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SI-BONE reported 2Q21 orthopedic revenue of $22.2 million, +58% vs. 2Q20. The company grew +36% compared to 2Q19. While SI-BONE performed solidly through the first half of 2021, it took a measured approach to the back half and restated its previous revenue guidance in the range of $92 million to $94 million, representing growth between +25% to +28% compared to 2020.
Anthem, the second-largest health insurer in the U.S., has adopted exclusive coverage of the company’s iFuse implant. SI-BONE anticipates that the coverage policy will become a tailwind in six to 12 months. An expanded sales organization and portfolio allowed the company to reach more target surgeons. Active surgeons, those performing a case in the previous three months, reached an all-time high of 640 during the quarter. Of the company’s 7,500 target surgeons, approximately 1,700 have been trained and performed at least one procedure to date.
SI-BONE expects the third quarter to be sequentially flat due to surgeon vacations and three major conferences (AAOS, AANS and NASS) occurring during the quarter.
“With Anthem exclusive coverage, we see reimbursement as a tailwind for our business. We will capitalize on the opportunity through our 2021 commercial growth plan, which includes sales infrastructure expansion, surgeon engagement, products and solutions, and patient awareness initiatives.” – SI-BONE CEO Laura Francis
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
| 2Q21 | 2Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $22.2 | $14.0 | $8.1 | 58% |
| 1H20 | 1H19 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $42.6 | $30.9 | $11.8 | 38.1% |
Geographic Sales
| 2Q21 | 2Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $20.2 | $13.2 | $7.0 | 53% |
| OUS | $2.0 | $0.8 | $1.1 | 137.2% |
| Total | $22.2 | $14.0 | $8.1 | 58% |
| 1H20 | 1H19 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $39.0 | $28.5 | $10.5 | 36.8% |
| OUS | $3.6 | $2.4 | $1.3 | 54.6% |
| Total | $42.6 | $30.9 | $11.8 | 38.1% |
Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $22.2 | |
| Cost of Sales | $2.4 | 10.7% |
| Sales and Marketing | $23.1 | 104% |
| General and Admin | $6.6 | 29.5% |
| R & D | $3.1 | 14.2% |
| Other | $1.0 | 4.6% |
| Net Earnings | ($14.0) | (63%) |
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
SI-BONE reported 2Q21 orthopedic revenue of $22.2 million, +58% vs. 2Q20. The company grew +36% compared to 2Q19. While SI-BONE performed solidly through the first half of 2021, it took a measured approach to the back half and restated its previous revenue guidance in the range of $92 million to $94 million, representing growth between +25%...
SI-BONE reported 2Q21 orthopedic revenue of $22.2 million, +58% vs. 2Q20. The company grew +36% compared to 2Q19. While SI-BONE performed solidly through the first half of 2021, it took a measured approach to the back half and restated its previous revenue guidance in the range of $92 million to $94 million, representing growth between +25% to +28% compared to 2020.
Anthem, the second-largest health insurer in the U.S., has adopted exclusive coverage of the company’s iFuse implant. SI-BONE anticipates that the coverage policy will become a tailwind in six to 12 months. An expanded sales organization and portfolio allowed the company to reach more target surgeons. Active surgeons, those performing a case in the previous three months, reached an all-time high of 640 during the quarter. Of the company’s 7,500 target surgeons, approximately 1,700 have been trained and performed at least one procedure to date.
SI-BONE expects the third quarter to be sequentially flat due to surgeon vacations and three major conferences (AAOS, AANS and NASS) occurring during the quarter.
“With Anthem exclusive coverage, we see reimbursement as a tailwind for our business. We will capitalize on the opportunity through our 2021 commercial growth plan, which includes sales infrastructure expansion, surgeon engagement, products and solutions, and patient awareness initiatives.” – SI-BONE CEO Laura Francis
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
| 2Q21 | 2Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $22.2 | $14.0 | $8.1 | 58% |
| 1H20 | 1H19 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $42.6 | $30.9 | $11.8 | 38.1% |
Geographic Sales
| 2Q21 | 2Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $20.2 | $13.2 | $7.0 | 53% |
| OUS | $2.0 | $0.8 | $1.1 | 137.2% |
| Total | $22.2 | $14.0 | $8.1 | 58% |
| 1H20 | 1H19 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $39.0 | $28.5 | $10.5 | 36.8% |
| OUS | $3.6 | $2.4 | $1.3 | 54.6% |
| Total | $42.6 | $30.9 | $11.8 | 38.1% |
Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $22.2 | |
| Cost of Sales | $2.4 | 10.7% |
| Sales and Marketing | $23.1 | 104% |
| General and Admin | $6.6 | 29.5% |
| R & D | $3.1 | 14.2% |
| Other | $1.0 | 4.6% |
| Net Earnings | ($14.0) | (63%) |
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
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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.
