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SI-BONE reported 2Q22 orthopedic sales of $25.6 million, +15.3% compared to 2Q21.
The company ended the second quarter with a record 720 active surgeons who performed at least one procedure during the quarter. SI-BONE’s efforts at portfolio diversification have paid off as well, with surgeon utilization increasing in the high single digits. The company’s ASC procedure volume increased in the low 20% range as procedures continue to shift to that setting.
SI-BONE has racked up a number of regulatory and reimbursement wins since the second quarter. The iFuse Bedrock Granite for adult deformity procedures received FDA 510(k) clearance in May. In August, CMS confirmed an exclusive new technology add-on payment for the product for a period of 3 years.
The company’s iFuse-TORQ received an expanded indication for pelvic fracture fixation in mid-June. SI-BONE estimates the product has a $350 million market opportunity with the expanded indication.
Finally, CMS’ 2023 proposed rule for outpatient and ASC payments would provide significant reimbursement increases for minimally invasive SI joint fusion procedures. The proposed rule would increase reimbursement for those procedures in the ASC and hospital outpatient settings by 28% and 35% respectively. Approximately 80% of SI-BONE’s procedures are performed in those settings.
Despite the momentum of its business, the company remains wary of lingering market disruption. It reiterated its 2022 revenue guidance 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
| 2Q22 | 2Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $25.6 | $22.2 | $3.4 | 15.3% |
| 1H22 | 1H21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $48.0 | $42.6 | $5.4 | 12.6% |
Orthopedic Sales by Geography
| 2Q22 | 2Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $23.8 | $20.2 | $3.5 | 17.5% |
| OUS | $1.8 | $2.0 | ($0.2) | (7.6%) |
| Total | $25.6 | $22.2 | $3.4 | 15.3% |
| 1H22 | 1H21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $44.1 | $39.0 | $5.1 | 13.2% |
| OUS | $3.9 | $3.6 | $0.3 | 6.9% |
| Total | $48.0 | $42.6 | $5.4 | 12.6% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $25.6 | |
| Cost of Sales | $3.5 | 13.5% |
| Sales and Marketing | $28.8 | 112.7% |
| General and Admin | $7.7 | 30% |
| R & D | $3.5 | 13.6% |
| Other | $0.6 | 2.5% |
| Net Earnings | ($18.5) | (72.4%) |
SI-BONE reported 2Q22 orthopedic sales of $25.6 million, +15.3% compared to 2Q21.
The company ended the second quarter with a record 720 active surgeons who performed at least one procedure during the quarter. SI-BONE's efforts at portfolio diversification have paid off as well, with surgeon utilization increasing in the high single...
SI-BONE reported 2Q22 orthopedic sales of $25.6 million, +15.3% compared to 2Q21.
The company ended the second quarter with a record 720 active surgeons who performed at least one procedure during the quarter. SI-BONE’s efforts at portfolio diversification have paid off as well, with surgeon utilization increasing in the high single digits. The company’s ASC procedure volume increased in the low 20% range as procedures continue to shift to that setting.
SI-BONE has racked up a number of regulatory and reimbursement wins since the second quarter. The iFuse Bedrock Granite for adult deformity procedures received FDA 510(k) clearance in May. In August, CMS confirmed an exclusive new technology add-on payment for the product for a period of 3 years.
The company’s iFuse-TORQ received an expanded indication for pelvic fracture fixation in mid-June. SI-BONE estimates the product has a $350 million market opportunity with the expanded indication.
Finally, CMS’ 2023 proposed rule for outpatient and ASC payments would provide significant reimbursement increases for minimally invasive SI joint fusion procedures. The proposed rule would increase reimbursement for those procedures in the ASC and hospital outpatient settings by 28% and 35% respectively. Approximately 80% of SI-BONE’s procedures are performed in those settings.
Despite the momentum of its business, the company remains wary of lingering market disruption. It reiterated its 2022 revenue guidance 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
| 2Q22 | 2Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $25.6 | $22.2 | $3.4 | 15.3% |
| 1H22 | 1H21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $48.0 | $42.6 | $5.4 | 12.6% |
Orthopedic Sales by Geography
| 2Q22 | 2Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $23.8 | $20.2 | $3.5 | 17.5% |
| OUS | $1.8 | $2.0 | ($0.2) | (7.6%) |
| Total | $25.6 | $22.2 | $3.4 | 15.3% |
| 1H22 | 1H21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $44.1 | $39.0 | $5.1 | 13.2% |
| OUS | $3.9 | $3.6 | $0.3 | 6.9% |
| Total | $48.0 | $42.6 | $5.4 | 12.6% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $25.6 | |
| Cost of Sales | $3.5 | 13.5% |
| Sales and Marketing | $28.8 | 112.7% |
| General and Admin | $7.7 | 30% |
| R & D | $3.5 | 13.6% |
| Other | $0.6 | 2.5% |
| Net Earnings | ($18.5) | (72.4%) |
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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.
