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.
