SI-Bone posted a net loss of $8.7 million during the second quarter, a 175 percent increase from the same period last year.
Six things to know:
1. SI-Bone's operating loss was $8.1 million during the second quarter, up 376 percent from $1.7 million for the same period last year.
2. Total operating expenses increased 61 percent from $14.2 million during the second quarter of 2018 to $22.9 million in the most recent quarter. The company primarily attributes the jump in operating expenses to a rise in sales hiring, marketing and surgeon training.
3. SI-Bone posted revenue of $16.3 million, a 19 percent spike from $13.7 million over the same period last year, while U.S. revenue increased 24 percent to $15 million.
4. Gross profit rose 18 percent from $12.5 million to $14.8 million year over year for the second quarter.
5. SI-Bone expects full year 2019 revenue to hit between $65 million to $66.5 million, which would represent a growth of 17 percent to 20 percent growth over full year 2018 revenue.
6. The company expanded CFO Laura Francis's responsibilities and promoted her to CFO and COO. Mark Foley and Heyward Donigan were appointed to SI-Bone's board of directors.