SiBone (NASDAQ:SIBN) Issues Quarterly Earnings Results

SiBone (NASDAQ:SIBN) posted its quarterly earnings data on Monday. The company reported ($0.10) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.17) by $0.07, FiscalAI reports. The business had revenue of $52.59 million for the quarter, compared to the consensus estimate of $51.16 million. SiBone had a negative net margin of 9.41% and a negative return on equity of 11.01%.

Here are the key takeaways from SiBone’s conference call:

• SI-BONE reported Q1 revenue of $52.6M (+11.2% YoY), narrowed net loss to $4.3M, delivered adjusted EBITDA of $2.5M, and raised full-year revenue guidance to $230M–$233M with an increased gross margin target of ~79%.
• CMS proposed new DRG families that would include procedures using Granite, potentially increasing hospital payments by up to ~$50,000 per procedure (if finalized Oct 1), which management says could remove cost objections and accelerate Granite adoption.
• Product expansion continued with the launches of iFuse INTRA Ti and iFuse TORQ TNT (Europe/Australia), and a third Breakthrough Device is on track for a Q3 510(k) filing and planned commercial launch in Q4, expected to expand TAM and surgeon engagement.
• Commercial scale is expanding via a hybrid model and the Smith+Nephew trauma partnership; SI‑BONE ended the quarter with 89 quota-carrying territories, targets ~100 territories in 12 months, and expects Smith+Nephew-sourced revenue to begin building in Q3 and accelerate in Q4.
• Management highlights operational discipline and liquidity — Q1 gross margin ~79.8%, operating expenses up only ~4.1% (showing operating leverage), cash and marketable securities of $144.7M, and improving free cash flow with seasonal variability expected due to HQ build-out.

SiBone Price Performance

SIBN traded down $0.66 on Monday, reaching $11.61. 1,751,846 shares of the company’s stock were exchanged, compared to its average volume of 625,491. The stock has a market cap of $513.67 million, a PE ratio of -26.39 and a beta of 0.67. SiBone has a twelve month low of $11.48 and a twelve month high of $21.89. The stock’s fifty day moving average price is $13.56 and its 200-day moving average price is $16.19. The company has a debt-to-equity ratio of 0.20, a current ratio of 8.55 and a quick ratio of 7.21.

Insider Activity

In related news, CEO Laura Francis sold 93,475 shares of the business’s stock in a transaction dated Tuesday, February 17th. The shares were sold at an average price of $15.32, for a total transaction of $1,432,037.00. Following the transaction, the chief executive officer directly owned 544,369 shares in the company, valued at approximately $8,339,733.08. The trade was a 14.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Mika Nishimura sold 4,100 shares of the business’s stock in a transaction dated Thursday, March 12th. The stock was sold at an average price of $13.83, for a total transaction of $56,703.00. Following the transaction, the director owned 32,716 shares in the company, valued at $452,462.28. The trade was a 11.14% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 167,697 shares of company stock valued at $2,549,984 in the last ninety days. 4.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On SiBone

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Royal Bank of Canada raised its stake in SiBone by 98.5% during the fourth quarter. Royal Bank of Canada now owns 1,483 shares of the company’s stock worth $29,000 after purchasing an additional 736 shares during the period. Caitong International Asset Management Co. Ltd raised its stake in SiBone by 64,700.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,944 shares of the company’s stock worth $38,000 after purchasing an additional 1,941 shares during the period. Kemnay Advisory Services Inc. purchased a new position in SiBone during the fourth quarter worth about $53,000. State of Wyoming purchased a new position in SiBone during the second quarter worth about $55,000. Finally, Canada Pension Plan Investment Board purchased a new position in SiBone during the second quarter worth about $68,000. 98.11% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. Wall Street Zen downgraded shares of SiBone from a “buy” rating to a “hold” rating in a report on Saturday, April 18th. TD Cowen increased their price objective on shares of SiBone from $21.00 to $22.00 and gave the company a “buy” rating in a report on Tuesday, February 24th. Finally, Truist Financial decreased their price target on shares of SiBone from $24.00 to $20.00 and set a “buy” rating on the stock in a research note on Wednesday, April 15th. Six research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, SiBone currently has a consensus rating of “Moderate Buy” and a consensus target price of $24.00.

SiBone Company Profile

Si-BONE, Inc is a commercial‐stage medical device company focused on the design, development and commercialization of implant systems to treat degenerative conditions of the sacroiliac (SI) joint. Its flagship product, the iFuse Implant System, consists of triangular titanium implants that are inserted via a minimally invasive surgical procedure to stabilize the SI joint and alleviate chronic lower back and buttock pain.

FDA‐cleared in 2012, the iFuse portfolio has expanded to include the iFuse-3D and iFuse-3Di devices, which feature a porous, 3D-printed surface to promote bone ongrowth and biological fixation.