Recent Highlights
- Revenues of
$13.4 million for the third quarter of 2018, representing a 15% increase over third quarter 2017 - Exclusive payer coverage policies from Blue Cross Blue Shield North Carolina and Neighborhood Health Plan and a positive coverage policy from HealthPartners
- Exclusive coverage policy recommendation from EviCore, a specialty benefits company, which supports payers covering 107 million lives
- Two recent publications demonstrated clinical and economic benefits of the iFuse procedure
- LOIS 4-year study published in Medical Devices: Evidence and Research showing significant pain relief and durability, and
- Optum economic study published in
ClinicoEconomics and Outcomes Research demonstrating a positive return on payer investment and low post-operative health care costs associated with the iFuse Procedure when performed in the outpatient setting
- Initial public offering, raising
$113.7 million net of underwriting discounts and commissions and offering costs
“Our third quarter accomplishments reflect the ongoing strength of our business,” said Jeffrey Dunn, President, Chief Executive Officer, and Chairman. “We are pleased to see continued momentum in exclusive reimbursement policies and growing clinical evidence, which further validates our position as the market leader for providing minimally invasive surgical products for the sacroiliac joint.”
“In addition, we are pleased with the successful completion of our IPO and are grateful for the support of the participating investors,” continued Mr. Dunn. “The proceeds from this offering will enable us to continue to expand our commercial footprint in
Third Quarter 2018 Financial Results
Revenue was
Gross margin was 91% for the third quarter of 2018, as compared to 89% in the corresponding prior year period.
Operating expenses were
Operating loss was
Net loss was
Proforma net loss per share was
Cash and cash equivalents were
2018 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 2018 full year and fourth quarter 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
Investor Contact:
investors@SI-BONE.com
Condensed Consolidated Statements of Operations
(in thousands, except percentages and per share data)
(unaudited)
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2018 | 2017 | 2018 | 2017 | |||||||||||||
| Revenue | $ | 13,381 | $ | 11,683 | $ | 39,756 | $ | 34,214 | ||||||||
| Cost of goods sold | 1,221 | 1,328 | 3,451 | 3,894 | ||||||||||||
| Gross profit | 12,160 | 10,355 | 36,305 | 30,320 | ||||||||||||
| Gross margin | 91 | % | 89 | % | 91 | % | 89 | % | ||||||||
| Operating expenses: | ||||||||||||||||
| Sales and marketing | 10,605 | 9,857 | 31,890 | 30,987 | ||||||||||||
| Research and development | 1,373 | 1,466 | 3,875 | 4,234 | ||||||||||||
| General and administrative | 3,226 | 4,071 | 8,198 | 10,808 | ||||||||||||
| Total operating expenses | 15,204 | 15,394 | 43,963 | 46,029 | ||||||||||||
| Loss from operations | (3,044 | ) | (5,039 | ) | (7,658 | ) | (15,709 | ) | ||||||||
| Interest and other income (expense), net | (1,748 | ) | (644 | ) | (4,482 | ) | (2,425 | ) | ||||||||
| Net loss | $ | (4,792 | ) | $ | (5,683 | ) | $ | (12,140 | ) | $ | (18,134 | ) | ||||
| Net loss per share, basic and diluted | $ | (1.29 | ) | $ | (1.64 | ) | $ | (3.34 | ) | $ | (5.26 | ) | ||||
| Weighted-average number of common shares used to | ||||||||||||||||
| compute basic and diluted net loss per share | 3,712,876 | 3,475,628 | 3,638,905 | 3,450,252 | ||||||||||||
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
| September 30, | December 31, | |||||||
| 2018 | 2017 | |||||||
| ASSETS | ||||||||
| CURRENT ASSETS | ||||||||
| Cash and cash equivalents | $ | 14,004 | $ | 22,408 | ||||
| Accounts receivable, net | 7,092 | 7,416 | ||||||
| Inventory | 3,028 | 2,553 | ||||||
| Prepaid expenses and other current assets | 737 | 1,252 | ||||||
| Total current assets | 24,861 | 33,629 | ||||||
| Property and equipment, net | 2,048 | 1,896 | ||||||
| Other non-current assets | 1,486 | 309 | ||||||
| TOTAL ASSETS | $ | 28,395 | $ | 35,834 | ||||
| LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK | ||||||||
| AND STOCKHOLDERS' DEFICIT | ||||||||
| CURRENT LIABILITIES | ||||||||
| Accounts payable | $ | 1,790 | $ | 1,814 | ||||
| Accrued liabilities and other | 7,152 | 5,724 | ||||||
| Total current liabilities | 8,942 | 7,538 | ||||||
| Redeemable convertible preferred stock warrants | 1,103 | 422 | ||||||
| Long-term borrowings | 38,899 | 38,704 | ||||||
| Other long-term borrowings | 332 | — | ||||||
| TOTAL LIABILITIES | 49,276 | 46,664 | ||||||
| Redeemable convertible preferred stock | 118,548 | 118,548 | ||||||
| TOTAL STOCKHOLDERS' DEFICIT | (139,429 | ) | (129,378 | ) | ||||
| TOTAL LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK | ||||||||
| AND STOCKHOLDERS' DEFICIT | $ | 28,395 | $ | 35,834 | ||||
Source: SI-BONE, Inc.