SI-BONE Reports Preliminary Unaudited Revenue for Fourth Quarter and Full Year 2019 and Provides Full Year 2020 Revenue Guida...
January 09 2020 - 7:00AM
SI-BONE, Inc. (Nasdaq: SIBN), a medical device company
dedicated to solving musculoskeletal disorders of the sacropelvic
anatomy, today announced preliminary unaudited revenue for the
fourth quarter and full year 2019.
Preliminary and unaudited revenue for fourth
quarter 2019 is expected to be in the range of $19.5-$19.8 million,
reflecting growth of 25-27% compared to the prior year period. U.S.
revenue is expected to be in the range of $18.3-$18.5 million,
reflecting growth of 27-28% compared to the prior year period.
International revenue is expected to be in the range of $1.2-$1.3
million.
Preliminary and unaudited revenue for full year
2019 is expected to be in the range of $67.0-$67.3 million,
reflecting growth of approximately 21% over full year 2018. U.S.
revenue is expected to be in the range of $61.6-$61.8 million,
reflecting growth of approximately 23% compared to the prior year
period. International revenue is expected to be in the range of
$5.4-$5.5 million.
“We are pleased with our strong revenue
performance in the fourth quarter, resulting from U.S. investments
in sales force hiring and surgeon training throughout the year,”
said Jeff Dunn, President, Chief Executive Officer, and Chairman of
SI-BONE. “In addition, major U.S. commercial payors like
Cigna continue to establish positive coverage policies for
minimally invasive SI joint fusion based upon the strength of our
clinical data, totaling over 282 million covered lives in the U.S.
as of year-end. We are well positioned to deliver continued U.S.
growth based upon execution of our commercial strategy while making
improvements to our international business.”
The fourth quarter and full year 2019 revenue
included in this release are preliminary and prior to the
completion of SI-BONE's financial closing procedures and audit
procedures by its external auditors and therefore may be subject to
adjustment. SI-BONE expects to provide fourth quarter and full year
2019 financial results during its fourth quarter 2019 earnings call
in March 2020.
2020 Financial Guidance
SI-BONE expects full year 2020 revenue to be in
the range of $80-$82 million, representing growth of approximately
19-22% over preliminary and unaudited full year 2019 revenue.
About SI-BONE
SI-BONE is a medical device company that
pioneered minimally invasive surgery of the SI joint with the iFuse
Implant System. Studies have shown that the SI joint can be a
source of pain in 15% to 30% of chronic low back pain. The
iFuse Implant™, commercially available since 2009, is the only SI
joint fusion device supported by multiple prospective clinical
studies, including two RCTs, showing improved pain, patient
function and quality of life resulting from treatment. There
are over 80 peer-reviewed publications demonstrating the safety,
durable effectiveness, and biomechanical and economic benefits
unique to the iFuse Implant (www.si-bone.com/results). This
body of evidence has enabled multiple government and private
insurance payors to establish coverage of the SI joint fusion
procedure exclusively when performed with the iFuse Implant
System.
The iFuse Implant System is intended for
sacroiliac fusion for conditions including sacroiliac joint
dysfunction that is a direct result of sacroiliac joint disruption
and degenerative sacroiliitis. This includes conditions whose
symptoms began during pregnancy or in the peripartum period and
have persisted postpartum for more than 6 months. The iFuse
Implant System is also intended for sacroiliac fusion to augment
stabilization and immobilization of the sacroiliac joint in
skeletally mature patients undergoing sacropelvic fixation as part
of a lumbar or thoracolumbar fusion. There are potential risks
associated with the iFuse Implant System. It may not be
appropriate for all patients and all patients may not benefit.
For additional information on the company or the
products including risks and benefits, please visit
www.si-bone.com.
Forward-Looking Statements
The preliminary unaudited financial results, and
statements regarding SI-BONE's continued growth and financial
outlook, contained in this press release are "forward-looking"
statements. These forward-looking statements are based on SI-BONE's
current expectations and inherently involve significant risks and
uncertainties and are subject to quarter-end closing adjustments.
These risks include SI-BONE's preliminary fourth quarter and full
year 2019 revenue, which are subject to continued review by SI-BONE
and its auditors and significant adjustments may be made before
final results are determined, and future performance is subject to
SI-BONE's ability to expand its sales and marketing capabilities
and increase demand for iFuse, expand geographically, and obtain
favorable coverage and reimbursement determinations from
third-party payors. Actual results and the timing of events could
differ materially from those anticipated in such forward-looking
statements as a result of the risks and uncertainties, many of
which are described in the company's filings on Form 10-K and Form
10-Q, and the company’s other filings with the Securities and
Exchange Commission (SEC) available at the SEC's Internet
site (www.sec.gov), especially under the caption "Risk Factors".
SI-BONE does not undertake any obligation to update forward-looking
statements and expressly disclaims any obligations or undertaking
to release publicly any updates or revisions to any forward-looking
statements contained herein, except as required by law.
Investor Contact:Lynn Lewis or
Carrie Mendivilinvestors@SI-BONE.com
Media Contact:Joe
Powersjpowers@si-bone.com
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