Si-Bone, Inc. (NASDAQ: SIBN) announced its preliminary and unaudited revenue for the fourth quarter and full year 2023. The company reported fiscal year 2023 revenue in the range of $138.5 - $138.7 million, representing a growth of over 30% compared to the prior year period.
For the fourth quarter of 2023, Si-Bone expects worldwide revenue to be in the range of $38.5-$38.7 million, indicating a growth of approximately 21% compared to the same period in the previous year. In the U.S., revenue is expected to be in the range of $36.5-$36.6 million, representing a growth of approximately 22% compared to the prior year period.
The company ended the quarter with approximately 1,130 active surgeons in the U.S., reflecting a growth of approximately 22% compared to the prior year period.
Regarding the fiscal year 2023, Si-Bone anticipates worldwide revenue to be in the range of $138.5-138.7 million, marking a growth of approximately 30% compared to the prior year period. In the U.S., revenue is expected to be in the range of $130.5-$130.6 million, representing a growth of approximately 32% compared to the prior year period.
In addition, Si-Bone stated that cash and marketable securities are expected to be approximately $166.0 million as of December 31, 2023, implying net cash usage of $0.8 million in the fourth quarter.
Jeff Dunn, President, and CEO of Si-Bone, commented on the preliminary results, "We are pleased with our strong performance in the fourth quarter and fiscal year 2023, as we continue to see robust growth in our worldwide and U.S. revenue, as well as an increase in the number of active surgeons utilizing our technologies."
Dunn also highlighted, "We believe our innovative solutions for musculoskeletal disorders, supported by a unique body of clinical evidence, position us well for continued growth and leadership in the market."
The company anticipates providing the fourth quarter and full year 2023 financial results during its fourth quarter 2023 earnings call in February 2024.
Si-Bone, Inc. is a global leader in technology for the surgical treatment of musculoskeletal disorders of the sacropelvic anatomy. Since pioneering minimally invasive SI joint surgery in 2009, the company has supported over 3,600 surgeons in performing a total of over 95,000 sacropelvic procedures.
The full 8-K submission is available here.
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|
| Revenue (k) | $55,380 | $67,301 | $73,387 | $90,152 | $106,409 | $131,980 |
| Revenue Growth | n/a | 21.53% | 9.04% | 22.84% | 18.03% | 24.03% |
| Operating Margins | -22% | -53% | -53% | -56% | -56% | -35% |
| Net Margins | -32% | -56% | -60% | -63% | -57% | -33% |
| Net Income (k) | -$17,453 | -$38,403 | -$43,697 | -$56,572 | -$61,256 | -$43,528 |
| Net Interest Expense (k) | $5,108 | $4,949 | $6,101 | $5,365 | $2,819 | $3,453 |
| Depreciation & Amort. (k) | $722 | $774 | $1,130 | $2,086 | $3,452 | $4,857 |
| Free Cash Flow (k) | -$15,461 | -$34,072 | -$33,223 | -$45,922 | -$51,162 | -$31,557 |
| Capital Expenditures | $942 | $2,445 | $2,561 | $6,389 | $9,507 | $8,366 |
| Current Ratio | 15.11 | 5.94 | 16.2 | 10.41 | 6.5 | 10.89 |
| Total Debt (k) | $38,963 | $39,223 | $39,455 | $34,973 | $35,171 | $36,022 |
