SI-BONE reported 2Q23 orthopedic sales of $33.3 million, +30.2% compared to the second quarter of 2022. For the first half, the company generated $66 million in orthopedic sales, +37.5% compared to the prior year period.
The performance marks the fifth consecutive quarter in which SI-BONE set a record for revenue, driven by robust demand, an expanding portfolio and reimbursement tailwinds. The company exited the second quarter of 2023 with approximately 935 active surgeons, an increase of 30% compared to a year ago and the 10th consecutive quarter of double-digit year-over-year active surgeon growth.
Reimbursement tailwinds and new product adoption drove two straight quarters of ASP improvement in an environment that typically sees mid-single-digit declines. SI-BONE is encouraged by the ASP trend but remains cautious and did not include it as a factor in its revised full-year guidance.
For 2023, SI-BONE now expects worldwide revenue between $132 million and $134 million, reflecting growth between 24% and 26%.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. We estimate orthopedic sales and growth on an as-reported basis.
Orthopedic Sales by Segment
2Q23
2Q22
$ Chg
% Chg
Spine
$33.3
$25.6
$7.7
30.2%
1H23
1H22
$ Chg
% Chg
Spine
$66.0
$48.0
$18.0
37.5%
Orthopedic Sales by Geography
2Q23
2Q22
$ Chg
% Chg
US
$31.2
$23.8
$7.4
31.3%
OUS
$2.1
$1.8
$0.3
15.2%
Total
$33.3
$25.6
$7.7
30.2%
1H23
1H22
$ Chg
% Chg
US
$61.7
$44.1
$17.5
39.7%
OUS
$4.3
$3.9
$0.5
11.9%
Total
$66.0
$48.0
$18.0
37.5%
Company Earnings
Amt
% of Sales
Sales
$33.3
Cost of Sales
$6.3
19%
Sales and Marketing
$27.5
82.5%
General and Admin
$7.8
23.4%
R & D
$3.7
11%
Other
($0.8)
(2.3%)
Net Earnings
($11.2)
(33.6%)
SI-BONE reported 2Q23 orthopedic sales of $33.3 million, +30.2% compared to the second quarter of 2022. For the first half, the company generated $66 million in orthopedic sales, +37.5% compared to the prior year period.
The performance marks the fifth consecutive quarter in which SI-BONE set a record for revenue, driven by robust demand,...
SI-BONE reported 2Q23 orthopedic sales of $33.3 million, +30.2% compared to the second quarter of 2022. For the first half, the company generated $66 million in orthopedic sales, +37.5% compared to the prior year period.
The performance marks the fifth consecutive quarter in which SI-BONE set a record for revenue, driven by robust demand, an expanding portfolio and reimbursement tailwinds. The company exited the second quarter of 2023 with approximately 935 active surgeons, an increase of 30% compared to a year ago and the 10th consecutive quarter of double-digit year-over-year active surgeon growth.
Reimbursement tailwinds and new product adoption drove two straight quarters of ASP improvement in an environment that typically sees mid-single-digit declines. SI-BONE is encouraged by the ASP trend but remains cautious and did not include it as a factor in its revised full-year guidance.
For 2023, SI-BONE now expects worldwide revenue between $132 million and $134 million, reflecting growth between 24% and 26%.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. We estimate orthopedic sales and growth on an as-reported basis.
Orthopedic Sales by Segment
2Q23
2Q22
$ Chg
% Chg
Spine
$33.3
$25.6
$7.7
30.2%
1H23
1H22
$ Chg
% Chg
Spine
$66.0
$48.0
$18.0
37.5%
Orthopedic Sales by Geography
2Q23
2Q22
$ Chg
% Chg
US
$31.2
$23.8
$7.4
31.3%
OUS
$2.1
$1.8
$0.3
15.2%
Total
$33.3
$25.6
$7.7
30.2%
1H23
1H22
$ Chg
% Chg
US
$61.7
$44.1
$17.5
39.7%
OUS
$4.3
$3.9
$0.5
11.9%
Total
$66.0
$48.0
$18.0
37.5%
Company Earnings
Amt
% of Sales
Sales
$33.3
Cost of Sales
$6.3
19%
Sales and Marketing
$27.5
82.5%
General and Admin
$7.8
23.4%
R & D
$3.7
11%
Other
($0.8)
(2.3%)
Net Earnings
($11.2)
(33.6%)
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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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