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SI-BONE reported 4Q20 orthopedic revenue of USD $22.1 million, +11.8% vs. 4Q19 with full-year 2020 revenue of $73.4 million, +11.8% vs. 2019. Leadership cited the company’s proactive adaptation in the early days of the pandemic as a core growth driver, especially the rollout of the SI-BONE simulator surgeon training system that helped drive adoption and training rates. Between July and December of 2020, 45% of all first-time surgeon training sessions used the simulator.
SI-BONE racked up several reimbursement wins in 2020. Early in the year, surgeon payments for SI joint fusion increased by 23%. The company also received positive coverage policies from CIGNA, Aetna and Humana, among others.
The company said that the sacropelvic space is a $2.5 billion annual U.S. opportunity, which is currently penetrated less than 10%. SI-BONE seeks to expand its market leading presence through adjacent markets like adult deformity and trauma. For 2021, the company expects total revenue of $92 million to $94 million, representing growth of 25% to 28% over 2020.
“We’re going to introduce the trauma and SI joint fusion core product in the first half of this year. We believe the reception for that product is going to be very robust. There are lots of aspects available to improve the capability of trauma devices. I think we’ve incorporated lots of those things in this new product line. We think it’ll also help grow the business in our base SI joint fusion business.” – Jeff Dunn, SI-BONE President and CEO
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
| 4Q20 | 4Q19 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $22.1 | $19.8 | $2.3 | 11.8% |
| FY20 | FY19 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $73.4 | $67.3 | $6.1 | 9% |
Geographic Sales
| 4Q20 | 4Q19 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $20.7 | $18.5 | $2.2 | 11.7% |
| OUS | $1.5 | $1.3 | $0.2 | 13.5% |
| Total | $22.1 | $19.8 | $2.3 | 11.8% |
| FY20 | FY19 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $68.1 | $61.8 | $6.3 | 10.1% |
| OUS | $5.3 | $5.5 | ($0.2) | (3.5%) |
| Total | $73.4 | $67.3 | $6.1 | 9% |
Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $22.1 | |
| Cost of Sales | $2.3 | 10.3% |
| Sales and Marketing | $20.0 | 90.2% |
| General and Admin | $5.3 | 24.1% |
| R & D | $2.4 | 11% |
| Other | $1.1 | 5% |
| Net Earnings | ($9.0) | (40.5%) |
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
SI-BONE reported 4Q20 orthopedic revenue of USD $22.1 million, +11.8% vs. 4Q19 with full-year 2020 revenue of $73.4 million, +11.8% vs. 2019. Leadership cited the company’s proactive adaptation in the early days of the pandemic as a core growth driver, especially the rollout of the SI-BONE simulator surgeon training system that helped drive...
SI-BONE reported 4Q20 orthopedic revenue of USD $22.1 million, +11.8% vs. 4Q19 with full-year 2020 revenue of $73.4 million, +11.8% vs. 2019. Leadership cited the company’s proactive adaptation in the early days of the pandemic as a core growth driver, especially the rollout of the SI-BONE simulator surgeon training system that helped drive adoption and training rates. Between July and December of 2020, 45% of all first-time surgeon training sessions used the simulator.
SI-BONE racked up several reimbursement wins in 2020. Early in the year, surgeon payments for SI joint fusion increased by 23%. The company also received positive coverage policies from CIGNA, Aetna and Humana, among others.
The company said that the sacropelvic space is a $2.5 billion annual U.S. opportunity, which is currently penetrated less than 10%. SI-BONE seeks to expand its market leading presence through adjacent markets like adult deformity and trauma. For 2021, the company expects total revenue of $92 million to $94 million, representing growth of 25% to 28% over 2020.
“We’re going to introduce the trauma and SI joint fusion core product in the first half of this year. We believe the reception for that product is going to be very robust. There are lots of aspects available to improve the capability of trauma devices. I think we’ve incorporated lots of those things in this new product line. We think it’ll also help grow the business in our base SI joint fusion business.” – Jeff Dunn, SI-BONE President and CEO
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
| 4Q20 | 4Q19 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $22.1 | $19.8 | $2.3 | 11.8% |
| FY20 | FY19 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $73.4 | $67.3 | $6.1 | 9% |
Geographic Sales
| 4Q20 | 4Q19 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $20.7 | $18.5 | $2.2 | 11.7% |
| OUS | $1.5 | $1.3 | $0.2 | 13.5% |
| Total | $22.1 | $19.8 | $2.3 | 11.8% |
| FY20 | FY19 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $68.1 | $61.8 | $6.3 | 10.1% |
| OUS | $5.3 | $5.5 | ($0.2) | (3.5%) |
| Total | $73.4 | $67.3 | $6.1 | 9% |
Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $22.1 | |
| Cost of Sales | $2.3 | 10.3% |
| Sales and Marketing | $20.0 | 90.2% |
| General and Admin | $5.3 | 24.1% |
| R & D | $2.4 | 11% |
| Other | $1.1 | 5% |
| Net Earnings | ($9.0) | (40.5%) |
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.
