Washington, D.C. 20549


Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): May 4, 2020
(Exact name of registrant as specified in its charter)
Delaware 001-38701 26-2216351
(State or other jurisdiction of
incorporation or organization)
File Number)
 (I.R.S. Employer
Identification No.)

471 El Camino Real
Suite 101
Santa Clara, CA 95050
(Address of principal executive offices) (Zip Code)

(408) 207-0700
(Registrant’s telephone number, include area code)

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, par value $0.0001 per shareSIBNThe Nasdaq Global Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company     ý

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02 – Results of Operations and Financial Condition.

On May 4, 2020, SI-BONE, Inc. (the "Company") issued a press release (the “Press Release”) announcing results for the quarter ended March 31, 2020. A copy of the Press Release is attached as Exhibit 99.1 to this current report on Form 8-K and is incorporated by reference herein.

The information under Item 2.02 in this current report on Form 8-K and the related information in the exhibit attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits
Exhibit No. Description


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:May 4, 2020By:/s/ Laura A. Francis
   Laura A. Francis
Chief Operating Officer and Chief Financial Officer
   (Principal Financial and Accounting Officer)


Exhibit 99.1
SI-BONE, Inc. Reports First Quarter 2020 Financial Results

SANTA CLARA, Calif. May 4, 2020 - SI-BONE, Inc. (Nasdaq:SIBN), a medical device company dedicated to solving musculoskeletal disorders of the sacropelvic anatomy, today reported financial results for the quarter ended March 31, 2020.

Recent Highlights
Revenue of $16.8 million for the first quarter 2020, representing a 12% increase over the corresponding period in 2019
U.S. revenue of $15.3 million for the first quarter 2020, representing a 14% increase over the corresponding period in 2019
Received FDA 510(k) clearance for an expanded indication for the iFuse Implant System to support the Company's trauma program
Obtained positive coverage by Health Alliance Plan, a commercial payor in Michigan

“Our SI-BONE team has shown tremendous efforts and strength through these difficult times. I am incredibly proud to be part of this team and believe that we will come out of this period even stronger as a company," said Jeffrey Dunn, President, CEO and Chairman. “The underlying fundamentals of our business remain strong. Through mid-March, we saw record procedure volumes resulting from the significant investments we made across our commercial organization to develop this market, and we are taking a very disciplined and thoughtful approach to financial decisions and capital allocation priorities.”

First Quarter 2020 Financial Results

Revenue was $16.8 million in the first quarter 2020, a 12% increase from $15.0 million in the corresponding prior period in 2019. U.S. revenue for the first quarter 2020 was $15.3 million, a 14% increase from $13.5 million in the corresponding prior period in 2019 primarily driven by growth of domestic case volumes. Our international revenue was $1.5 million in the first quarter 2020, flat compared to the corresponding period in 2019. Though our total revenue increased as discussed above, it was partly impacted by lower than anticipated case volumes specifically in the second half of March 2020 due to the effects of COVID-19.

Gross margin was 89% for the first quarter 2020, as compared to 90% in the corresponding prior period in 2019. The change in gross margin was due to higher cost of operations to support the growth of the business. 

Operating expenses were $26.8 million in the first quarter 2020, as compared to $22.3 million in the corresponding prior period in 2019, an increase of 20%. The increase in operating expense was primarily driven by higher employee related costs due to higher headcount mainly from sales hiring, surgeon training and stock-based compensation.

Operating loss was $11.9 million in the first quarter 2020, as compared to $8.8 million in the corresponding prior period in 2019.

Net loss was $12.8 million, or $0.47 per diluted share for the first quarter 2020, as compared to $9.3 million, or $0.38 per diluted share in the corresponding prior period in 2019.

Cash and marketable securities were $146.2 million as of March 31, 2020. This includes a follow-on offering, completed during the first quarter of 2020, which raised net proceeds of $63.4 million after deducting the underwriting discounts and commissions.

2020 Guidance

As previously reported on Form 8-K filed on April 2, 2020, due to the evolving environment and continued uncertainties from the impact of COVID-19, SI-BONE has withdrawn its previously announced guidance for the full year 2020. The COVID-19 pandemic is a highly fluid situation and it is not currently possible for the Company to reasonably estimate the impact it may have on financial and operating results.


