SI-BONE, Inc. (Nasdaq:SIBN), a medical device company dedicated to
solving musculoskeletal disorders of the sacropelvic anatomy, today
reported financial results for the quarter and full year ended
December 31, 2021.
Recent Highlights
- Worldwide revenue of $25.2 million
for the fourth quarter 2021 and $90.2 million for the full year
2021, representing an increase of 14% and 23%, respectively, over
the corresponding periods in 2020
- U.S. revenue of $23.3 million for
the fourth quarter 2021 and $82.7 million for the full year 2021,
representing an increase of 13% and 21%, respectively, over the
corresponding prior periods in 2020
- Gross Margin of 88% for the full
year 2021
- Surpassed 65,000 procedures
performed by over 2,600 surgeons worldwide, including over 690 U.S.
active surgeons in the fourth quarter 2021
- 150 U.S. field sales
representatives, including 85 Territory Managers and 65 Clinical
Support Specialists at the end of 2021
“I am pleased with the team's execution in 2021,
as we extended our market leadership, grew our commercial
infrastructure, expanded exclusive payor coverage, and ended the
year with a record active surgeon base,” said Laura Francis, Chief
Executive Officer of SI-BONE. “As we look beyond the near-term
impact from the recent resurgence of COVID-19 on elective
procedures and hospital infrastructure, we see strong underlying
momentum in our business. In 2022 we will continue to leverage our
investments to execute on our long-term strategy and expand the
market for sacropelvic surgical solutions.”
Fourth Quarter 2021 Financial
Results
Revenue was $25.2 million in the fourth quarter
2021, a 14% increase from $22.1 million in the corresponding period
in 2020. U.S. revenue for the fourth quarter 2021 was $23.3
million, an increase of 13% from $20.7 million in the corresponding
period in 2020 primarily driven by growth of domestic case volumes.
International revenue was $1.9 million in the fourth quarter 2021
compared to $1.5 million in the corresponding period in 2020.
Gross margin was 87% for the fourth quarter
2021, compared to 90% in the corresponding period in 2020. Gross
margin in the fourth quarter 2021 was impacted by an increase in
cost of operations to support the growth of the business.
Operating expenses increased 29% to $35.8
million in the fourth quarter 2021 compared to $27.7 million in the
corresponding period in 2020. The increase was driven by
higher sales and marketing expenses related to increased sales
hiring, higher travel costs, research and development expenses and
increased stock-based compensation.
Operating loss was $13.9 million in the fourth
quarter 2021, as compared to $7.9 million in the corresponding
period in 2020.
Net loss was $14.5 million, or $0.43 per diluted
share for the fourth quarter 2021, as compared to $9.0 million, or
$0.28 per diluted share in the corresponding period in 2020.
2021 Financial Results
Revenue was $90.2 million for 2021, a 23%
increase from $73.4 million in 2020. U.S. revenue for 2021 was
$82.7 million, a 21% increase from $68.1 million in 2020, primarily
driven by growth of domestic case volumes. International revenue
was $7.4 million in 2021 compared to $5.3 million in 2020.
Gross margin was 88% in 2021 and 2020. In 2021,
the gross margin was impacted by an increase in cost of operations
to support the growth of the business. In 2020, the gross margin
was impacted by an increase in write-downs of iFuse related
inventory as a result of faster than anticipated adoption of
iFuse-3D.
Operating expenses increased 28% to $131.4
million in 2021 compared to $103.1 million in 2020. The
increase was driven by higher sales and marketing expenses related
to increased sales hiring, research and development expenses and
increased stock-based compensation expense. Operating expenses in
2020 were lower due to the preemptive steps taken to reduce
discretionary spend in response to COVID-19.
Operating loss was $51.7 million in 2021, as
compared to $38.6 million in 2020.
Net loss was $56.6 million, or $1.71 per diluted
share for 2021, as compared to $43.7 million, or $1.50 per diluted
share in 2020.
