SI-BONE reported 3Q20 orthopedic revenue of USD $20.4 million, +25.9% vs. 3Q19. The company exceeded $20 million in quarterly revenue for the first time while surpassing 50,000 iFuse procedures performed by 2,200 surgeons. Reimbursement tailwinds continue for SI-BONE, as it now has approximately 300 million covered lives and 35 exclusive policies in the U.S. for the iFuse family of products. According to the company, the U.S. market for minimally invasive SI joint fusion was slightly over $100 million, of which SI-BONE generated $62 million.
Backlogged cases made July the quarter’s strongest month for SI-BONE, with leadership estimated it contributed mid-single-digit growth. For the full year, the company expects revenue between $73 million and $74 million, approximately 8% to 10% growth over 2019.
“I think about us as a 25% growth company. If you take out COVID, we probably would have been at 30%. At a high level, we’re thinking about our investments so that we can get from a 25% growth company to a 35% growth company. Exactly when that happens is the question.” – Jeff Dunn, SI-BONE President & CEO
Revenue Data
All revenue data is provided in USD millions unless otherwise noted. Sales and growth rates are estimated on an as-reported basis.
Segment Sales
3Q20
3Q19
$ Chg
% Chg
Spine
$20.4
$16.2
$4.2
25.9%
9mo20
9mo19
$ Chg
% Chg
Spine
$51.2
$47.5
$3.8
7.9%
Geographic Sales
3Q20
3Q19
$ Chg
% Chg
US
$18.9
$14.9
$4.1
27.4%
OUS
$1.4
$1.3
$0.1
9.3%
Total
$20.4
$16.2
$4.2
25.9%
9mo20
9mo19
$ Chg
% Chg
US
$47.4
$43.3
$4.1
9.5%
OUS
$3.8
$4.2
($0.4)
(8.7%)
Total
$51.2
$47.5
$3.8
7.9%
Earnings
Amt
% of Sales
Sales
$20.4
Cost of Sales
$2.6
12.7%
Sales and Marketing
$18.8
92.1%
General and Admin
$4.9
24.1%
R & D
$2.8
13.6%
Other
$19.6
96.1%
Net Earnings
($9.5)
(46.5%)
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
SI-BONE reported 3Q20 orthopedic revenue of USD $20.4 million, +25.9% vs. 3Q19. The company exceeded $20 million in quarterly revenue for the first time while surpassing 50,000 iFuse procedures performed by 2,200 surgeons. Reimbursement tailwinds continue for SI-BONE, as it now has approximately 300 million covered lives and 35 exclusive...
SI-BONE reported 3Q20 orthopedic revenue of USD $20.4 million, +25.9% vs. 3Q19. The company exceeded $20 million in quarterly revenue for the first time while surpassing 50,000 iFuse procedures performed by 2,200 surgeons. Reimbursement tailwinds continue for SI-BONE, as it now has approximately 300 million covered lives and 35 exclusive policies in the U.S. for the iFuse family of products. According to the company, the U.S. market for minimally invasive SI joint fusion was slightly over $100 million, of which SI-BONE generated $62 million.
Backlogged cases made July the quarter’s strongest month for SI-BONE, with leadership estimated it contributed mid-single-digit growth. For the full year, the company expects revenue between $73 million and $74 million, approximately 8% to 10% growth over 2019.
“I think about us as a 25% growth company. If you take out COVID, we probably would have been at 30%. At a high level, we’re thinking about our investments so that we can get from a 25% growth company to a 35% growth company. Exactly when that happens is the question.” – Jeff Dunn, SI-BONE President & CEO
Revenue Data
All revenue data is provided in USD millions unless otherwise noted. Sales and growth rates are estimated on an as-reported basis.
Segment Sales
3Q20
3Q19
$ Chg
% Chg
Spine
$20.4
$16.2
$4.2
25.9%
9mo20
9mo19
$ Chg
% Chg
Spine
$51.2
$47.5
$3.8
7.9%
Geographic Sales
3Q20
3Q19
$ Chg
% Chg
US
$18.9
$14.9
$4.1
27.4%
OUS
$1.4
$1.3
$0.1
9.3%
Total
$20.4
$16.2
$4.2
25.9%
9mo20
9mo19
$ Chg
% Chg
US
$47.4
$43.3
$4.1
9.5%
OUS
$3.8
$4.2
($0.4)
(8.7%)
Total
$51.2
$47.5
$3.8
7.9%
Earnings
Amt
% of Sales
Sales
$20.4
Cost of Sales
$2.6
12.7%
Sales and Marketing
$18.8
92.1%
General and Admin
$4.9
24.1%
R & D
$2.8
13.6%
Other
$19.6
96.1%
Net Earnings
($9.5)
(46.5%)
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
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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.
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