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Product / Company Performance

SI-BONE Continues Growth with Reimbursement Wins -

SI-BONE reported 3Q19 revenue of USD $16.2MM, +20.9% vs. 3Q18.


  • SI-BONE expects full year 2019 revenue in the range of $65.5MM (+18%) to $66.5MM (+20%)
  • Growth was driven by increased payer coverage and an expanded salesforce
  • Started 2019 with 67 total sales reps and is on track to have between 102 and 112 total reps by year end
  • SI-BONE considers “active surgeons” (those who have performed at least one procedure within the last three months) to be a crucial metric, and is on track to increase the number of active surgeons from 450 in 4Q18 to 550 by the end of this year
  • In September 2019, the company published five year follow-up results from the LOIS study that demonstrated durability of the clinical response and positive long-term outcomes for patients treated with the iFuse implant system for sacroiliac (SI) joint repair
  • Within 3Q19, SI-BONE obtained positive coverage for 1.5 million members in South Dakota and Iowa, as well as transitioned Health New England to exclusive iFuse coverage for minimally invasive SI joint fusion
  • CMS increased overall surgeon payment for CPT codes related to the iFuse procedure by 27%; this new Medicare fee schedule will be effective as of January 1, 2020 and the company expects some surgeons may delay scheduled procedures into 1Q20
  • ORTHOWORLD projects SI-BONE full year 2019 revenue of $65.8MM, +18.8% vs. 2018


ORTHOWORLD estimates segment sales and growth on an as-reported basis, as follows ($MM).

  3Q19 3Q18 % Chg % Chg
Spine $16.2 $13.4 $2.8 20.9%
  9Mo 19 9Mo 18 % Chg % Chg
Spine $47.5 $39.8 $7.8 19.5%


ORTHOWORLD estimates sales by geographic region as follows ($MM).

  3Q19 3Q18 % Chg % Chg
US $14.9 $12.2 $2.7 22.0%
Ex-US $1.3 $1.2 $0.1 10.0%
Total $16.2 $13.4 $2.8 20.9%


Net earnings are as follows ($MM).

  Amt % of Sales
Sales $16.2  
   Cost of Sales -$1.6 10.1%
   General and Admin -$6.8 42.1%
   Sales and Marketing -$16.4 101.6%
   R & D -$1.9 11.6%
   Other -$0.7 4.5%
Net Earnings -$11.3 -69.9%

Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.

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