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SI-BONE, Inc. reports developments for a medical device business focused on procedural solutions for compromised bone and sacropelvic disorders. The company develops technologies centered on spinopelvic anatomy, including applications in minimally invasive SI joint fusion, adult spinal deformity, spinopelvic and sacropelvic fixation, and pelvic trauma.
Recurring updates include quarterly and annual financial results, revenue guidance, cash flow and adjusted EBITDA commentary, physician adoption metrics, reimbursement developments, and healthcare conference presentations. Product references include the iFuse Implant System, iFuse Bedrock Granite, iFuse TORQ, iFuse TORQ TNT, iFuse 3D, and related surgical implant technologies.
SI-BONE, Inc. (SIBN) has appointed Laura Francis as Chief Executive Officer, succeeding Jeff Dunn, who transitions to Executive Chairman. Francis, previously CFO and COO, intends to focus on growth through enhancements in sales and new product development. Tony Recupero is promoted to President, Commercial Operations. Preliminary revenue for Q4 2020 is projected at $21.9-$22.2 million, marking an 11-12% increase year-over-year, while full-year revenue is expected between $73.1-$73.4 million, reflecting roughly 9% growth. However, potential COVID-19 impacts remain uncertain, and 2021 financial guidance is not provided.
SANTA CLARA, Calif., Jan. 04, 2021 (GLOBE NEWSWIRE) -- SI-BONE, Inc. (SIBN) announced that the International Society for the Advancement of Spine Surgery published its updated Policy on MIS Sacroiliac Joint Fusion. The policy supports the adoption of MIS SI joint fusion procedures, particularly the iFuse Procedure, based on high-level clinical evidence for its safety and effectiveness. The ISASS does not recommend MIS posterior SI joint fusion due to inadequate clinical evidence. This update provides crucial guidance for clinicians and payors regarding the iFuse Implant System.
SI-BONE, Inc. announced that as of November 25, 2020, Priority Health Michigan became the 36th U.S. payor to adopt an exclusive, positive coverage policy for the iFuse Implant System, which is used in minimally invasive sacroiliac joint fusion surgeries. This new policy covers treatments related to lower back pain specifically for sacroiliac joint disorders. Furthermore, the Blue Cross Blue Shield Association updated its evidence rating to endorse triangular implants, affirming their efficacy compared to other systems. This change is supported by over 85 peer-reviewed studies.
SI-BONE, Inc. (Nasdaq: SIBN) announced participation in two major healthcare conferences: the 23rd Annual Needham Growth Conference and the 39th Annual J.P. Morgan Healthcare Conference. Management will engage in a Fireside Chat on January 11, 2021, at 2:45 p.m. ET and will present on January 14, 2021, at 2:50 p.m. ET. Both events will be accessible via live and archived webcasts on the company's website. SI-BONE specializes in minimally invasive surgery for sacropelvic disorders, with its iFuse Implant System backed by extensive clinical studies.
SI-BONE, Inc. (SIBN) announced that Humana, one of the largest U.S. commercial payers, has revised its coverage policy to include minimally invasive sacroiliac joint fusion using the iFuse Implant System. This update, effective December 10, 2020, allows coverage for chronic low back pain due to sacroiliac joint dysfunction, contingent on meeting specific criteria. Humana joins 36 other health plans covering iFuse procedures, which are supported by multiple clinical studies demonstrating efficacy in pain relief and improved quality of life.
SI-BONE, Inc. (Nasdaq:SIBN) reported a 26% increase in worldwide revenue to $20.4 million for Q3 2020, compared to Q3 2019. U.S. revenue rose 27% to $18.9 million, driven by increased domestic case volumes. The company surpassed 50,000 iFuse procedures with over 2,200 surgeons. Despite a gross margin decline to 87% from 90%, operating loss decreased to $8.7 million. Cash reserves stand at $132 million. The company anticipates full-year revenue guidance of $73-$74 million, reflecting 8%-10% growth, while acknowledging potential COVID-19 risks.
SI-BONE, Inc. (Nasdaq: SIBN) has scheduled its third quarter 2020 financial results announcement for November 2, 2020, after market close. Management will host a conference call at 1:30 PM PT / 4:30 PM ET to discuss results. The iFuse Implant System, the company’s flagship product for sacroiliac joint fusion, has shown significant clinical benefits, with over 80 peer-reviewed publications reinforcing its effectiveness. The device is covered by multiple insurance payors, highlighting its market acceptance and clinical validation.
SI-BONE, Inc. (SIBN) announced the pricing of a public offering of 3,190,053 shares of its common stock at $22.00 per share, aiming to raise approximately $66 million. Of the shares, 3,000,000 are from SI-BONE and 190,053 from a selling stockholder. The offering is set to close on October 19, 2020, with underwriters also granted a 30-day option for an additional 478,507 shares. Morgan Stanley and BofA Securities are the main managers of this offering. The funds will support the company's surgical treatment technologies for sacropelvic anatomy.
SI-BONE, Inc. (SIBN) announced an underwritten public offering of 3,190,053 shares of its common stock, with an additional option for underwriters to purchase 478,507 shares. SI-BONE will offer 3,000,000 shares while a selling stockholder will offer 190,053 shares. The offering hinges on market conditions, and completion timelines remain uncertain. Morgan Stanley and BofA Securities are the lead managers, complemented by Cantor Fitzgerald, JMP Securities, and Needham & Company as co-managers. The offering follows a shelf registration effective since January 2020.
SI-BONE, Inc. (Nasdaq:SIBN) announced preliminary unaudited revenue for Q3 and the first nine months of 2020. Q3 revenue is anticipated between $20.1-$20.4 million, marking a 24%-26% increase year-over-year. U.S. revenue is estimated at $18.7-$18.9 million with a 26%-27% growth. For the nine months, revenue is expected between $51.0-$51.3 million, an 8%-10% increase from 2019. Despite this growth, SI-BONE expresses caution due to the ongoing impacts of COVID-19. Third-quarter results will be disclosed on November 2, 2020.