SI-Bone revenue up 22% in Q1, new CEO takes charge: 6 notes

Alan Condon -   Print  |
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Sacropelvic device company SI-Bone reported May 3 that first-quarter revenue increased 22 percent year over year to $20.4 million.

Six notes:

1. U.S. revenue in the first quarter increased 23 percent year over year to $18.8 million.

2. First-quarter operating expenses rose to $29.8 million, an 11 percent increase compared to the prior year period. The company attributed the spike to higher sales and marketing expenses due to increased hiring, research and development expenses and increased stock-based compensation expense.

3. Net loss for the first quarter was $12.2 million compared to $12.8 million in the first quarter of 2020.

4. As of March 31, cash and marketable securities were $185.1 million, and long-term borrowings were $39.5 million.

5. SI-Bone launched iFuse-Torq, a 3D-printed implant designed for pelvic trauma and minimally invasive sacroiliac joint fusion.

6. Laura Francis, SI-Bone's former CFO and COO, assumed the role of CEO from Jeff Dunn, who will remain with the company as executive chair.

 

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