SI-BONE, Inc. Files 10-Q for Period Ending March 31, 2024

Ticker: SIBN · Form: 10-Q · Filed: 2024-05-07T00:00:00.000Z

Sentiment: neutral

Topics: 10-Q, SI-BONE, Medical Devices, Financial Report, Q1 2024

TL;DR

<b>SI-BONE, Inc. has filed its Q1 2024 10-Q report, detailing financial performance and business operations.</b>

AI Summary

SI-BONE, Inc. (SIBN) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. SI-BONE, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of the fiscal year 2024. The company's principal executive offices are located at 471 El Camino Real, Suite 101, Santa Clara, CA 95050. The company was incorporated in Delaware. The SIC code for SI-BONE, Inc. is 3841 (Surgical & Medical Instruments & Apparatus).

Why It Matters

For investors and stakeholders tracking SI-BONE, Inc., this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial data, including revenue, expenses, and balance sheet information, crucial for assessing the company's current financial health and operational performance. The detailed breakdown of financial activities and disclosures in the 10-Q allows stakeholders to understand the company's progress against its strategic goals and identify potential risks or opportunities in the surgical and medical instruments sector.

Risk Assessment

Risk Level: medium — SI-BONE, Inc. shows moderate risk based on this filing. The company operates in the medical device industry, which is subject to stringent regulatory approvals and potential product liability claims, as indicated by the nature of its business (Surgical & Medical Instruments & Apparatus).

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-Q to understand SI-BONE's performance and potential challenges in the current quarter.

Key Numbers

Key Players & Entities

FAQ

When did SI-BONE, Inc. file this 10-Q?

SI-BONE, Inc. filed this Quarterly Report (10-Q) with the SEC on May 7, 2024.

What is a 10-Q filing?

A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by SI-BONE, Inc. (SIBN).

Where can I read the original 10-Q filing from SI-BONE, Inc.?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by SI-BONE, Inc..

What are the key takeaways from SI-BONE, Inc.'s 10-Q?

SI-BONE, Inc. filed this 10-Q on May 7, 2024. Key takeaways: SI-BONE, Inc. filed a 10-Q report for the period ending March 31, 2024.. The filing covers the first quarter of the fiscal year 2024.. The company's principal executive offices are located at 471 El Camino Real, Suite 101, Santa Clara, CA 95050..

Is SI-BONE, Inc. a risky investment based on this filing?

Based on this 10-Q, SI-BONE, Inc. presents a moderate-risk profile. The company operates in the medical device industry, which is subject to stringent regulatory approvals and potential product liability claims, as indicated by the nature of its business (Surgical & Medical Instruments & Apparatus).

What should investors do after reading SI-BONE, Inc.'s 10-Q?

Investors should review the detailed financial statements and risk factors in the 10-Q to understand SI-BONE's performance and potential challenges in the current quarter. The overall sentiment from this filing is neutral.

Risk Factors

Key Dates

Filing Stats: 4,517 words · 18 min read · ~15 pages · Grade level 16.3 · Accepted 2024-05-07 16:06:43

Key Financial Figures

Filing Documents

-FINANCIAL INFORMATION

PART I-FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 4 Condensed Consolidated Balance Sheets (Unaudited) 4 Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) 5 Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) 6 Condensed Consolidated Statements of Cash Flows (Unaudited) 7 Notes to Condensed Consolidated Financial Statements (Unaudited) 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 33 Item 4.

Controls and Procedures

Controls and Procedures 34

-OTHER INFORMATION

PART II-OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 34 Item 1A.

Risk Factors

Risk Factors 35 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 35 Item 3. Defaults Upon Senior Securities 35 Item 4. Mine Safety Disclosures 35 Item 5. Other Information 35 Item 6. Exhibits 36

SIGNATURES

SIGNATURES 37 1 SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements. All statements other than statements of historical facts contained in this Quarterly Report, including statements regarding our future results of operations and financial position, business strategy, prospective products and product candidates, sales force expansion, physician adoption, reimbursement determinations, clinical trial results, and U.S. Food and Drug Administration ("FDA") approvals, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expect," "plan," "anticipate," "could," "intend," "target," "project," "contemplate," "believe," "estimate," "predict," "potential" or "continue" or the negative of these terms or other similar expressions, although not all forward-looking statements contain these identifying words. These forward-looking statements speak only as of the date of this Quarterly Report and are subject to a number of risks, uncertainties and assumptions, including those described under the sections in this Quarterly Report titled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations." These forward-looking statements include, but are not limited to, statements about the following: our expectation that a significant portion of our revenues will be derived from sales of the iFuse Implant System, or iFuse; our ability to develop and commercialize additional revenue opportunities, including new indications for use and new products; our ability to retain and grow our sales team based

-FINANCIAL INFORMATION

PART I-FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements SI-BONE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share amounts) (Unaudited) March 31, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 32,040 $ 33,271 Short-term investments 125,782 132,748 Accounts receivable, net of allowance for credit losses of $ 1,189 and $ 1,118 , respectively 22,109 21,953 Inventory 21,049 20,249 Prepaid expenses and other current assets 2,647 3,173 Total current assets 203,627 211,394 Property and equipment, net 17,348 16,000 Operating lease right-of-use assets 2,415 2,706 Other non-current assets 323 325 TOTAL ASSETS $ 223,713 $ 230,425 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 7,661 $ 4,588 Accrued liabilities and other 11,767 17,452 Operating lease liabilities, current portion 1,433 1,416 Total current liabilities 20,861 23,456 Long-term borrowings 36,107 36,065 Operating lease liabilities, net of current portion 1,192 1,511 Other long-term liabilities 16 18 TOTAL LIABILITIES 58,176 61,050 Commitments and contingencies (Note 6) STOCKHOLDERS' EQUITY Preferred stock, $ 0.0001 par value; 5,000,000 shares authorized; no shares issued and outstanding — — Common stock, $ 0.0001 par value; 100,000,000 shares authorized; 41,078,762 and 40,693,299 shares issued and outstanding, respectively 4 4 Additional paid-in capital 576,612 569,477 Accumulated other comprehensive income 266 335 Accumulated deficit ( 411,345 ) ( 400,441 ) TOTAL STOCKHOLDERS' EQUITY 165,537 169,375 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 223,713 $ 230,425 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 4 SI-BONE, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (In thousands, except share and per share amounts) (Unaudited) Three Months Ended March 31, 2024 2023 Revenue $ 37,867 $ 32,708 Cost of g

View on Read The Filing