• Worldwide Revenue: $40.3 million, reflecting 19% growth.

• U.S. Revenue: $38.3 million, an 18% increase.

• International Revenue: $2.1 million, representing 21% growth.

• Gross Profit: $31.9 million, an 18% increase.

• Gross Margin: 79%, flat compared to the prior year period.

• Operating Expenses: $39.5 million, a 4% growth.

• Net Loss: Improved by 34% to $6.6 million or $0.16 per diluted share.

• Adjusted EBITDA Loss: $200,000, reflecting a 94% improvement.

• Cash and Marketable Securities: Nearly $151 million.

• Quarterly Cash Usage: $700,000.

• 2024 Revenue Guidance: Updated to $165 million to $166 million, implying growth of approximately 19% to 20%.

• Warning! GuruFocus has detected 5 Warning Signs with SIBN.

Release Date: November 12, 2024

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• SI-BONE Inc (NASDAQ:SIBN) reported record worldwide revenue of $40.3 million for Q3 2024, reflecting a 19% growth.

• The company achieved significant progress towards profitability, with an adjusted EBITDA loss of only $200,000, a 94% improvement.

• SI-BONE Inc (NASDAQ:SIBN) received 510-K clearance for iFuse TORQ TNT, expanding its presence in the trauma market.

• The company reported a 21% increase in revenue per territory, reaching $1.8 million, indicating strong sales infrastructure performance.

• SI-BONE Inc (NASDAQ:SIBN) ended the quarter with over 1,200 active physicians, an increase of nearly 150, demonstrating strong physician engagement.

Negative Points

• The company experienced temporary disruptions in case scheduling and cancellations due to hurricanes, impacting revenue potential.

• There was a higher summer seasonality impact due to surgeon vacations, affecting the quarter's revenue.

• SI-BONE Inc (NASDAQ:SIBN) faced challenges with IV solution supply issues, causing limited case deferrals at certain sites.

• The company anticipates that some deferred cases due to hurricanes and IV shortages may move to 2025, affecting current year guidance.

• Despite strong revenue growth, SI-BONE Inc (NASDAQ:SIBN) still reported a net loss of $6.6 million for the quarter.

Q & A Highlights

Q: Can you quantify the impact of hurricanes and IV shortages on the quarter and guidance? A: Laura Francis, CEO: We achieved record revenue and were close to adjusted EBITDA break-even. However, temporary disruptions from hurricanes and higher summer seasonality affected revenue potential. Anshul Maheshwari, CFO: The guidance reflects transient factors like IV shortages, with some deferred cases possibly moving to 2025 due to hospital capacity limitations.