SI-BONE reported 1Q20 orthopedic revenue of USD $16.8 million, +12.2% vs. 1Q19. The company outpaced expectations through mid-March as investments made last year drove record procedure volumes. SI-BONE saw significant declines in the final two weeks of 1Q20, with 300 canceled cases. Procedure volume declined 80% in April compared to the previous year, although company leadership said that May is trending in the right direction with an estimated 40% decline. SI-BONE expects market recovery to begin in Q3 and estimates that surgeons can accommodate an additional 20% procedure capacity above baseline by working nights and weekends.
During 1Q the company obtained a positive coverage policy from Health Alliance Plan, a commercial payor in Michigan
On the last day of 1Q, the iFuse implant system was granted 510(k) clearance for additional indications including acute, non-acute and non-traumatic fractures involving the sacroiliac joint
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
1Q20
1Q19
$ Chg
% Chg
Spine
$16.8
$15.0
$1.8
12.2%
Geographic Sales
1Q20
1Q19
$ Chg
% Chg
US
$15.3
$13.5
$1.8
13.7%
OUS
$1.5
$1.5
($0.0)
(1.1%)
Total
$16.8
$15.0
$1.8
12.2%
Earnings
Amt
% of Sales
Sales
$16.8
Cost of Sales
$1.9
11.5%
General and Admin
$5.4
32.1%
Sales and Marketing
$19.3
114.6%
R & D
$2.1
12.4%
Other
$0.9
5.3%
Net Earnings
($12.8)
(75.9%)
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
SI-BONE reported 1Q20 orthopedic revenue of USD $16.8 million, +12.2% vs. 1Q19. The company outpaced expectations through mid-March as investments made last year drove record procedure volumes. SI-BONE saw significant declines in the final two weeks of 1Q20, with 300 canceled cases. Procedure volume declined 80% in April compared to the...
SI-BONE reported 1Q20 orthopedic revenue of USD $16.8 million, +12.2% vs. 1Q19. The company outpaced expectations through mid-March as investments made last year drove record procedure volumes. SI-BONE saw significant declines in the final two weeks of 1Q20, with 300 canceled cases. Procedure volume declined 80% in April compared to the previous year, although company leadership said that May is trending in the right direction with an estimated 40% decline. SI-BONE expects market recovery to begin in Q3 and estimates that surgeons can accommodate an additional 20% procedure capacity above baseline by working nights and weekends.
During 1Q the company obtained a positive coverage policy from Health Alliance Plan, a commercial payor in Michigan
On the last day of 1Q, the iFuse implant system was granted 510(k) clearance for additional indications including acute, non-acute and non-traumatic fractures involving the sacroiliac joint
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
1Q20
1Q19
$ Chg
% Chg
Spine
$16.8
$15.0
$1.8
12.2%
Geographic Sales
1Q20
1Q19
$ Chg
% Chg
US
$15.3
$13.5
$1.8
13.7%
OUS
$1.5
$1.5
($0.0)
(1.1%)
Total
$16.8
$15.0
$1.8
12.2%
Earnings
Amt
% of Sales
Sales
$16.8
Cost of Sales
$1.9
11.5%
General and Admin
$5.4
32.1%
Sales and Marketing
$19.3
114.6%
R & D
$2.1
12.4%
Other
$0.9
5.3%
Net Earnings
($12.8)
(75.9%)
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
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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.
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