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SI-BONE reported 3Q23 orthopedic sales of $34 million, +28.7% compared to the third quarter of 2022. For the first nine months of 2023, the company generated $100 million in orthopedic sales, +34.3% compared to the prior year.
The third quarter defied normal seasonality and marked the sixth consecutive quarter with record revenues for the company. SI-BONE reached a major milestone of more than 1,000 active surgeons during the quarter, accounting for nearly 3,900 procedures. For comparison, the company had approximately 1,000 total active surgeons in 2021.
SI-BONE is closely watching the development of GLP-1 weight loss drugs. Like many orthopedic players, the company does not see the drugs as a threat to procedure volumes.
“The primary cause of SI joint dysfunction and degeneration is the altered function of the ligaments and muscles supporting the SI joint,” said SI-BONE CEO Laura Francis. “Changes in the position of the pelvis will also lead to changes in load transfer across the joints. Based on data from our clinical studies, it appears that sacroiliac joint pain is more strongly correlated with female gender and traumatic events, including pregnancy, rather than BMI.”
Given its performance year-to-date, the company raised its 2023 revenue guidance to the range of $134 million to $136 million, representing growth between 28% and 29%.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. We estimate orthopedic sales and growth rates on an as-reported basis.
Orthopedic Sales by Segment
| 3Q23 | 3Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $34.0 | $26.4 | $7.6 | 28.7% |
| 9mo23 | 9mo22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $100.0 | $74.5 | $25.6 | 34.3% |
Orthopedic Sales by Geography
| 3Q23 | 3Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $32.3 | $24.6 | $7.7 | 31.2% |
| OUS | $1.7 | $1.8 | ($0.1) | (5.8%) |
| Total | $34.0 | $26.4 | $7.6 | 28.7% |
| 9mo23 | 9mo22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $94.0 | $68.8 | $25.2 | 36.7% |
| OUS | $6.0 | $5.7 | $0.4 | 6.3% |
| Total | $100.0 | $74.5 | $25.6 | 34.3% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $34.0 | |
| Cost of Sales | $7.0 | 20.7% |
| Sales and Marketing | $26.5 | 77.9% |
| General and Admin | $7.7 | 22.7% |
| R & D | $3.9 | 11.5% |
| Other | ($1.1) | (3.4%) |
| Net Earnings | ($10.0) | (29.5%) |
SI-BONE reported 3Q23 orthopedic sales of $34 million, +28.7% compared to the third quarter of 2022. For the first nine months of 2023, the company generated $100 million in orthopedic sales, +34.3% compared to the prior year.
The third quarter defied normal seasonality and marked the sixth consecutive quarter with record revenues for the...
SI-BONE reported 3Q23 orthopedic sales of $34 million, +28.7% compared to the third quarter of 2022. For the first nine months of 2023, the company generated $100 million in orthopedic sales, +34.3% compared to the prior year.
The third quarter defied normal seasonality and marked the sixth consecutive quarter with record revenues for the company. SI-BONE reached a major milestone of more than 1,000 active surgeons during the quarter, accounting for nearly 3,900 procedures. For comparison, the company had approximately 1,000 total active surgeons in 2021.
SI-BONE is closely watching the development of GLP-1 weight loss drugs. Like many orthopedic players, the company does not see the drugs as a threat to procedure volumes.
“The primary cause of SI joint dysfunction and degeneration is the altered function of the ligaments and muscles supporting the SI joint,” said SI-BONE CEO Laura Francis. “Changes in the position of the pelvis will also lead to changes in load transfer across the joints. Based on data from our clinical studies, it appears that sacroiliac joint pain is more strongly correlated with female gender and traumatic events, including pregnancy, rather than BMI.”
Given its performance year-to-date, the company raised its 2023 revenue guidance to the range of $134 million to $136 million, representing growth between 28% and 29%.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. We estimate orthopedic sales and growth rates on an as-reported basis.
Orthopedic Sales by Segment
| 3Q23 | 3Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $34.0 | $26.4 | $7.6 | 28.7% |
| 9mo23 | 9mo22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $100.0 | $74.5 | $25.6 | 34.3% |
Orthopedic Sales by Geography
| 3Q23 | 3Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $32.3 | $24.6 | $7.7 | 31.2% |
| OUS | $1.7 | $1.8 | ($0.1) | (5.8%) |
| Total | $34.0 | $26.4 | $7.6 | 28.7% |
| 9mo23 | 9mo22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $94.0 | $68.8 | $25.2 | 36.7% |
| OUS | $6.0 | $5.7 | $0.4 | 6.3% |
| Total | $100.0 | $74.5 | $25.6 | 34.3% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $34.0 | |
| Cost of Sales | $7.0 | 20.7% |
| Sales and Marketing | $26.5 | 77.9% |
| General and Admin | $7.7 | 22.7% |
| R & D | $3.9 | 11.5% |
| Other | ($1.1) | (3.4%) |
| Net Earnings | ($10.0) | (29.5%) |
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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.
