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Home » Si-Bone posts Q3 revenue in line with Wall Street consensus

Si-Bone posts Q3 revenue in line with Wall Street consensus

November 8, 2022 By Danielle Kirsh

Si-Bone (NSDQ:SIBN) this week posted third-quarter results that beat the earnings consensus on Wall Street and were in line with revenue estimates.

The Santa Clara, California-based orthopedic implant company reported net losses of $14.2 million, or -41¢ per share, on sales of $26.43 million for the three months ended Sept. 30, for a sales growth of 18.6%. Profit losses were up slightly from Q3 2021 when it reported $15.9 million in losses.

Earnings per share were 7¢ ahead of the Street, where analysts were looking for sales of $26.43 million.

“We are encouraged by the continuing top-line acceleration in our business and the increasing operating leverage we were able to generate in the quarter,” President and CEO Laura Francis said in a news release. “With a record U.S. active surgeon base and growing surgeon enthusiasm for iFuse-Bedrock Granite, I am energized about the long-term potential for the business. As we look beyond 2022, we remain confident that our seasoned U.S. sales force, combined with favorable reimbursement tailwinds and our best-in-class portfolio positions us to drive growth while increasing operational efficiency and sales force productivity.”

Si-Bone expects revenue for FY 2022 to be in the range of $104 million to $105 million to represent growth of approximately 16% to 17% year-over-year.

Shares of SIBN were down 13.63% to $14.48 apiece in mid-morning trading. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up slightly.

Filed Under: Business/Financial News, MassDevice Earnings Roundup, Orthopedics, Wall Street Beat Tagged With: SiBone

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About Danielle Kirsh

Danielle Kirsh is an award-winning journalist and senior editor for Medical Design & Outsourcing, MassDevice, and Medical Tubing + Extrusion, and the founder of Women in Medtech and lead editor for Big 100. She received her bachelor's degree in broadcast journalism and mass communication from Norfolk State University and is pursuing her master's in global strategic communications at the University of Florida. You can connect with her on Twitter and LinkedIn, or email her at [email protected].

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