SI-BONE publicly filed a registration statement for a proposed US $97.7MM initial public offering of shares of its common stock, and applied to list on NASDAQ as SIBN. Proceeds will primarily support commercialization activities.
The company markets iFuse and iFuse-3D minimally invasive surgical implant systems for the treatment of sacroiliac joint dysfunction. Since launch in 2009, >34,000 procedures have been performed by >1,700 surgeons globally. For 2017, the company posted revenue of US $48.0MM, +14.0% from 2016.
Strong growth is partially attributed to widespread insurance coverage for sacroiliac fusion procedures, with many positive payor coverage policies exclusive to iFuse. Since January 2018, 18 U.S. payors have published reimbursement policies exclusively covering the iFuse triangular design and excluding coverage of other products that are intended to fuse the sacroiliac joint. Most recently, the system received French National Healthcare System coverage.