Si-Bone (Nasdaq:SIBN) this week posted first-quarter results that beat the overall consensus on Wall Street.
The Santa Clara, California-based orthopedic company reported profit losses of $11.1 million, or 32¢ per share, on sales of $32.7 million for the three months ended March 31, for a bottom-line gain of 36.1% on sales growth of 45.76% compared with Q1 2022.
Earnings per share were 9¢ ahead of The Street, where analysts were looking for sales of $29.22 million.
“I am thrilled with our stellar start to 2023, as record procedure demand in the quarter allowed us to deliver approximately 50% U.S. revenue growth and achieve significant operating leverage,” CEO Laura Francis said in a news release. “The continued trend of accelerating revenue growth over the last several quarters is a testament to the perseverance and grit of our dedicated team members and the strong reception for our expanded portfolio of solutions. With yet another quarter of record increase in our active surgeon base combined with the favorable reimbursement framework, we are at an inflection in the business. These trends solidify my conviction in our ability to deliver strong and sustainable growth and drive operating leverage as we progress through the year.”
Si-Bone raised its full-year guidance to be in the revenue rename of $128 million to $131 million to represent 20% to 23% growth year-over-year.
Shares in SIBN were up 1.86% to $23.02 apiece in pre-market hours.