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SI-BONE reported 1Q21 orthopedic revenue of USD $20.4 million, +21.5% vs. 1Q20. The first two months of the first quarter brought COVID headwinds and weather disruptions to the company. However, SI-BONE generated record revenues in March, with leadership acknowledging that around 40% of the quarter’s revenue came in the last month. Procedures rescheduled from November through February drove March volumes.
The company recently launched iFuse-TORQ for patients with pelvic trauma as well as sacroiliac joint dysfunction and degeneration. SI-BONE estimated TORQ’s trauma market opportunity at $350 million, with an additional $40 million in “low hanging fruit” within the SI fusion market currently controlled by competitors. Three TORQ implants are typically used per case, generating around $9,000. However, the company does not expect a meaningful revenue contribution for the product in 2021.
While March exceeded expectations, SI-BONE is taking a measured approach to the balance of the year. The company reiterated its 2021 guidance in the range of $92 million to $94 million, representing growth of 25% to 28% vs. 2020.
Revenue Data
All revenue data is provided in USD millions unless otherwise noted. Sales and growth rates are estimated on an as-reported basis.
Segment Sales
| 1Q21 | 1Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $20.4 | $16.8 | $3.6 | 21.5% |
Geographic Sales
| 1Q21 | 1Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $18.8 | $15.3 | $3.5 | 22.7% |
| OUS | $1.7 | $1.5 | $0.1 | 9.7% |
| Total | $20.4 | $16.8 | $3.6 | 21.5% |
Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $20.4 | |
| Cost of Sales | $2.2 | 10.8% |
| Sales and Marketing | $20.9 | 102.3% |
| General and Admin | $5.9 | 29.1% |
| R & D | $3.0 | 14.5% |
| Other | $0.7 | 3.3% |
| Net Earnings | ($12.2) | (59.9%) |
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
SI-BONE reported 1Q21 orthopedic revenue of USD $20.4 million, +21.5% vs. 1Q20. The first two months of the first quarter brought COVID headwinds and weather disruptions to the company. However, SI-BONE generated record revenues in March, with leadership acknowledging that around 40% of the quarter’s revenue came in the last month. Procedures...
SI-BONE reported 1Q21 orthopedic revenue of USD $20.4 million, +21.5% vs. 1Q20. The first two months of the first quarter brought COVID headwinds and weather disruptions to the company. However, SI-BONE generated record revenues in March, with leadership acknowledging that around 40% of the quarter’s revenue came in the last month. Procedures rescheduled from November through February drove March volumes.
The company recently launched iFuse-TORQ for patients with pelvic trauma as well as sacroiliac joint dysfunction and degeneration. SI-BONE estimated TORQ’s trauma market opportunity at $350 million, with an additional $40 million in “low hanging fruit” within the SI fusion market currently controlled by competitors. Three TORQ implants are typically used per case, generating around $9,000. However, the company does not expect a meaningful revenue contribution for the product in 2021.
While March exceeded expectations, SI-BONE is taking a measured approach to the balance of the year. The company reiterated its 2021 guidance in the range of $92 million to $94 million, representing growth of 25% to 28% vs. 2020.
Revenue Data
All revenue data is provided in USD millions unless otherwise noted. Sales and growth rates are estimated on an as-reported basis.
Segment Sales
| 1Q21 | 1Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $20.4 | $16.8 | $3.6 | 21.5% |
Geographic Sales
| 1Q21 | 1Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $18.8 | $15.3 | $3.5 | 22.7% |
| OUS | $1.7 | $1.5 | $0.1 | 9.7% |
| Total | $20.4 | $16.8 | $3.6 | 21.5% |
Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $20.4 | |
| Cost of Sales | $2.2 | 10.8% |
| Sales and Marketing | $20.9 | 102.3% |
| General and Admin | $5.9 | 29.1% |
| R & D | $3.0 | 14.5% |
| Other | $0.7 | 3.3% |
| Net Earnings | ($12.2) | (59.9%) |
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
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ME
Mike Evers is a Senior Market Analyst and writer with over 15 years of experience in the medical industry, spanning cardiac rhythm management, ER coding and billing, and orthopedics. He joined ORTHOWORLD in 2018, where he provides market analysis and editorial coverage.
