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SI-BONE reported 2Q24 orthopedic sales of $40 million, up 20% from the second quarter of 2023. The company generated $77.8 million in orthopedic sales during the first half, up 17.9% from the prior year.
The company drove excellent performance across its sales, surgeon engagement and rep productivity metrics. U.S. revenue grew 21%, with strong demand across target markets.
Active surgeons performing more than one procedure type grew by 25%, while the active surgeon base grew by 23%. Revenue per sales territory reached a record $1.7 million, up 24% on a trailing 12-month basis.
“Our second quarter results are indicative of the company’s transformation from a single product company to a unique, high-growth medical device platform,” said SI-BONE CEO Laura Francis. “We have a proven track record of identifying and successfully developing new markets with large unmet clinical needs across sacropelvic conditions.”
Based on 2024 results to date, SI-BONE increased its sales guidance to the range of $165 million to $167 million, representing growth between approximately 19% and 20%.
Orthopedic Sales Data
Unless otherwise noted, all orthopedic sales data is provided in USD millions. We estimate orthopedic sales and growth rates on an as-reported basis.
Orthopedic Sales by Segment
| Segment | 2Q24 | 2Q22 | $ Chg | % Chg |
|---|---|---|---|---|
| Spine | $40.0 | $33.3 | $6.7 | 20% |
| Segment | 1H24 | 1H23 | $ Chg | % Chg |
|---|---|---|---|---|
| Spine | $77.8 | $66.0 | $11.8 | 17.9% |
Orthopedic Sales by Geography
| Region | 2Q24 | 2Q22 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $37.8 | $31.2 | $6.6 | 21.1% |
| OUS | $2.2 | $2.1 | $0.1 | 3.2% |
| Total | $40.0 | $33.3 | $6.7 | 20% |
| Region | 1H24 | 1H23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $73.2 | $61.7 | $11.6 | 18.8% |
| OUS | $4.6 | $4.3 | $0.3 | 5.7% |
| Total | $77.8 | $66.0 | $11.8 | 17.9% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $40.0 | |
| Cost of Sales | $8.4 | 21% |
| Sales and Marketing | $29.0 | 72.5% |
| General and Admin | $8.3 | 20.8% |
| R & D | $4.4 | 10.9% |
| Other | ($1.1) | (2.8%) |
| Net Earnings | ($8.9) | (22.4%) |
SI-BONE reported 2Q24 orthopedic sales of $40 million, up 20% from the second quarter of 2023. The company generated $77.8 million in orthopedic sales during the first half, up 17.9% from the prior year.
The company drove excellent performance across its sales, surgeon engagement and rep productivity metrics. U.S. revenue grew 21%, with...
SI-BONE reported 2Q24 orthopedic sales of $40 million, up 20% from the second quarter of 2023. The company generated $77.8 million in orthopedic sales during the first half, up 17.9% from the prior year.
The company drove excellent performance across its sales, surgeon engagement and rep productivity metrics. U.S. revenue grew 21%, with strong demand across target markets.
Active surgeons performing more than one procedure type grew by 25%, while the active surgeon base grew by 23%. Revenue per sales territory reached a record $1.7 million, up 24% on a trailing 12-month basis.
“Our second quarter results are indicative of the company’s transformation from a single product company to a unique, high-growth medical device platform,” said SI-BONE CEO Laura Francis. “We have a proven track record of identifying and successfully developing new markets with large unmet clinical needs across sacropelvic conditions.”
Based on 2024 results to date, SI-BONE increased its sales guidance to the range of $165 million to $167 million, representing growth between approximately 19% and 20%.
Orthopedic Sales Data
Unless otherwise noted, all orthopedic sales data is provided in USD millions. We estimate orthopedic sales and growth rates on an as-reported basis.
Orthopedic Sales by Segment
| Segment | 2Q24 | 2Q22 | $ Chg | % Chg |
|---|---|---|---|---|
| Spine | $40.0 | $33.3 | $6.7 | 20% |
| Segment | 1H24 | 1H23 | $ Chg | % Chg |
|---|---|---|---|---|
| Spine | $77.8 | $66.0 | $11.8 | 17.9% |
Orthopedic Sales by Geography
| Region | 2Q24 | 2Q22 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $37.8 | $31.2 | $6.6 | 21.1% |
| OUS | $2.2 | $2.1 | $0.1 | 3.2% |
| Total | $40.0 | $33.3 | $6.7 | 20% |
| Region | 1H24 | 1H23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $73.2 | $61.7 | $11.6 | 18.8% |
| OUS | $4.6 | $4.3 | $0.3 | 5.7% |
| Total | $77.8 | $66.0 | $11.8 | 17.9% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $40.0 | |
| Cost of Sales | $8.4 | 21% |
| Sales and Marketing | $29.0 | 72.5% |
| General and Admin | $8.3 | 20.8% |
| R & D | $4.4 | 10.9% |
| Other | ($1.1) | (2.8%) |
| Net Earnings | ($8.9) | (22.4%) |
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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.
