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SI-BONE reported 1Q22 orthopedic sales of $22.4 million, +9.8% compared to 1Q21.
The company reported significant disruption in January and February, but March brought rapid recovery through company-record procedure volumes. Around 80% of SI-BONE’s procedures occur in outpatient settings, likely driving the quick rebound in March.
The company expects to further penetrate the pelvic trauma market in the second half of 2022 with iFuse TORQ. Additionally, FDA clearance for the company’s iFuse Bedrock Granite is expected this year.
iFuse Bedrock Granite builds off of SI-BONE’s 2019 Bedrock technique and provides sacroiliac joint fusion in addition to sacropelvic fixation for adult spinal deformity procedures. It received Breakthrough Device Designation in November 2021. In April 2022, CMS proposed a New Technology Add-on Payment for iFuse Granite.
SI-BONE CEO Laura Francis said, “We believe the benefits of iFuse Granite’s differentiated technology, the seamless surgeon workflow integration and potential for incremental reimbursement, puts us in a strong competitive position. It will allow us to accelerate our growth in an attractive $250 million adjacent adult deformity market.”
The company reiterated its 2022 revenue guidance of $106 million to $108 million, representing growth of +18% to +20%.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. Orthopedic sales and growth rates are estimated on an as-reported basis.
Orthopedic Sales by Segment
| 1Q22 | 1Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $22.4 | $20.4 | $2.0 | 9.8% |
Orthopedic Sales by Geography
| 1Q22 | 1Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $20.4 | $18.8 | $1.6 | 8.5% |
| OUS | $2.1 | $1.7 | $0.4 | 23.9% |
| Total | $22.4 | $20.4 | $2.0 | 9.8% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $22.4 | |
| Cost of Sales | $3.0 | 13.3% |
| Sales and Marketing | $25.6 | 114.1% |
| General and Admin | $7.1 | 31.8% |
| R & D | $3.6 | 16% |
| Other | $0.5 | 2.4% |
| Net Earnings | ($17.4) | (77.6%) |
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
SI-BONE reported 1Q22 orthopedic sales of $22.4 million, +9.8% compared to 1Q21.
The company reported significant disruption in January and February, but March brought rapid recovery through company-record procedure volumes. Around 80% of SI-BONE's procedures occur in outpatient settings, likely driving the quick rebound in March.
The...
SI-BONE reported 1Q22 orthopedic sales of $22.4 million, +9.8% compared to 1Q21.
The company reported significant disruption in January and February, but March brought rapid recovery through company-record procedure volumes. Around 80% of SI-BONE’s procedures occur in outpatient settings, likely driving the quick rebound in March.
The company expects to further penetrate the pelvic trauma market in the second half of 2022 with iFuse TORQ. Additionally, FDA clearance for the company’s iFuse Bedrock Granite is expected this year.
iFuse Bedrock Granite builds off of SI-BONE’s 2019 Bedrock technique and provides sacroiliac joint fusion in addition to sacropelvic fixation for adult spinal deformity procedures. It received Breakthrough Device Designation in November 2021. In April 2022, CMS proposed a New Technology Add-on Payment for iFuse Granite.
SI-BONE CEO Laura Francis said, “We believe the benefits of iFuse Granite’s differentiated technology, the seamless surgeon workflow integration and potential for incremental reimbursement, puts us in a strong competitive position. It will allow us to accelerate our growth in an attractive $250 million adjacent adult deformity market.”
The company reiterated its 2022 revenue guidance of $106 million to $108 million, representing growth of +18% to +20%.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. Orthopedic sales and growth rates are estimated on an as-reported basis.
Orthopedic Sales by Segment
| 1Q22 | 1Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $22.4 | $20.4 | $2.0 | 9.8% |
Orthopedic Sales by Geography
| 1Q22 | 1Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $20.4 | $18.8 | $1.6 | 8.5% |
| OUS | $2.1 | $1.7 | $0.4 | 23.9% |
| Total | $22.4 | $20.4 | $2.0 | 9.8% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $22.4 | |
| Cost of Sales | $3.0 | 13.3% |
| Sales and Marketing | $25.6 | 114.1% |
| General and Admin | $7.1 | 31.8% |
| R & D | $3.6 | 16% |
| Other | $0.5 | 2.4% |
| Net Earnings | ($17.4) | (77.6%) |
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.
