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SI-BONE reported 1Q23 orthopedic sales of $32.7 million, +45.8% compared to the first quarter of 2021.
A stabilizing macro environment, robust surgeon engagement and reimbursement tailwinds helped drive the company to its highest-ever revenue quarter. It is the first time as a public company that SI-BONE’s first-quarter performance exceeded its seasonally strong fourth quarter.
The company is driving surgeon adoption, which in turn drives long-term procedure demand. The first quarter ended with 950 active surgeons, an all-time high, representing a 40% growth in active surgeons compared to the first quarter of 2022. Procedure volume in the U.S. grew 48% during the same comparison period. Investments in commercial infrastructure paid off, as well. Average sales per territory increased to $1.3 million for the trailing 12 months, or a 28% increase compared to the prior trailing 12 months.
SI-BONE increased its 2023 guidance to sales between $128 million and $131 million, up from a range of $124 million to $127 million. The revised guidance reflects growth between 20% and 23%.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. We estimate orthopedic sales and growth on an as-reported basis.
Orthopedic Sales by Segment
| 1Q23 | 1Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $32.7 | $22.4 | $10.3 | 45.8% |
Orthopedic Sales by Geography
| 1Q23 | 1Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $30.5 | $20.4 | $10.1 | 49.5% |
| OUS | $2.3 | $2.1 | $0.2 | 9% |
| Total | $32.7 | $22.4 | $10.3 | 45.8% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $32.7 | |
| Cost of Sales | $5.9 | 18.1% |
| Sales and Marketing | $27.3 | 83.5% |
| General and Admin | $7.5 | 22.8% |
| R & D | $3.3 | 10.1% |
| Other | ($0.2) | (0.5%) |
| Net Earnings | ($11.1) | (34%) |
SI-BONE reported 1Q23 orthopedic sales of $32.7 million, +45.8% compared to the first quarter of 2021.
A stabilizing macro environment, robust surgeon engagement and reimbursement tailwinds helped drive the company to its highest-ever revenue quarter. It is the first time as a public company that SI-BONE’s first-quarter performance...
SI-BONE reported 1Q23 orthopedic sales of $32.7 million, +45.8% compared to the first quarter of 2021.
A stabilizing macro environment, robust surgeon engagement and reimbursement tailwinds helped drive the company to its highest-ever revenue quarter. It is the first time as a public company that SI-BONE’s first-quarter performance exceeded its seasonally strong fourth quarter.
The company is driving surgeon adoption, which in turn drives long-term procedure demand. The first quarter ended with 950 active surgeons, an all-time high, representing a 40% growth in active surgeons compared to the first quarter of 2022. Procedure volume in the U.S. grew 48% during the same comparison period. Investments in commercial infrastructure paid off, as well. Average sales per territory increased to $1.3 million for the trailing 12 months, or a 28% increase compared to the prior trailing 12 months.
SI-BONE increased its 2023 guidance to sales between $128 million and $131 million, up from a range of $124 million to $127 million. The revised guidance reflects growth between 20% and 23%.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. We estimate orthopedic sales and growth on an as-reported basis.
Orthopedic Sales by Segment
| 1Q23 | 1Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $32.7 | $22.4 | $10.3 | 45.8% |
Orthopedic Sales by Geography
| 1Q23 | 1Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $30.5 | $20.4 | $10.1 | 49.5% |
| OUS | $2.3 | $2.1 | $0.2 | 9% |
| Total | $32.7 | $22.4 | $10.3 | 45.8% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $32.7 | |
| Cost of Sales | $5.9 | 18.1% |
| Sales and Marketing | $27.3 | 83.5% |
| General and Admin | $7.5 | 22.8% |
| R & D | $3.3 | 10.1% |
| Other | ($0.2) | (0.5%) |
| Net Earnings | ($11.1) | (34%) |
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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.