Cash and marketable securities were $147.0
million as of December 31, 2021.
2022 Financial Guidance
SI-BONE continues to see strong momentum in its
business in 2022, but remains cognizant of the uncertainty
surrounding COVID-19 and its impact on elective procedures as well
as hospital and ASC infrastructure and staffing levels.
The Company's 2022 outlook is highly sensitive to assumptions on a
steady global recovery, which anticipates case scheduling and
elective procedure levels normalizing throughout the year. Based on
these assumptions, the Company expects total 2022 revenue of
approximately $106 million to $108 million, representing growth of
18% to 20% compared to full year 2021.
Webcast and Conference Call
Information
SI-BONE will host a conference call to discuss
the fourth quarter 2021 financial results after market close on
Monday, February 28, 2022 at 4:30 P.M. Eastern Time. The
conference call can be accessed live over the phone (866) 470-1968
for domestic callers or (409) 217-8248 for international callers,
using conference ID: 6575191. The webcast can be accessed at
https:/investor.si-bone.com.
About SI-BONE
SI-BONE (NASDAQ: SIBN) is a global leader in
technology for surgical treatment of musculoskeletal disorders of
the sacropelvic anatomy. In 2009, SI-BONE introduced the iFuse
Implant System for minimally invasive surgery of the SI joint,
shown to be a source of pain in 15% to 30% of chronic low back
pain. Since then, more than 2,600 surgeons have performed a
combined total of more than 65,000 SI joint fusion procedures. A
unique body of evidence, supporting the triangular iFuse implant,
including two RCT’s and over 100 peer reviewed publications, has
enabled multiple government and private insurance payors to
establish coverage of the SI joint fusion procedure exclusively
when performed with SI-BONE's triangular iFuse implant. SI-BONE is
leveraging its market leadership position, supported by this
proprietary reimbursement advantage, to commercialize other devices
intended for surgical treatment of related aspects of the human
anatomy. For more information or to join our team, please visit us
at www.si-bone.com.
For additional information on the company or the
products including risks and benefits, please visit
www.si-bone.com.
SI-BONE and iFuse Implant System are registered
trademarks of SI-BONE, Inc. ©2022 SI-BONE, Inc. All Rights
Reserved.
Forward-Looking Statements
The statements in this press release regarding
expectations of future events or results, including SI-BONE’s
expectations of 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. These risks include the impact the COVID-19 pandemic
will have on the ability and desire of patients and physicians to
undergo procedures using the iFuse Implant System, the duration of
the COVID-19 pandemic, whether the COVID-19 pandemic will recur in
the future, and SI-BONE's ability to increase demand for iFuse.
Actual results and the timing of events could differ materially
from those anticipated in such forward-looking statements as a
result of these and other risks and uncertainties, many of which
are described in the company's most recent 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 ContactMatt Bacso,
CFAinvestors@SI-BONE.com
|
SI-BONE, INC. CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS(In thousands, except
