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SI-BONE reported 3Q19 revenue of USD $16.2 million, +21.1% vs. 3Q18.
- SI-BONE expects full-year 2019 revenue in the range of $65.5 (+18%) to $66.5 million (+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 the 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 $65.8 million, +18.8% vs. 2018
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
| 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% |
Geographic Sales
| 3Q19 | 3Q18 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $14.9 | $12.2 | $2.7 | 22% |
| Ex-US | $1.3 | $1.2 | $0.1 | 10% |
| Total | $16.2 | $13.4 | $2.8 | 20.9% |
Earnings
| 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.
SI-BONE reported 3Q19 revenue of USD $16.2 million, +21.1% vs. 3Q18.
SI-BONE expects full-year 2019 revenue in the range of $65.5 (+18%) to $66.5 million (+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...
SI-BONE reported 3Q19 revenue of USD $16.2 million, +21.1% vs. 3Q18.
- SI-BONE expects full-year 2019 revenue in the range of $65.5 (+18%) to $66.5 million (+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 the 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 $65.8 million, +18.8% vs. 2018
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
| 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% |
Geographic Sales
| 3Q19 | 3Q18 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $14.9 | $12.2 | $2.7 | 22% |
| Ex-US | $1.3 | $1.2 | $0.1 | 10% |
| Total | $16.2 | $13.4 | $2.8 | 20.9% |
Earnings
| 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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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.
