SI-BONE Q2 Sales Beat Estimates But Higher Costs Hit Profitability, Maintains FY21 Revenue Outlook

SI-BONE Inc SIBN reported Q2 sales of $22.2 million, beating the consensus of $21.96 million, representing a 58% Y/Y increase over the COVID-19 impacted 2020 period.
U.S. revenue of $20.2 million increased 53% Y/Y.
A gross margin of 89% was up from 85% posted a year ago.
SI-BONE had received exclusive coverage by Anthem Inc ANTM for its minimally invasive SI joint fusion exclusively when performed with the iFuse system of the triangular titanium implant.
Operating expenses increased 49% to $32.8 million, driven by increased sales hiring, research, and development costs for new product development costs.
The company posted an operating loss of $(13) million compared to an operating loss of $(10.1) million a year ago.
Net loss was $14.0 million, or $(0.42) per share, missing the consensus of $(0.39).
Cash and marketable securities were $176.6 million, and long-term borrowings were $39.6 million.
2021 Financial Guidance: The company maintains the full year 2021 total revenue guidance to grow 25%-28% to $92 million - $94 million, compared to the consensus of $93.69 million.
It is updating the gross margin guidance to 87% - 89%.
Price Action: SIBN shares closed at $30.26 on Monday.

Momentum85.69

Growth51.89

QualityNot Available

Value58.84

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