- Revenue of
$14.0 millionfor the second quarter 2020, representing a 14% decrease over the corresponding period in 2019 U.S.revenue of $13.2 millionfor the second quarter 2020, representing a 12% decrease over the corresponding period in 2019
- Completed debt refinancing of
$40.0 millionterm loan
- Obtained positive coverage by Aetna, the third largest commercial health plan in
the United Stateswith over 22 million members
"Given these uncertain times, I could not be prouder of the
Second Quarter 2020 Financial Results
- The largest impact was felt in
April 2020, where case volumes declined significantly, resulting in a decrease in revenue of 85% compared to the prior year period in 2019.
May 2020, revenues increased 6% compared to the prior year period in 2019, as hospitals and medical centers across the U.S.and Europeresumed performance of elective surgical procedures.
- In June, total revenues increased 42%, driven by a solid recovery in new cases, but also materially benefited from rescheduled procedures.
- We estimate that a considerable number of cases performed in May and June were rescheduled surgeries from the second half of March and the month of April.
The Company attributes this resilience to the significant investments made in 2019, including sales force expansion, surgeon training and education, product introductions and improved reimbursement. Given the heightened risk of further shutdowns in elective procedures in high volume states like
Gross margin was 85% for the second quarter 2020, as compared to 90% in the corresponding prior period in 2019. The decrease in gross margin was primarily due to certain period costs charged directly to cost of operations and increases in inventory write-downs. Certain period costs were expensed as incurred during the second quarter of 2020 because our operations ran at suboptimal capacity due to lower case volumes as a result of the COVID-19 pandemic.
Operating expenses decreased 3% to
Operating loss was
Net loss was
Cash and marketable securities were
As previously reported on Form 8-K filed on
Webcast and Conference Call Information
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. In addition, the iFuse Implant System is intended for sacroiliac fusion in acute, non-acute, and non-traumatic fractures involving the sacroiliac joint. 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/risks.
Forward Looking Statements
The statements in this press release regarding expectations of future events or results, including SI-BONE’s expectation that it will emerge from the public health crisis an even stronger company and the effect the reduction of the cumulative backlog of cases which developed in March and April will have on future operating results are "forward-looking" statements. These forward-looking statements are based on
|CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS|
|(In thousands, except share and per share amounts)|
|Three Months Ended
||Six Months Ended
|Cost of goods sold||2,117||1,588||4,049||3,114|
|Sales and marketing||15,755||16,727||35,036||32,542|
|Research and development||2,165||1,946||4,255||3,629|
|General and administrative||4,151||4,194||9,551||8,960|
|Total operating expenses||22,071||22,867||48,842||45,131|
|Loss from operations||(10,139||)||(8,138||)||(22,021||)||(16,937||)|
|Interest and other income (expense), net:|
|Other expense, net||21||22||(136||)||(38||)|
|Net loss per share, basic and diluted||$||(0.44||)||$||(0.35||)||$||(0.91||)||$||(0.74||)|
|Weighted-average number of common shares used
to compute basic and diluted net loss per share
|CONDENSED CONSOLIDATED BALANCE SHEETS|
|Cash and cash equivalents||$||66,169||$||10,435|
|Accounts receivable, net||10,260||11,720|
|Prepaid expenses and other current assets||1,632||2,510|
|Total current assets||154,529||111,462|
|Property and equipment, net||4,407||3,954|
|Other non-current assets||312||315|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Accrued liabilities and other||9,272||11,605|
|Current portion of long-term borrowings||—||4,358|
|Total current liabilities||11,727||18,774|
|Other long-term liabilities||389||362|
|Common stock and additional paid-in capital||328,082||258,124|
|Accumulated other comprehensive income||610||464|
|TOTAL STOCKHOLDERS' EQUITY||107,868||63,008|
|TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY||$||159,248||$||117,009|
Source: SI-BONE, Inc.