share and per share amounts)
(unaudited) |
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Revenue |
|
$ |
25,230 |
|
|
$ |
22,144 |
|
|
$ |
90,152 |
|
|
$ |
73,387 |
|
Cost of goods sold |
|
|
3,375 |
|
|
|
2,275 |
|
|
|
10,428 |
|
|
|
8,902 |
|
Gross profit |
|
|
21,855 |
|
|
|
19,869 |
|
|
|
79,724 |
|
|
|
64,485 |
|
Gross margin |
|
|
87 |
% |
|
|
90 |
% |
|
|
88 |
% |
|
|
88 |
% |
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
Sales and marketing |
|
|
26,353 |
|
|
|
19,982 |
|
|
|
93,884 |
|
|
|
73,790 |
|
Research and development |
|
|
3,049 |
|
|
|
2,426 |
|
|
|
12,441 |
|
|
|
9,459 |
|
General and administrative |
|
|
6,383 |
|
|
|
5,332 |
|
|
|
25,069 |
|
|
|
19,803 |
|
Total operating expenses |
|
|
35,785 |
|
|
|
27,740 |
|
|
|
131,394 |
|
|
|
103,052 |
|
|
|
|
|
|
|
|
|
|
Loss from operations |
|
|
(13,930 |
) |
|
|
(7,871 |
) |
|
|
(51,670 |
) |
|
|
(38,567 |
) |
Interest and other income
(expense), net: |
|
|
|
|
|
|
|
|
Interest income |
|
|
35 |
|
|
|
78 |
|
|
|
186 |
|
|
|
1,097 |
|
Interest expense |
|
|
(568 |
) |
|
|
(1,085 |
) |
|
|
(5,365 |
) |
|
|
(6,101 |
) |
Other income (expense), net |
|
|
(13 |
) |
|
|
(101 |
) |
|
|
277 |
|
|
|
(126 |
) |
Net loss |
|
$ |
(14,476 |
) |
|
$ |
(8,979 |
) |
|
$ |
(56,572 |
) |
|
$ |
(43,697 |
) |
|
|
|
|
|
|
|
|
|
Net loss per share, basic and
diluted |
|
$ |
(0.43 |
) |
|
$ |
(0.28 |
) |
|
$ |
(1.71 |
) |
|
$ |
(1.50 |
) |
Weighted-average number of
common shares used to compute basic and diluted net loss per
share |
|
|
33,561,440 |
|
|
|
31,752,336 |
|
|
|
33,145,930 |
|
|
|
29,059,171 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SI-BONE, INC. CONDENSED CONSOLIDATED
BALANCE SHEETS(in
thousands)(unaudited) |
|
|
|
|
|
December 31, |
|
|
2021 |
|
2020 |
ASSETS |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
63,419 |
|
|
$ |
53,581 |
|
Short-term investments |
|
|
83,560 |
|
|
|
142,851 |
|
Accounts receivable, net |
|
|
14,246 |
|
|
|
13,611 |
|
Inventory |
|
|
11,498 |
|
|
|
5,633 |
|
Prepaid expenses and other current assets |
|
|
3,143 |
|
|
|
2,565 |
|
Total current assets |
|
|
175,866 |
|
|
|
218,241 |
|
Property and equipment,
net |
|
|
8,992 |
|
|
|
4,527 |
|
Operating lease right-of-use
assets |
|
|
5,248 |
|
|
|
— |
|
Other non-current assets |
|
|
400 |
|
|
|
374 |
|
TOTAL ASSETS |
|
$ |
190,506 |
|
|
$ |
223,142 |
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
|
$ |
3,198 |
|
|
$ |
3,271 |
|
Accrued liabilities and other |
|
|
12,353 |
|
|
|
10,199 |
|
Operating lease liabilities, current portion |
|
|
1,339 |
|
|
|
— |
|
Total current liabilities |
|
|
16,890 |
|
|
|
13,470 |
|
Long-term borrowings |
|
|
34,973 |
|
|
|
39,455 |
|
Operating lease liabilities,
net of current portion |
|
|
4,166 |
|
|
|
— |
|
Other long-term
liabilities |
|
|
57 |
|
|
|
854 |
|
TOTAL LIABILITIES |
|
|
56,086 |
|
|
|
53,779 |
|
|
|
|
|
|
Stockholders' Equity: |
|
|
|
|
Common stock and additional paid-in capital |
|
|
429,917 |
|
|
|
408,116 |
|
Accumulated other comprehensive income |
|
|
352 |
|
|
|
524 |
|
Accumulated deficit |
|
|
(295,849 |
) |
|
|
(239,277 |
) |
TOTAL STOCKHOLDERS' EQUITY |
|
|
134,420 |
|
|
|
169,363 |
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
|
$ |
190,506 |
|
|
$ |
223,142 |
|
|
|
|
|
|
|
|
|
|
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