Si-Bone (NSDQ:SIBN) this week posted second-quarter results that beat the revenue consensus on Wall Street and missed earnings estimates.
The Santa Clara, California-based company reported losses of $18.5 million, or -54¢ per share, on sales of $25.6 million for the three months ended June 30, for a bottom-line loss of 32.4% on sales growth of 15.28% compared with Q2 2021.
Earnings per share were 6¢ behind The Street, where analysts were looking for sales of $25.17 million.
“I am pleased with the accelerating growth in the U.S. which allowed us to deliver record revenue in the quarter with iFuse-3D and iFuse-Torq as the two best products on the market for MIS SI joint fusion,” CEO Laura Francis said in a news release. “The recent launch of iFuse Bedrock Granite and the expanded trauma indication for iFuse-Torq will complement our core market growth as we support our surgeons in improving patient outcomes across modalities. With the best-in-class portfolio of sacropelvic solutions, an industry-leading commercial infrastructure and a strong cash position, we have the organizational resources to capitalize on the healthy demand dynamics and deliver accelerating top line growth.”
Si-Bone reiterated its full-year total 2022 financial guidance to be approximately $106 million to $108 million to represent growth of 18% to 20% compared to 2021.
Shares in SIBN were down 1.39% to $16.31 apiece in mid-morning trading. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down slightly.