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SIBN SI-BONE

SI-BONE is a medical device company that pioneered minimally invasive surgery of the SI joint with the iFuse Implant System. Studies have shown that the SI joint can be a source of pain in 15% to 30% of chronic low back pain. The iFuse Implant™, commercially available since 2009, is the only SI joint fusion device supported by multiple prospective clinical studies, including two randomized controlled trials, showing improved pain, patient function and quality of life resulting from treatment. There are over 90 peer-reviewed publications demonstrating the safety, durable effectiveness, and biomechanical and economic benefits unique to the iFuse Implant (www.si-bone.com/results). This body of evidence has enabled multiple government and private insurance payors to establish coverage of the SI joint fusion procedure exclusively when performed with the iFuse Implant System.

Company profile

Ticker
SIBN
Exchange
Website
CEO
Jeffrey Dunn
Employees
Incorporated
Location
Fiscal year end
Former names
SI-Bone Inc.
SEC CIK
Subsidiaries
SI-BONE S.R.L. • SI-BONE Deutschland GmbH • SI-BONE UK LTD ...
IRS number
262216351

SIBN stock data

(
)

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

4 Aug 21
22 Oct 21
31 Dec 21
Quarter (USD)
Jun 21 Mar 21 Dec 20 Sep 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from SI-BONE earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 48.13M 48.13M 48.13M 48.13M 48.13M 48.13M
Cash burn (monthly) (positive/no burn) 1.5M 4.32M 3.42M 2.72M 2.58M
Cash used (since last report) n/a 5.66M 16.28M 12.89M 10.23M 9.71M
Cash remaining n/a 42.46M 31.85M 35.23M 37.89M 38.41M
Runway (months of cash) n/a 28.2 7.4 10.3 13.9 14.9

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
18 Oct 21 Dunn Jeffrey W Common Stock Sell Dispose S No No 22.3657 2,113 47.26K 162,388
18 Oct 21 Pisetsky Michael A Common Stock Sell Dispose S No No 22.3657 355 7.94K 76,297
18 Oct 21 Recupero Anthony J Common Stock Sell Dispose S No No 22.3657 587 13.13K 117,663
16 Aug 21 Dunn Jeffrey W Common Stock Sell Dispose S No No 20.4621 2,390 48.9K 166,644
16 Aug 21 Dunn Jeffrey W Common Stock Sell Dispose S No No 20.4621 4,494 91.96K 171,457
16 Aug 21 Recupero Anthony J Common Stock Sell Dispose S No No 20.4621 1,610 32.94K 118,250
16 Aug 21 Recupero Anthony J Common Stock Sell Dispose S No No 20.4621 306 6.26K 119,860
16 Aug 21 Recupero Anthony J Common Stock Sell Dispose S No No 20.4621 1,468 30.04K 120,166

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

13F holders
Current Prev Q Change
Total holders 135 137 -1.5%
Opened positions 20 26 -23.1%
Closed positions 22 24 -8.3%
Increased positions 54 42 +28.6%
Reduced positions 43 50 -14.0%
13F shares
Current Prev Q Change
Total value 1.03B 1.15B -10.9%
Total shares 33.3M 31.97M +4.2%
Total puts 27.3K 10K +173.0%
Total calls 25K 38.4K -34.9%
Total put/call ratio 1.1 0.3 +319.3%
Largest owners
Shares Value Change
BLK Blackrock 2.38M $74.87M +5.9%
Gilder Gagnon Howe & Co 2.2M $69.14M -11.1%
Lord, Abbett & Co. 1.65M $51.93M -5.6%
Arboretum Ventures IV 1.55M $46.27M 0.0%
Vanguard 1.51M $47.43M +7.5%
Orbimed Advisors 1.31M $41.08M 0.0%
Brown Advisory 1.29M $40.73M +59.4%
Integrated Core Strategies 1.19M $18.6M 0.0%
Loomis Sayles & Co L P 1.16M $36.64M +35.1%
Driehaus Capital Management 987.95K $31.09M +8.6%
Largest transactions
Shares Bought/sold Change
Pura Vida Investments 0 -550.1K EXIT
Brown Advisory 1.29M +482.19K +59.4%
MCQEF Macquarie 685.35K +456.06K +198.9%
WDR Waddell & Reed Financial 0 -396.19K EXIT
Amundi 303.29K +303.29K NEW
Loomis Sayles & Co L P 1.16M +302.55K +35.1%
Gilder Gagnon Howe & Co 2.2M -274.66K -11.1%
Amundi Pioneer Asset Management 0 -196.53K EXIT
Dimensional Fund Advisors 218.7K +188.78K +630.9%
MS Morgan Stanley 615.16K +170.15K +38.2%

