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SI-BONE reported 4Q22 orthopedic sales of $32 million, +26.6% compared to 4Q21. For the full year, the company generated $106.4 million in orthopedic sales, representing growth of 18% compared to 2021.
Sales growth improved each quarter throughout 2022, driven by increasing demand in the company’s core SI-fusion business as well as new products for adult deformity and trauma applications.
SI-BONE’s leadership is extremely bullish on the company’s prospects for growth in 2023, especially given metrics around surgeon engagement. Active surgeons in the fourth quarter totaled 920, a 33% increase compared to the year prior.
“We had 1,000 surgeons in total who did procedures for us in 2021, whereas in the fourth quarter [of 2022] alone, we had 920 surgeons doing procedures,” said SI-BONE CEO Laura Francis. “It is extraordinary progress in a 12-month period. Quite frankly, it’s the highest that I’ve seen since we’ve been a public company. It’s really exciting from my perspective.”
Despite the accelerating surgeon engagement and ASC reimbursement tailwinds, the company is maintaining a conservative approach to 2023 sales guidance. SI-BONE expects 2023 orthopedic sales totaling between $124 million and $127 million, representing growth between 17% and 19%.
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
| 4Q22 | 4Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $32.0 | $25.2 | $6.7 | 26.6% |
| FY22 | FY21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $106.4 | $90.2 | $16.3 | 18% |
Orthopedic Sales by Geography
| 4Q22 | 4Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $29.9 | $23.3 | $6.5 | 28% |
| OUS | $2.1 | $1.9 | $0.2 | 9.9% |
| Total | $32.0 | $25.2 | $6.7 | 26.6% |
| FY22 | FY21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $98.6 | $82.7 | $15.9 | 19.2% |
| OUS | $7.8 | $7.4 | $0.3 | 4.7% |
| Total | $106.4 | $90.2 | $16.3 | 18% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $32.0 | |
| Cost of Sales | $5.1 | 15.9% |
| Sales and Marketing | $27.6 | 86.4% |
| General and Admin | $7.1 | 22.1% |
| R & D | $3.5 | 10.9% |
| Other | ($0.1) | (0.4%) |
| Net Earnings | ($11.2) | (35%) |
SI-BONE reported 4Q22 orthopedic sales of $32 million, +26.6% compared to 4Q21. For the full year, the company generated $106.4 million in orthopedic sales, representing growth of 18% compared to 2021.
Sales growth improved each quarter throughout 2022, driven by increasing demand in the company's core SI-fusion business as well as new...
SI-BONE reported 4Q22 orthopedic sales of $32 million, +26.6% compared to 4Q21. For the full year, the company generated $106.4 million in orthopedic sales, representing growth of 18% compared to 2021.
Sales growth improved each quarter throughout 2022, driven by increasing demand in the company’s core SI-fusion business as well as new products for adult deformity and trauma applications.
SI-BONE’s leadership is extremely bullish on the company’s prospects for growth in 2023, especially given metrics around surgeon engagement. Active surgeons in the fourth quarter totaled 920, a 33% increase compared to the year prior.
“We had 1,000 surgeons in total who did procedures for us in 2021, whereas in the fourth quarter [of 2022] alone, we had 920 surgeons doing procedures,” said SI-BONE CEO Laura Francis. “It is extraordinary progress in a 12-month period. Quite frankly, it’s the highest that I’ve seen since we’ve been a public company. It’s really exciting from my perspective.”
Despite the accelerating surgeon engagement and ASC reimbursement tailwinds, the company is maintaining a conservative approach to 2023 sales guidance. SI-BONE expects 2023 orthopedic sales totaling between $124 million and $127 million, representing growth between 17% and 19%.
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
| 4Q22 | 4Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $32.0 | $25.2 | $6.7 | 26.6% |
| FY22 | FY21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $106.4 | $90.2 | $16.3 | 18% |
Orthopedic Sales by Geography
| 4Q22 | 4Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $29.9 | $23.3 | $6.5 | 28% |
| OUS | $2.1 | $1.9 | $0.2 | 9.9% |
| Total | $32.0 | $25.2 | $6.7 | 26.6% |
| FY22 | FY21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $98.6 | $82.7 | $15.9 | 19.2% |
| OUS | $7.8 | $7.4 | $0.3 | 4.7% |
| Total | $106.4 | $90.2 | $16.3 | 18% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $32.0 | |
| Cost of Sales | $5.1 | 15.9% |
| Sales and Marketing | $27.6 | 86.4% |
| General and Admin | $7.1 | 22.1% |
| R & D | $3.5 | 10.9% |
| Other | ($0.1) | (0.4%) |
| Net Earnings | ($11.2) | (35%) |
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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.