As SI-BONE progresses through its second full year as a public company, the Company has worked to improve overall corporate disclosure. In response to the evolving shareholder interest in Environmental, Social and Governance (ESG) topics, SI-BONE anticipates updating its related disclosures during the second quarter of 2020.
Webcast and Conference Call Information

SI-BONE will host a conference call to discuss the first quarter 2020 financial results after market close on Monday, May 4, 2020 at 4:30 P.M. Eastern Time. The conference call can be accessed live over the phone (866) 470-1968 for domestic callers or (409) 217-8248 for international callers, using conference ID: 7919778. The webcast can be accessed at

About SI-BONE, Inc.

SI-BONE is a medical device company that pioneered minimally invasive surgery of the SI joint with the iFuse Implant System. Studies have shown that the SI joint can be a source of pain in 15% to 30% of chronic low back pain. The iFuse Implant™, commercially available since 2009, is the only SI joint fusion device supported by multiple prospective clinical studies, including two randomized controlled trials, showing improved pain, patient function and quality of life resulting from treatment. There are over 80 peer-reviewed publications demonstrating the safety, durable effectiveness, and biomechanical and economic benefits unique to the iFuse Implant ( This body of evidence has enabled multiple government and private insurance payors to establish coverage of the SI joint fusion procedure exclusively when performed with the iFuse Implant System.

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

Forward Looking Statements

The first quarter 2020 financial results and statements in this press release regarding expectations of future events or results, as well as SI-BONE's expectations set forth under the caption "2020 Financial Guidance" are "forward-looking" statements. These forward-looking statements are based on SI-BONE's current expectations and inherently involve significant risks and uncertainties and, in the case of its first quarter 2020 financial results, are subject to quarter-end closing adjustments. These risks include the impact the COVID-19 pandemic will have on the ability and desire of patients and physicians to undergo procedures using the iFuse Implant System, the duration of the COVID-19 pandemic, whether the COVID-19 pandemic will recur in the future, and SI-BONE's ability to increase demand for iFuse, expand geographically, and obtain favorable coverage and reimbursement determinations from third-party payors. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these and other risks and uncertainties, many of which are described in the company's filings on Form 10-K and Form 10-Q, and the company’s other filings with the Securities and Exchange Commission (SEC) available at the SEC's Internet site (, especially under the caption "Risk Factors". SI-BONE does not undertake any obligation to update forward-looking statements and expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein, except as required by law.

Investor Contact
Lynn Lewis or Carrie Mendivil

(In thousands, except share and per share amounts)

Three Months Ended March 31,
Revenue$16,821  $14,991  
Cost of goods sold1,932  1,526  
     Gross profit14,889  13,465  
     Gross margin89 %90 %
Operating expenses:
     Sales and marketing19,281  15,815  
     Research and development2,090  1,683  
     General and administrative5,400  4,766  
Total operating expenses26,771  22,264  
Loss from operations(11,882) (8,799) 
Interest and other income (expense), net:
Interest income498  744  
Interest expense(1,231) (1,230) 
Other expense, net(157) (60) 
Net loss$(12,772) $(9,345) 
Net loss per share, basic and diluted$(0.47) $(0.38) 
Weighted-average number of common shares used to compute basic and diluted net loss per share27,252,409  24,390,648  

(in thousands)

March 31,December 31,
Current assets:
     Cash and cash equivalents$67,568  $10,435  
Short-term investments77,373  81,345  
     Accounts receivable, net9,361  11,720  
     Inventory5,726  5,452  
     Prepaid expenses and other current assets1,936  2,510  
Total current assets161,964  111,462  
Long-term investments1,274  1,278  
Property and equipment, net4,269  3,954  
Other non-current assets312  315  
TOTAL ASSETS$167,819  $117,009  
Current liabilities:
     Accounts payable$2,577  $2,811  
     Accrued liabilities and other9,284  11,605  
Current portion of long-term borrowings8,731  4,358  
Total current liabilities20,592  18,774  
Long-term borrowings30,557  34,865  
Other long-term liabilities400  362  
          TOTAL LIABILITIES51,549  54,001  
Stockholders' Equity:
Common stock and additional paid-in capital
323,925  258,124  
Accumulated other comprehensive income697  464  
Accumulated deficit(208,352) (195,580) 
          TOTAL STOCKHOLDERS' EQUITY116,270  63,008