Financial report summary

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Risks
  • We have incurred significant operating losses since inception, we expect to continue to incur operating losses in the future, and we may not be able to achieve or sustain future profitability.
  • If hospitals, surgeons, and other healthcare providers are unable to obtain and maintain adequate or any coverage and reimbursement from third-party payors for procedures performed using our products, adoption of our products may be delayed, it is unlikely that they will gain further acceptance, and the prices paid for our implants may decline.
  • We may not be able to convince physicians that iFuse is an attractive alternative to our competitors’ products and that our procedure is an attractive alternative to existing surgical and non-surgical treatments of the sacroiliac joint.
  • Surgeons and payors may not find our clinical evidence to be compelling, which could limit our sales and revenue, and on-going and future research may prove our products to be less safe and effective than currently thought.
  • We operate in a very competitive business environment and if we are unable to compete successfully against our existing or potential competitors, our sales and operating results may be adversely affected.
  • If we are unable to maintain our network of direct sales representatives and third-party distributors, we may not be able to generate anticipated sales.
  • Our business could suffer if we lose the services of key members of our senior management, key advisors or personnel.
  • If use of our products result in adverse events, this may require them to be taken off the market, require them to include safety warnings or otherwise limit their sales.
  • Various factors outside our direct control may adversely affect manufacturing, sterilization, and distribution of our products.
  • We are dependent on a limited number of third-party suppliers, some of them single-source and some of them in single locations, for most of our products and components, and the loss of any of these suppliers, or their inability to provide us with an adequate supply of materials in a timely and cost-effective manner, could materially adversely affect our business.
  • We may encounter problems or delays in the assembly of our products or fail to meet certain regulatory requirements which could result in an adverse effect on our business and financial results.
  • If we do not enhance and broaden our product offerings through our research and development efforts, we may be unable to compete effectively.
  • We are required to maintain adequate levels of inventory, the failure of which could consume our resources and reduce our cash flows.
  • Our results of operations could suffer if we are unable to manage our international business effectively.
  • In the future our products may become obsolete, which would negatively affect operations and financial condition.
  • If we experience significant disruptions in our information technology systems, our business, results of operations, and financial condition could be adversely affected.
  • We may seek to grow our business through acquisitions of or investments in new or complementary businesses, products or technologies, and the failure to manage acquisitions or investments, or the failure to integrate them with our existing business, could have a material adverse effect on us.
  • We may enter into collaborations, in-licensing arrangements, joint ventures, strategic alliances, or partnerships with third-parties that may not result in the development of commercially viable products or the generation of significant future revenue.
  • We, our suppliers, and our third-party manufacturers are subject to extensive governmental regulation both in the U.S. and abroad, and failure to comply with applicable requirements could cause our business to suffer.
  • Our failure to adequately protect personal information in compliance with evolving legal requirements could harm our business.
  • We are subject to risks associated with our non-U.S. operations.
  • Even if our products are approved by regulatory authorities or CE marked, if we, our contractors, or our suppliers fail to comply with ongoing FDA or other foreign regulatory requirements, or if we experience unanticipated problems with our products, these products could be subject to restrictions or withdrawal from the market.
  • Our employees, independent contractors, consultants, manufacturers, and third-party distributors may engage in misconduct or other improper activities, relating to regulatory standards and requirements.
  • We may be subject to enforcement action, including fines, penalties or injunctions, if we are determined to be engaging in the off-label promotion of our products.
  • We are required to report certain malfunctions, deaths, and serious injuries associated with our products, which can result in voluntary corrective actions or agency enforcement actions.
