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Sibone, Inc. (SIBN) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

SEC Filings

SIBN Quarterly Reports

SI-Bone, Inc.

CIK: 1459839 Ticker: SIBN

Exhibit 99.1
si-bonelogoa071.jpg
SI-BONE, Inc. Reports First Quarter 2020 Financial Results

SANTA CLARA, Calif. May 4, 2020 - SI-BONE, Inc. (Nasdaq:SIBN), a medical device company dedicated to solving musculoskeletal disorders of the sacropelvic anatomy, today reported financial results for the quarter ended March 31, 2020.

Recent Highlights
Revenue of $16.8 million for the first quarter 2020, representing a 12% increase over the corresponding period in 2019
U.S. revenue of $15.3 million for the first quarter 2020, representing a 14% increase over the corresponding period in 2019
Received FDA 510(k) clearance for an expanded indication for the iFuse Implant System to support the Company's trauma program
Obtained positive coverage by Health Alliance Plan, a commercial payor in Michigan

“Our SI-BONE team has shown tremendous efforts and strength through these difficult times. I am incredibly proud to be part of this team and believe that we will come out of this period even stronger as a company," said Jeffrey Dunn, President, CEO and Chairman. “The underlying fundamentals of our business remain strong. Through mid-March, we saw record procedure volumes resulting from the significant investments we made across our commercial organization to develop this market, and we are taking a very disciplined and thoughtful approach to financial decisions and capital allocation priorities.”

First Quarter 2020 Financial Results

Revenue was $16.8 million in the first quarter 2020, a 12% increase from $15.0 million in the corresponding prior period in 2019. U.S. revenue for the first quarter 2020 was $15.3 million, a 14% increase from $13.5 million in the corresponding prior period in 2019 primarily driven by growth of domestic case volumes. Our international revenue was $1.5 million in the first quarter 2020, flat compared to the corresponding period in 2019. Though our total revenue increased as discussed above, it was partly impacted by lower than anticipated case volumes specifically in the second half of March 2020 due to the effects of COVID-19.

Gross margin was 89% for the first quarter 2020, as compared to 90% in the corresponding prior period in 2019. The change in gross margin was due to higher cost of operations to support the growth of the business. 

Operating expenses were $26.8 million in the first quarter 2020, as compared to $22.3 million in the corresponding prior period in 2019, an increase of 20%. The increase in operating expense was primarily driven by higher employee related costs due to higher headcount mainly from sales hiring, surgeon training and stock-based compensation.



The following information was filed by SI-Bone, Inc. (SIBN) on Monday, May 4, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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SI-Bone, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page Nonprinting
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Changes In Redeemable Convertible Preferred Stock And Stockholders Equity (Deficit)
Condensed Consolidated Statements Of Operations And Comprehensive Loss
Balance Sheet Components
Balance Sheet Components (Tables)
Balance Sheet Components - Accrued Liabilities And Other (Details)
Balance Sheet Components - Property And Equipment, Net (Details)
Borrowings
Borrowings (Tables)
Borrowings - Debt Maturity (Details)
Borrowings - Narrative (Details)
Borrowings - Summary Of Borrowings (Details)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Aggregate Future Minimum Lease Payments (Details)
Commitments And Contingencies - Narrative (Details)
Fair Value Measurement
Fair Value Measurement (Tables)
Fair Value Measurement - Marketable Securities Measured At Fair Value On Recurring Basis (Details)
Income Taxes
Marketable Securities
Marketable Securities (Details)
Marketable Securities (Tables)
Net Loss Per Share Of Common Stock
Net Loss Per Share Of Common Stock (Tables)
Net Loss Per Share Of Common Stock - Antidilutive Securities Excluding From Computation Of Earnings Per Share (Details)
Net Loss Per Share Of Common Stock - Schedule Of Earnings Per Share (Details)
Related Party Transactions
Related Party Transactions (Details)
Stock-Based Incentive Compensation Plans
Stock-Based Incentive Compensation Plans (Tables)
Stock-Based Incentive Compensation Plans - Narrative (Details)
Stock-Based Incentive Compensation Plans - Restricted Stock Units Activity (Details)
Stock-Based Incentive Compensation Plans - Stock Option Activity Under The Stock Option Plan (Details)
Stock-Based Incentive Compensation Plans - Stock-Based Compensation Expense (Details)
Stock-Based Incentive Compensation Plans - Weighted Average Grant Date Fair Value And Assumptions (Details)
Subsequent Events
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Segments (Details)
The Company And Nature Of Business
The Company And Nature Of Business (Details)
Ticker: SIBN
CIK: 1459839
Form Type: 10-Q Quarterly Report
Accession Number: 0001459839-20-000047
Submitted to the SEC: Tue May 05 2020 4:10:31 PM EST
Accepted by the SEC: Tue May 05 2020
Period: Tuesday, March 31, 2020
Industry: Surgical And Medical Instruments And Apparatus

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