SI-BONE, Inc. Celebrates Record Revenue and Positive Guidance
SI-BONE, Inc. Delivers Exceptional Financial Outcomes
SI-BONE, Inc. (Nasdaq:SIBN), a pioneering medical device company focused on addressing sacropelvic disorders, has unveiled remarkable financial results for the recent quarter and full fiscal year. As the company reflects on the achievements of the past year, stakeholders are encouraged about the future outlook.
Q4 Financial Highlights
The fourth quarter of 2024 has proven transformative for SI-BONE, with worldwide revenues reaching an impressive $49 million, reflecting a robust growth rate of approximately 26%. This growth was underpinned by U.S. revenues of $46.9 million, achieving a significant 28% year-over-year increase. The company also maintained a high gross margin of around 79%, reinforcing its operational efficiency.
Improving Loss Margins
Interestingly, while the net loss for Q4 was reported at $4.5 million, this marks an exceptional improvement of roughly 59% compared to the previous period. This shift underscores the effectiveness of SI-BONE’s strategic initiatives aimed at enhancing profitability.
2024 Fiscal Year Overview
Throughout the entire fiscal year of 2024, SI-BONE achieved total revenues of $167.2 million, marking a healthy growth of about 20% from the previous year. U.S. revenue for the year was reported at approximately $158.4 million, a year-over-year increase of around 21%. Maintaining a steady gross margin of about 79% also reflects the company's solid performance.
Total Equity Position
SI-BONE's financial positioning has significantly strengthened. The total assets stood at $230.4 million, with cash and equivalents reported at $150 million. This financial discipline enables the company to continue investing in future product development, thereby ensuring long-term sustainability and growth.
Operational Achievements
In addition to the strong financial metrics, SI-BONE's operational highlights are equally impressive. As of the fourth quarter, the company noted an active network of approximately 1,400 U.S. physicians, a 23% increase year-on-year. Such expansion bodes well for broader acceptance of SI-BONE's leading-edge surgical solutions.
Upcoming Innovations
The company was granted Transitional Pass-Through payment status for outpatient procedures associated with its Granite implant, effective beginning in 2025. This new status is anticipated to bolster the adoption of SI-BONE technologies, facilitating a smoother pathway to reimbursement for healthcare providers.
Looking Ahead: Guidance for 2025
With an eye towards future growth, SI-BONE expects worldwide revenue in 2025 to fall between $193.5 million and $195.5 million, indicating a year-over-year increase of approximately 16% to 17%. The company anticipates an ability to achieve positive adjusted EBITDA in the latter half of 2025, supported by an expected gross margin in the range of 77% to 78%.
CEO's Vision for Growth
Laura Francis, the Chief Executive Officer, remarks, "2024 was a transformative year for SI-BONE. The strategic investments and innovations have significantly propelled our growth trajectory. Looking forward, I am optimistic about expanding our platform adoption and realizing the full potential of our offerings in the market."
About SI-BONE, Inc.
SI-BONE, Inc. is recognized as a leader in developing unique technologies for the surgical treatment of sacropelvic disorders. Since its inception in 2009, SI-BONE has pioneered minimally invasive SI joint surgeries, assisting over 4,300 physicians in performing a cumulative total of more than 115,000 procedures. This achievement is bolstered by robust clinical evidence, including randomized controlled trials and a significant number of peer-reviewed publications.
Frequently Asked Questions
What are the key financial results for SI-BONE in Q4 2024?
SI-BONE reported revenues of $49 million in Q4 2024, a 26% increase from the previous year, with a net loss of $4.5 million.
How has SI-BONE performed financially in 2024?
For the fiscal year 2024, SI-BONE achieved $167.2 million in total revenues, reflecting a 20% growth from 2023.
What are SI-BONE's goals for 2025?
The company aims for revenues between $193.5 million and $195.5 million in 2025, projecting a growth rate of approximately 16% to 17%.
How many physicians are using SI-BONE products currently?
As of the fourth quarter of 2024, nearly 1,400 physicians are actively utilizing SI-BONE's surgical solutions.
What recent achievements has SI-BONE reached?
SI-BONE secured Transitional Pass-Through payment status for outpatient procedures and enhanced its physician network by 23% over the year.
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