  • A recall of our products, either voluntarily or at the direction of the FDA or another governmental authority, including foreign governmental authorities, or the discovery of serious safety issues or malfunctions with our products, can result in voluntary corrective actions or agency enforcement actions, which could have a significant adverse impact on us.
  • Modifications to our products may require new 510(k) clearances or premarket approvals and new conformity assessment by our Notified Body, or may require us to cease marketing or recall the modified products until clearances, approvals, or CE Certificates of Conformity are obtained.
  • There is no guarantee that the FDA will grant 510(k) clearance or premarket approval of our future products or that our Notified Body will issue the required CE Certificate of Conformity, and failure to obtain necessary clearances or approvals for our future products would adversely affect our business prospects.
  • We may fail to obtain or maintain foreign regulatory approvals to market our products in other countries.
  • Clinical trials necessary to support a De Novo 510(k) or PMA application or a conformity assessment procedure will be expensive and may require the enrollment of large numbers of patients, and suitable patients may be difficult to identify and recruit. Delays or failures in our clinical trials will prevent us from commercializing any modified or new products, or new indications for use for existing products, and will adversely affect our business, operating results and prospects.
  • The results of our clinical trials may not support our product candidate claims or may result in the occurrence of adverse events.
  • We may incur product liability losses, and insurance coverage may be inadequate or unavailable to cover these losses.
  • We are subject to environmental laws and regulations that can impose significant costs and expose us to potential financial liabilities.
  • If we or our licensors fail to adequately protect or enforce our intellectual property rights or secure rights to patents of others, the value of our intellectual property rights would diminish and our ability to successfully commercialize our products may be impaired.
  • We may be subject to damages resulting from claims that we, our employees, or our third-party distributors have wrongfully used or disclosed alleged trade secrets of our competitors or are in breach of non-competition or non-solicitation agreements with our competitors.
  • The price of our common stock may be volatile, and the value of an investment in our common stock could decline.
  • Our sales volumes and our operating results may fluctuate over the course of the year, which could affect the price of our common stock.
  • We may be unable to utilize our federal and state net operating loss carryforwards to reduce our income taxes.
  • Our charter documents and Delaware law could discourage takeover attempts and lead to management entrenchment.
  • Our amended and restated certificate of incorporation provides that the Court of Chancery of the State of Delaware and the U.S. federal district courts are the exclusive forums for substantially all disputes between us and our stockholders, which restricts our stockholders’ ability to bring a lawsuit against us or our directors, officers, or employees in jurisdictions other than Delaware and federal district courts.
Management Discussion
  • We manage and operate as one reportable segment. The table below summarizes our results of operations for the periods presented (percentages are amounts as a percentage of revenue), which we derived from the accompanying condensed consolidated financial statements:
  • We derive the majority of our revenue from sales to customers in the U.S. Revenue by geography is based on billing address of the customer. No single country outside the U.S. accounts for more than 10% of the total revenue during the periods presented. The table below summarizes our revenue by geography:
  • Revenue. The increase in revenue for the three months ended June 30, 2021 as compared to the three months ended June 30, 2020 comprised a $7.0 million increase in our U.S. revenue and an increase of $1.1 million in our international revenue. The increase in revenue is due to the increase in domestic and international case volumes and increased active surgeons due to: (a) improved U.S. reimbursement coverage and an increase in sales force, and (b) the revenue of the prior year’s corresponding quarter was significantly impacted as the offices of many health care providers were closed and certain surgeries and elective medical procedures were deferred, resulting from the social restrictions and other precautionary measures taken in response to the COVID-19 pandemic.
Content analysis
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Legalese
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Readability
H.S. junior Good
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