusive payer policy changed to exclusive coverage of iFuse by
Highmark Blue Cross Blue Shield based upon the eviCore iFuse exclusive guidelines - Publication in
Journal of Bone and Joint Surgery of 2-year results from iMIA, a European multi-center level 1 randomized controlled trial comparing sacroiliac joint fusion with the iFuse Implant System to conservative care
“Our fourth quarter 2018 accomplishments and first quarter 2019 announcements reflect the ongoing strength of our business building robust clinical data and expanding our reimbursement coverage,” said Jeffrey Dunn, President, Chief Executive Officer, and Chairman. “During the fourth quarter of 2018, we also executed on our commitment to expand into adjacent markets with the recent clearance of the iFuse Bedrock technique for use in adult deformity procedures. We are entering 2019 in a strong competitive position and are continuing to strengthen our position as the market leader in sacro-pelvic solutions. We remain confident that our focus on clinical data, education and innovation will continue to position the company for long term success.”
Fourth Quarter 2018 Financial Results
Revenue was
Gross margin was 91% for the fourth quarter of 2018, consistent with the prior year period.
Operating expenses were
Operating loss was
Net loss was
Non-GAAP net loss per share was
2018 Financial Results
Revenue was
Gross margin was 91% for the full year of 2018, as compared to 89% in the prior year period. The higher gross margin primarily was the result of cost management activities during the first half of 2018.
Operating expenses were
Operating loss was
Net loss was
Non-GAAP net loss per share was
Cash, cash equivalents and short-term investments were
2019 Financial Guidance
Webcast and Conference Call Information
About
Forward Looking Statements
The statements in this press release regarding SI-BONE’s continued growth and financial outlook are “forward-looking” statements. These forward-looking statements are based on SI-BONE’s current expectations and inherently involve significant risks and uncertainties. These statements and risks include SI-BONE’s ability to expand our sales and marketing capabilities and increase demand for iFuse, expand geographically, and obtain favorable coverage and reimbursement determinations from third-party payors, SI-BONE’s projections about 2019 full year revenue. Actual results and the timing of events could different materially from those anticipated in such forward-looking statements as a result of the risks and uncertainties, which are described in the company’s filings on Form S-1, Form 10-Q and the company’s other filings with the
Use of Non-GAAP Financial Measures
This press release includes the financial measure of non-GAAP net loss per share, which differs from financial measures calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). The non-GAAP net loss calculation assumes the inclusion of IPO shares and conversion of preferred stock and warrants outstanding into common stock for the entire period. The non-GAAP shares used to compute basic and diluted net loss per share were the 24,450,757 shares outstanding at
Investor Contact:
investors@SI-BONE.com
Condensed Consolidated Statements of Operations
(in thousands, except percentages and per share data)
(unaudited)
Three Months Ended | Year ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Revenue | $ | 15,624 | $ | 13,769 | $ | 55,380 | $ | 47,983 | ||||||||
Cost of goods sold | 1,382 | 1,218 | 4,833 | 5,112 | ||||||||||||
Gross profit | 14,242 | 12,551 | 50,547 | 42,871 | ||||||||||||
Gross margin | 91 | % | 91 | % | 91 | % | 89 | % | ||||||||
Operating expenses: | ||||||||||||||||
Sales and marketing | 12,607 | 10,659 | 44,497 | 41,646 | ||||||||||||
Research and development | 1,501 | 1,279 | 5,376 | 5,513 | ||||||||||||
General and administrative | 4,441 | 2,254 | 12,639 | 13,062 | ||||||||||||
Total operating expenses | 18,549 | 14,192 | 62,512 | 60,221 | ||||||||||||
Loss from operations | (4,307 | ) | (1,641 | ) | (11,965 | ) | (17,350 | ) | ||||||||
Interest and other income (expense), net | (1,004 | ) | (3,263 | ) | (5,488 | ) | (5,689 | ) | ||||||||
Net loss | $ | (5,311 | ) | $ | (4,904 | ) | $ | (17,453 | ) | $ | (23,039 | ) | ||||
Net loss per share, basic and diluted | $ | (0.26 | ) | $ | (1.39 | ) | $ | (2.20 | ) | $ | (6.65 | ) | ||||
Weighted-average number of common shares used to | ||||||||||||||||
compute basic and diluted net loss per share | 20,593,028 | 3,522,202 | 7,950,284 | 3,467,096 | ||||||||||||
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
December 31, | ||||||||
2018 | 2017 | |||||||
ASSETS | ||||||||
CURRENT ASSETS | ||||||||
Cash and cash equivalents | $ | 25,120 | $ | 22,408 | ||||
Short-term investments | 97,103 | — | ||||||
Accounts receivable, net | 8,486 | 7,416 | ||||||
Inventory | 3,343 | 2,553 | ||||||
Prepaid expenses and other current assets | 1,990 | 1,252 | ||||||
Total current assets | 136,042 | 33,629 | ||||||
Property and equipment, net | 2,154 | 1,896 | ||||||
Other non-current assets | 325 | 309 | ||||||
TOTAL ASSETS | $ | 138,521 | $ | 35,834 | ||||
LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK | ||||||||
AND STOCKHOLDERS' EQUITY (DEFICIT) | ||||||||
CURRENT LIABILITIES | ||||||||
Accounts payable | $ | 2,146 | $ | 1,814 | ||||
Accrued liabilities and other | 6,860 | 5,724 | ||||||
Total current liabilities | 9,006 | 7,538 | ||||||
Redeemable convertible preferred stock warrants | — | 422 | ||||||
Long-term borrowings | 38,963 | 38,704 | ||||||
Other long-term borrowings | 360 | — | ||||||
TOTAL LIABILITIES | 48,329 | 46,664 | ||||||
Redeemable convertible preferred stock | — | 118,548 | ||||||
TOTAL STOCKHOLDERS' EQUITY (DEFICIT) | 90,192 | (129,378 | ) | |||||
TOTAL LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK | ||||||||
AND STOCKHOLDERS' EQUITY (DEFICIT) | $ | 138,521 | $ | 35,834 | ||||
Source: SI-BONE, Inc.