SiBone (NASDAQ:SIBN) Issues Earnings Results

SiBone (NASDAQ:SIBN) announced its earnings results on Monday. The company reported ($0.10) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.07, FiscalAI reports. The business had revenue of $52.59 million for the quarter, compared to analyst estimates of $51.16 million. SiBone had a negative return on equity of 11.01% and a negative net margin of 9.41%.

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

Shares of SiBone stock opened at $11.61 on Tuesday. The company has a current ratio of 8.55, a quick ratio of 7.21 and a debt-to-equity ratio of 0.20. The firm has a market capitalization of $513.63 million, a PE ratio of -26.39 and a beta of 0.67. The business’s 50-day moving average price is $13.40 and its 200-day moving average price is $16.14. SiBone has a 12 month low of $11.48 and a 12 month high of $21.89.

Analyst Ratings Changes

SIBN has been the topic of a number of research analyst reports. TD Cowen upped their target price on SiBone from $21.00 to $22.00 and gave the stock a “buy” rating in a research note on Tuesday, February 24th. Truist Financial reduced their price objective on SiBone from $24.00 to $20.00 and set a “buy” rating on the stock in a research report on Wednesday, April 15th. Finally, Wall Street Zen lowered SiBone from a “buy” rating to a “hold” rating in a research report on Saturday, April 18th. Six equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $24.00.

Insiders Place Their Bets

In other SiBone news, CFO Anshul Maheshwari sold 21,528 shares of the business’s stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $15.37, for a total value of $330,885.36. Following the completion of the sale, the chief financial officer owned 266,466 shares in the company, valued at approximately $4,095,582.42. The trade was a 7.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Mika Nishimura sold 4,100 shares of SiBone stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $13.83, for a total transaction of $56,703.00. Following the completion of the transaction, the director directly owned 32,716 shares in the company, valued at approximately $452,462.28. The trade was a 11.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 167,697 shares of company stock worth $2,549,984. 3.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On SiBone

Several institutional investors have recently added to or reduced their stakes in SIBN. Royal Bank of Canada boosted its position in SiBone by 98.5% during the 4th quarter. Royal Bank of Canada now owns 1,483 shares of the company’s stock valued at $29,000 after buying an additional 736 shares during the period. Caitong International Asset Management Co. Ltd lifted its holdings in SiBone by 64,700.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,944 shares of the company’s stock worth $38,000 after buying an additional 1,941 shares during the period. Kemnay Advisory Services Inc. purchased a new stake in SiBone in the 4th quarter worth approximately $53,000. State of Wyoming purchased a new stake in SiBone in the 2nd quarter worth approximately $55,000. Finally, Canada Pension Plan Investment Board purchased a new stake in SiBone in the 2nd quarter worth approximately $68,000. Hedge funds and other institutional investors own 98.11% of the company’s stock.

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.