SiBone (NASDAQ:SIBN) Releases Earnings Results, Beats Estimates By $0.07 EPS

SiBone (NASDAQ:SIBN) posted its quarterly earnings results on Monday. The company reported ($0.10) EPS for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.07, FiscalAI reports. SiBone had a negative return on equity of 9.63% and a negative net margin of 8.10%.The company had revenue of $52.59 million during the quarter, compared to analysts’ expectations of $51.16 million.

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 Trading Up 4.8%

Shares of NASDAQ SIBN traded up $0.66 during trading on Wednesday, reaching $14.56. The company had a trading volume of 381,993 shares, compared to its average volume of 652,350. The company’s fifty day moving average price is $13.37 and its 200-day moving average price is $16.13. SiBone has a 12 month low of $11.48 and a 12 month high of $21.89. The stock has a market cap of $644.31 million, a P/E ratio of -37.30 and a beta of 0.67. The company has a quick ratio of 7.21, a current ratio of 8.55 and a debt-to-equity ratio of 0.20.

Analyst Upgrades and Downgrades

SIBN has been the subject of a number of research analyst reports. Wall Street Zen cut SiBone from a “buy” rating to a “hold” rating in a report on Saturday, April 18th. TD Cowen lowered their target price on SiBone from $22.00 to $18.00 and set a “buy” rating for the company in a report on Tuesday. Finally, Truist Financial reaffirmed a “buy” rating and issued a $18.00 target price (down from $20.00) on shares of SiBone in a report on Tuesday. Six equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $23.00.

Insider Transactions at SiBone

In other SiBone news, CFO Anshul Maheshwari sold 3,318 shares of the company’s stock in a transaction dated Thursday, April 2nd. The stock was sold at an average price of $12.87, for a total value of $42,702.66. Following the sale, the chief financial officer owned 263,148 shares in the company, valued at approximately $3,386,714.76. The trade was a 1.25% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Anthony J. Recupero sold 21,049 shares of the company’s stock in a transaction dated Tuesday, February 17th. The shares were sold at an average price of $15.40, for a total value of $324,154.60. Following the completion of the sale, the insider owned 243,418 shares in the company, valued at $3,748,637.20. This trade represents a 7.96% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 167,697 shares of company stock worth $2,549,984. 3.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On SiBone

Institutional investors have recently made changes to their positions in the stock. Royal Bank of Canada grew its position in shares of SiBone by 98.5% in 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 last quarter. Caitong International Asset Management Co. Ltd grew its position in shares of 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 valued at $38,000 after buying an additional 1,941 shares during the last quarter. Kemnay Advisory Services Inc. bought a new stake in shares of SiBone during the 4th quarter valued at about $53,000. State of Wyoming acquired a new stake in SiBone during the second quarter worth approximately $55,000. Finally, Canada Pension Plan Investment Board acquired a new stake in SiBone during the second quarter worth approximately $68,000. 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.