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SI-BONE reported 4Q19 orthopedic revenue of USD $19.8 million, +26.8% vs. 4Q18, with full-year 2019 revenue of $67.3 million, +21.5% vs. 2018. The company concluded 2019 having exceeded 45,000 procedures performed by more than 2,000 surgeons. SI-BONE had 539 active surgeons – those who have performed at least one procedure in the preceding three months — for the year and expects to increase that number to 625 by the end of 2020. The company also plans to expand its salesforce and clinical staff in 2020, increasing the number of reps from 56 to 66 and the number of clinical support specialists from 51 to 61.
SI-BONE continues to receive favorable reimbursement decisions. Cigna established positive coverage for MIS SI joint fusion in 2019. Anthem updated its MIS SI joint fusion policy, but initiated coverage for the procedure only in the case of pelvic girdle trauma. CMS’ increased payment for SI joint fusion became effective January 1, though the company expects that it will take some time for commercial payors to update their fee schedules.
The company estimates only about 10% of the addressable market has been penetrated thus far. SI-BONE provided 2020 revenue guidance in the range of $80 million to $82 million, growth of 20% to 22%.
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
| 4Q19 | 4Q18 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $19.8 | $15.6 | $4.2 | 26.8% |
| FY 19 | FY 18 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $67.3 | $55.4 | $11.9 | 21.5% |
Geographic Sales
| 4Q19 | 4Q18 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $18.5 | $14.5 | $4.1 | 28% |
| Ex-US | $1.3 | $1.2 | $0.1 | 11.6% |
| Total | $19.8 | $15.6 | $4.2 | 26.8% |
Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $19.8 | |
| Cost of Sales | ($2.0) | 10.3% |
| General and Admin | ($5.2) | 26.3% |
| Sales and Marketing | ($19.3) | 97.2% |
| R & D | ($1.8) | 9% |
| Other | ($0.6) | 3.1% |
| Net Earnings | ($9.1) | (45.9%) |
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
SI-BONE reported 4Q19 orthopedic revenue of USD $19.8 million, +26.8% vs. 4Q18, with full-year 2019 revenue of $67.3 million, +21.5% vs. 2018. The company concluded 2019 having exceeded 45,000 procedures performed by more than 2,000 surgeons. SI-BONE had 539 active surgeons – those who have performed at least one procedure in the...
SI-BONE reported 4Q19 orthopedic revenue of USD $19.8 million, +26.8% vs. 4Q18, with full-year 2019 revenue of $67.3 million, +21.5% vs. 2018. The company concluded 2019 having exceeded 45,000 procedures performed by more than 2,000 surgeons. SI-BONE had 539 active surgeons – those who have performed at least one procedure in the preceding three months — for the year and expects to increase that number to 625 by the end of 2020. The company also plans to expand its salesforce and clinical staff in 2020, increasing the number of reps from 56 to 66 and the number of clinical support specialists from 51 to 61.
SI-BONE continues to receive favorable reimbursement decisions. Cigna established positive coverage for MIS SI joint fusion in 2019. Anthem updated its MIS SI joint fusion policy, but initiated coverage for the procedure only in the case of pelvic girdle trauma. CMS’ increased payment for SI joint fusion became effective January 1, though the company expects that it will take some time for commercial payors to update their fee schedules.
The company estimates only about 10% of the addressable market has been penetrated thus far. SI-BONE provided 2020 revenue guidance in the range of $80 million to $82 million, growth of 20% to 22%.
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
| 4Q19 | 4Q18 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $19.8 | $15.6 | $4.2 | 26.8% |
| FY 19 | FY 18 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $67.3 | $55.4 | $11.9 | 21.5% |
Geographic Sales
| 4Q19 | 4Q18 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $18.5 | $14.5 | $4.1 | 28% |
| Ex-US | $1.3 | $1.2 | $0.1 | 11.6% |
| Total | $19.8 | $15.6 | $4.2 | 26.8% |
Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $19.8 | |
| Cost of Sales | ($2.0) | 10.3% |
| General and Admin | ($5.2) | 26.3% |
| Sales and Marketing | ($19.3) | 97.2% |
| R & D | ($1.8) | 9% |
| Other | ($0.6) | 3.1% |
| Net Earnings | ($9.1) | (45.9%) |
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.
