Analysts Remain Bullish On SI-BONE, Forecast Q4's Strength To Continue In 2023

  • SI-BONE Inc SIBN reported a Q4 EPS loss of $(0.32), beating the consensus of $(0.40) and sales of $31.95 million, slightly ahead of the consensus of $31.22 million.
  • Refinanced existing $35 million term loan with a new $51 million credit facility, including a $36 million term loan and a $15 undrawn revolving credit facility
  • The company reported over 920 active surgeons in the fourth quarter of 2022, up 33% Y/Y.
  • It surpassed 80,000 procedures performed by over 3,000 surgeons worldwide.
  • SI-BONE sees 2023 revenues of $124-$127 million compared to the consensus of $125.26 million.
  • Cantor Fitzgerald views the FY23 guidance as conservative. But retains a bullish view on the Overweight rating with a price target of $24, up from $22.
  • The analyst writes that in 2023, SIBN should benefit from the following:
    • Favorable CMS reimbursement rates (+~30%) should alleviate historical pricing pressures on surgical centers.
    • Rightsized inventory to meet granite demand in the adult deformity space.
    • Incremental sales from TORQ in pelvic ring fracture procedure.
  • Needham reiterates a Buy rating with a price target of $24, up from $20.
  • The analyst writes that SIBN's core iFuse business remains strong, with procedure volume growth improving to 33% Y/Y in 4Q22 from 25% in the prior quarter.
  • The guidance assumes low- to mid-20% procedure volume growth in 2023 by Needham estimate. Cash burn improved sequentially, and management expects adjusted EBITDA loss to improve throughout 2023. 
  • Price Action: SIBN shares are up 21.46% at $20.58 on the last check Tuesday.
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Posted In: Analyst ColorEarningsNewsGuidanceHealth CarePrice TargetReiterationSmall CapAnalyst RatingsMoversTrading IdeasGeneralBriefsExpert Ideas
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