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SI-BONE reported 4Q21 orthopedic sales of $25.2 million, +13.9% vs. 4Q20. For the full year, the company generated $90.2 million in orthopedic sales, +22.8% vs. the year prior.
SI-BONE wrapped up 2021 with 150 sales representatives, exclusive payor coverage for 160 million lives and a record 690 active surgeons. However, late-year COVID surges cost the company around 100 postponed cases worth ~$800,000 in 2021.
Spillover into 2022 postponed another 100 cases in January, but that number fell to 40 in February. SI-BONE anticipates significant upside in the second half of the year as those cases re-enter the sales funnel.
The company cited outpatient centers as an important insulating layer during the worst phases of the pandemic. Around 80% of SI-BONE’s procedures are performed in outpatient centers, with ASCs specifically accounting for ~20% of that.
SI-BONE CEO Laura Francis said, “The ASC is a long-term growth opportunity for us because a lot of procedures are shifting to that site-of-service. It is a cost-effective location for service and it’s appealing for quite a few reasons. It has been absolutely critical to our business over the last two years with the pandemic during surges. There are more of the private practice surgeons who want to do business in ASCs and in fact, a lot of the hospitals are developing relationships with ASCs and shifting business there, as well.”
For 2022, the company provided revenue guidance in the range of $106 million to $108 million, representing growth between +18% and +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
| 4Q21 | 4Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $25.2 | $22.1 | $3.1 | 13.9% |
| FY20 | FY19 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $90.2 | $73.4 | $16.8 | 22.8% |
Orthopedic Sales by Geography
| 4Q21 | 4Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $23.3 | $20.7 | $2.7 | 12.9% |
| OUS | $1.9 | $1.5 | $0.4 | 28.3% |
| Total | $25.2 | $22.1 | $3.1 | 13.9% |
| FY20 | FY19 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $82.7 | $68.1 | $14.6 | 21.5% |
| OUS | $7.4 | $5.3 | $2.1 | 40.7% |
| Total | $90.2 | $73.4 | $16.8 | 22.8% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $25.2 | |
| Cost of Sales | $3.4 | 13.4% |
| Sales and Marketing | $26.4 | 104.5% |
| General and Admin | $6.4 | 25.3% |
| R & D | $3.0 | 12.1% |
| Other | $0.5 | 2.2% |
| Net Earnings | ($14.5) | (57.4%) |
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
SI-BONE reported 4Q21 orthopedic sales of $25.2 million, +13.9% vs. 4Q20. For the full year, the company generated $90.2 million in orthopedic sales, +22.8% vs. the year prior.
SI-BONE wrapped up 2021 with 150 sales representatives, exclusive payor coverage for 160 million lives and a record 690 active surgeons. However, late-year COVID...
SI-BONE reported 4Q21 orthopedic sales of $25.2 million, +13.9% vs. 4Q20. For the full year, the company generated $90.2 million in orthopedic sales, +22.8% vs. the year prior.
SI-BONE wrapped up 2021 with 150 sales representatives, exclusive payor coverage for 160 million lives and a record 690 active surgeons. However, late-year COVID surges cost the company around 100 postponed cases worth ~$800,000 in 2021.
Spillover into 2022 postponed another 100 cases in January, but that number fell to 40 in February. SI-BONE anticipates significant upside in the second half of the year as those cases re-enter the sales funnel.
The company cited outpatient centers as an important insulating layer during the worst phases of the pandemic. Around 80% of SI-BONE’s procedures are performed in outpatient centers, with ASCs specifically accounting for ~20% of that.
SI-BONE CEO Laura Francis said, “The ASC is a long-term growth opportunity for us because a lot of procedures are shifting to that site-of-service. It is a cost-effective location for service and it’s appealing for quite a few reasons. It has been absolutely critical to our business over the last two years with the pandemic during surges. There are more of the private practice surgeons who want to do business in ASCs and in fact, a lot of the hospitals are developing relationships with ASCs and shifting business there, as well.”
For 2022, the company provided revenue guidance in the range of $106 million to $108 million, representing growth between +18% and +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
| 4Q21 | 4Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $25.2 | $22.1 | $3.1 | 13.9% |
| FY20 | FY19 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $90.2 | $73.4 | $16.8 | 22.8% |
Orthopedic Sales by Geography
| 4Q21 | 4Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $23.3 | $20.7 | $2.7 | 12.9% |
| OUS | $1.9 | $1.5 | $0.4 | 28.3% |
| Total | $25.2 | $22.1 | $3.1 | 13.9% |
| FY20 | FY19 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $82.7 | $68.1 | $14.6 | 21.5% |
| OUS | $7.4 | $5.3 | $2.1 | 40.7% |
| Total | $90.2 | $73.4 | $16.8 | 22.8% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $25.2 | |
| Cost of Sales | $3.4 | 13.4% |
| Sales and Marketing | $26.4 | 104.5% |
| General and Admin | $6.4 | 25.3% |
| R & D | $3.0 | 12.1% |
| Other | $0.5 | 2.2% |
| Net Earnings | ($14.5) | (57.4%) |
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.
