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SI-BONE reported 3Q21 orthopedic sales of $22.3 million, +9.4% vs. 3Q20. Third-quarter sales were a record high for the company. SI-BONE expects some acceleration in the fourth quarter for a full-year sales total in the range of $89 million to $90 million, representing growth of 21% to 23% vs. 2020.
According to the company’s booking records, the Delta variant caused 160 deferred cases (approximately $1.4 million in revenue) in the U.S. during the third quarter with those evenly split between August and September. Conditions improved in October, with only 35 deferred cases. As a caveat, SI-BONE is somewhat insulated in that a large portion of its business occurs outside the hospital setting where third-quarter impacts were most keenly felt.
The company is well-positioned for a strong close to 2021 and continued growth in 2022. It recently added an exclusive iFuse policy to United Healthcare, the largest commercial payer in the U.S. with over 45 million members. With the addition of United Healthcare, SI-BONE has access to the majority of the commercially covered population in the U.S.
“We are less impacted by some of the staffing shortage issues that are out there since around 80% of our procedures are performed in an outpatient or ASC, but we’re definitely not immune. We’ve heard anecdotally that some surgeons are building backlogs. I heard numbers from three to four months of cases due to capacity issues. And so assuming that hospitals are able to iron out those issues over the next few months, it should represent an additional opportunity for growth in 2022.” SI-BONE CEO Laura Francis
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. Orthopedic sales and growth rates are estimated on an as-reported basis.
Orthopedic Sales by Segment
| 3Q21 | 3Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $22.3 | $20.4 | $1.9 | 9.4% |
| 9mo20 | 9mo19 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $64.9 | $51.2 | $13.7 | 26.7% |
Orthopedic Sales by Geography
| 3Q21 | 3Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $20.4 | $18.9 | $1.5 | 7.8% |
| OUS | $1.9 | $1.4 | $0.4 | 30.7% |
| Total | $22.3 | $20.4 | $1.9 | 9.4% |
| 9mo20 | 9mo19 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $59.4 | $47.4 | $12.0 | 25.2% |
| OUS | $5.5 | $3.8 | $1.7 | 45.5% |
| Total | $64.9 | $51.2 | $13.7 | 26.7% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $22.3 | |
| Cost of Sales | $2.5 | 11.1% |
| Sales and Marketing | $23.5 | 105.6% |
| General and Admin | $6.2 | 27.8% |
| R & D | $3.3 | 14.8% |
| Other | $2.7 | 12% |
| Net Earnings | ($15.9) | (71.2%) |
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
SI-BONE reported 3Q21 orthopedic sales of $22.3 million, +9.4% vs. 3Q20. Third-quarter sales were a record high for the company. SI-BONE expects some acceleration in the fourth quarter for a full-year sales total in the range of $89 million to $90 million, representing growth of 21% to 23% vs. 2020.
According to the company's booking...
SI-BONE reported 3Q21 orthopedic sales of $22.3 million, +9.4% vs. 3Q20. Third-quarter sales were a record high for the company. SI-BONE expects some acceleration in the fourth quarter for a full-year sales total in the range of $89 million to $90 million, representing growth of 21% to 23% vs. 2020.
According to the company’s booking records, the Delta variant caused 160 deferred cases (approximately $1.4 million in revenue) in the U.S. during the third quarter with those evenly split between August and September. Conditions improved in October, with only 35 deferred cases. As a caveat, SI-BONE is somewhat insulated in that a large portion of its business occurs outside the hospital setting where third-quarter impacts were most keenly felt.
The company is well-positioned for a strong close to 2021 and continued growth in 2022. It recently added an exclusive iFuse policy to United Healthcare, the largest commercial payer in the U.S. with over 45 million members. With the addition of United Healthcare, SI-BONE has access to the majority of the commercially covered population in the U.S.
“We are less impacted by some of the staffing shortage issues that are out there since around 80% of our procedures are performed in an outpatient or ASC, but we’re definitely not immune. We’ve heard anecdotally that some surgeons are building backlogs. I heard numbers from three to four months of cases due to capacity issues. And so assuming that hospitals are able to iron out those issues over the next few months, it should represent an additional opportunity for growth in 2022.” SI-BONE CEO Laura Francis
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. Orthopedic sales and growth rates are estimated on an as-reported basis.
Orthopedic Sales by Segment
| 3Q21 | 3Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $22.3 | $20.4 | $1.9 | 9.4% |
| 9mo20 | 9mo19 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $64.9 | $51.2 | $13.7 | 26.7% |
Orthopedic Sales by Geography
| 3Q21 | 3Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $20.4 | $18.9 | $1.5 | 7.8% |
| OUS | $1.9 | $1.4 | $0.4 | 30.7% |
| Total | $22.3 | $20.4 | $1.9 | 9.4% |
| 9mo20 | 9mo19 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $59.4 | $47.4 | $12.0 | 25.2% |
| OUS | $5.5 | $3.8 | $1.7 | 45.5% |
| Total | $64.9 | $51.2 | $13.7 | 26.7% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $22.3 | |
| Cost of Sales | $2.5 | 11.1% |
| Sales and Marketing | $23.5 | 105.6% |
| General and Admin | $6.2 | 27.8% |
| R & D | $3.3 | 14.8% |
| Other | $2.7 | 12% |
| Net Earnings | ($15.9) | (71.2%) |
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.
