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SI-BONE reported 3Q22 orthopedic sales of $26.4 million, +18.6% compared to the third quarter of 2021. During this period, the company surpassed 75,000 total procedures completed by over 3,000 surgeons worldwide.
Expanded indications, growing surgeon engagement and a more seasoned salesforce all contributed to growth. SI-BONE had more than 800 active surgeons in the quarter, representing 27% growth year-over-year. The company’s salesforce ended Q3 with 85 territory managers and a 10% growth in revenue per territory manager.
SI-BONE has ample growth runway using its products to address unmet clinical needs. According to the company, there are 120,000 sacral fragility fractures annually in the U.S. that could potentially be treated with iFuse-TORQ. Additionally, iFuse Bedrock’s expanded indication could help a certain portion of the 100,000 patients annually in the U.S. with short-construct procedures to the pelvic area.
The 2023 CMS rule for ASC and hospital outpatient settings increases fees for minimally invasive SI joint fusion procedures. Facility reimbursement will increase 26% and 33% respectively in those settings. Approximately 80% of SI-BONE’s procedures are done in surgery centers and outpatient settings.
Company CEO Laura Francis said, “This is a very significant increase in the facility payment both in the ASC environment, as well as in the hospital outpatient setting. The health economics of that decision are important. We think that it will attract new surgeons who previously were not doing the procedure. We also think that some surgeons who have been inactive will reactivate because of this decision, as well.”
SI-BONE expects 2022 orthopedic sales between $104 million and $105 million, reflecting growth between 16% and 17%.
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
| 3Q22 | 3Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $26.4 | $22.3 | $4.1 | 18.6% |
| 9mo22 | 9mo21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $74.5 | $64.9 | $9.5 | 14.7% |
Orthopedic Sales by Geography
| 3Q22 | 3Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $24.6 | $20.4 | $4.2 | 20.8% |
| OUS | $1.8 | $1.9 | ($0.1) | (4.7%) |
| Total | $26.4 | $22.3 | $4.1 | 18.6% |
| 9mo22 | 9mo21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $68.8 | $59.4 | $9.4 | 15.8% |
| OUS | $5.7 | $5.5 | $0.2 | 2.9% |
| Total | $74.5 | $64.9 | $9.5 | 14.7% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $26.4 | |
| Cost of Sales | $4.2 | 15.8% |
| Sales and Marketing | $25.7 | 97.1% |
| General and Admin | $7.1 | 26.8% |
| R & D | $3.1 | 11.7% |
| Other | $0.6 | 2.2% |
| Net Earnings | ($14.2) | (53.6%) |
SI-BONE reported 3Q22 orthopedic sales of $26.4 million, +18.6% compared to the third quarter of 2021. During this period, the company surpassed 75,000 total procedures completed by over 3,000 surgeons worldwide.
Expanded indications, growing surgeon engagement and a more seasoned salesforce all contributed to growth. SI-BONE had more than...
SI-BONE reported 3Q22 orthopedic sales of $26.4 million, +18.6% compared to the third quarter of 2021. During this period, the company surpassed 75,000 total procedures completed by over 3,000 surgeons worldwide.
Expanded indications, growing surgeon engagement and a more seasoned salesforce all contributed to growth. SI-BONE had more than 800 active surgeons in the quarter, representing 27% growth year-over-year. The company’s salesforce ended Q3 with 85 territory managers and a 10% growth in revenue per territory manager.
SI-BONE has ample growth runway using its products to address unmet clinical needs. According to the company, there are 120,000 sacral fragility fractures annually in the U.S. that could potentially be treated with iFuse-TORQ. Additionally, iFuse Bedrock’s expanded indication could help a certain portion of the 100,000 patients annually in the U.S. with short-construct procedures to the pelvic area.
The 2023 CMS rule for ASC and hospital outpatient settings increases fees for minimally invasive SI joint fusion procedures. Facility reimbursement will increase 26% and 33% respectively in those settings. Approximately 80% of SI-BONE’s procedures are done in surgery centers and outpatient settings.
Company CEO Laura Francis said, “This is a very significant increase in the facility payment both in the ASC environment, as well as in the hospital outpatient setting. The health economics of that decision are important. We think that it will attract new surgeons who previously were not doing the procedure. We also think that some surgeons who have been inactive will reactivate because of this decision, as well.”
SI-BONE expects 2022 orthopedic sales between $104 million and $105 million, reflecting growth between 16% and 17%.
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
| 3Q22 | 3Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $26.4 | $22.3 | $4.1 | 18.6% |
| 9mo22 | 9mo21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $74.5 | $64.9 | $9.5 | 14.7% |
Orthopedic Sales by Geography
| 3Q22 | 3Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $24.6 | $20.4 | $4.2 | 20.8% |
| OUS | $1.8 | $1.9 | ($0.1) | (4.7%) |
| Total | $26.4 | $22.3 | $4.1 | 18.6% |
| 9mo22 | 9mo21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $68.8 | $59.4 | $9.4 | 15.8% |
| OUS | $5.7 | $5.5 | $0.2 | 2.9% |
| Total | $74.5 | $64.9 | $9.5 | 14.7% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $26.4 | |
| Cost of Sales | $4.2 | 15.8% |
| Sales and Marketing | $25.7 | 97.1% |
| General and Admin | $7.1 | 26.8% |
| R & D | $3.1 | 11.7% |
| Other | $0.6 | 2.2% |
| Net Earnings | ($14.2) | (53.6%) |
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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.
