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SI-BONE reported 1Q24 orthopedic sales of $37.9 million, +15.8% compared to the first quarter of 2023.
The company recently surpassed 100,000 procedures completed using its products. During the first quarter, SI-BONE maintained a near-record number of active surgeons while completing a record-breaking number of new physician trainings.
A growing portfolio helped the company’s salesforce penetrate deeper into existing accounts. In the first quarter, 15% of active physicians performed more than one procedure type.
The first quarter also brought FDA clearance for the 9.5-millimeter diameter iFuse Bedrock Granite implant, which is indicated for placement in the S1 pedicle and pediatric deformity. This market adjacency for degenerative spine procedures accounts for a significant portion of the procedure volume for SI-BONE’s active surgeons.
The company slightly raised its 2024 guidance based on the first quarter’s overperformance. It now expects total sales between $164 million and $166 million, representing growth between 18% and 20%.
Orthopedic Sales Data
Unless otherwise noted, all orthopedic sales data is provided in USD millions. We estimate orthopedic sales and growth rates on an as-reported basis.
Orthopedic Sales by Segment
| Segment | 1Q24 | 1Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| Spine | $37.9 | $32.7 | $5.2 | 15.8% |
Orthopedic Sales by Geography
| Region | 1Q24 | 1Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $35.4 | $30.5 | $5.0 | 16.4% |
| OUS | $2.4 | $2.3 | $0.2 | 8% |
| Total | $37.9 | $32.7 | $5.2 | 15.8% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $37.9 | |
| Cost of Sales | $8.0 | 21.1% |
| Sales and Marketing | $29.4 | 77.6% |
| General and Admin | $8.2 | 21.6% |
| R & D | $4.3 | 11.5% |
| Other | ($1.1) | (3%) |
| Net Earnings | ($10.9) | (28.8%) |
SI-BONE reported 1Q24 orthopedic sales of $37.9 million, +15.8% compared to the first quarter of 2023.
The company recently surpassed 100,000 procedures completed using its products. During the first quarter, SI-BONE maintained a near-record number of active surgeons while completing a record-breaking number of new physician trainings.
...
SI-BONE reported 1Q24 orthopedic sales of $37.9 million, +15.8% compared to the first quarter of 2023.
The company recently surpassed 100,000 procedures completed using its products. During the first quarter, SI-BONE maintained a near-record number of active surgeons while completing a record-breaking number of new physician trainings.
A growing portfolio helped the company’s salesforce penetrate deeper into existing accounts. In the first quarter, 15% of active physicians performed more than one procedure type.
The first quarter also brought FDA clearance for the 9.5-millimeter diameter iFuse Bedrock Granite implant, which is indicated for placement in the S1 pedicle and pediatric deformity. This market adjacency for degenerative spine procedures accounts for a significant portion of the procedure volume for SI-BONE’s active surgeons.
The company slightly raised its 2024 guidance based on the first quarter’s overperformance. It now expects total sales between $164 million and $166 million, representing growth between 18% and 20%.
Orthopedic Sales Data
Unless otherwise noted, all orthopedic sales data is provided in USD millions. We estimate orthopedic sales and growth rates on an as-reported basis.
Orthopedic Sales by Segment
| Segment | 1Q24 | 1Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| Spine | $37.9 | $32.7 | $5.2 | 15.8% |
Orthopedic Sales by Geography
| Region | 1Q24 | 1Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $35.4 | $30.5 | $5.0 | 16.4% |
| OUS | $2.4 | $2.3 | $0.2 | 8% |
| Total | $37.9 | $32.7 | $5.2 | 15.8% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $37.9 | |
| Cost of Sales | $8.0 | 21.1% |
| Sales and Marketing | $29.4 | 77.6% |
| General and Admin | $8.2 | 21.6% |
| R & D | $4.3 | 11.5% |
| Other | ($1.1) | (3%) |
| Net Earnings | ($10.9) | (28.8%) |
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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.
