SI-BONE, Inc. Files Q2 2024 10-Q Report

TL;DR

**SI-BONE Q2 2024 10-Q FILED: Check financials for latest performance.**

AI Summary

SI-BONE, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and position, including its balance sheet and income statement data for the second quarter and first half of 2024, compared to the same periods in 2023. Specific financial figures and operational details are presented within the report.

Why It Matters

This 10-Q filing provides investors and analysts with the latest financial results and operational updates for SI-BONE, Inc., crucial for understanding the company's performance and future outlook.

Risk Assessment

Risk Level: medium — As a medical device company, SI-BONE, Inc. faces inherent risks related to product development, regulatory approvals, market adoption, and competition, which are detailed in its SEC filings.

Key Numbers

• Q2 2024 — Reporting Period (Financials for the second quarter of 2024 are detailed.)
• First Half 2024 — Reporting Period (Financials for the first six months of 2024 are detailed.)

Key Players & Entities

• SI-BONE, Inc. (company) — Filer of the 10-Q report
• 20240630 (date) — End of the reporting period for the 10-Q
• 20240806 (date) — Date the 10-Q was filed

FAQ

Key Financial Figures

• $0.0001 — ich registered Common Stock, par value $0.0001 per share SIBN The Nasdaq Global Market

Filing Documents

• sibn-20240630.htm (10-Q) — 1129KB
• sibn-ex311_630202410xq.htm (EX-31.1) — 13KB
• sibn-ex312_630202410xq.htm (EX-31.2) — 13KB
• sibn-ex321_630202410xq.htm (EX-32.1) — 9KB
• 0001459839-24-000065.txt ( ) — 6283KB
• sibn-20240630.xsd (EX-101.SCH) — 38KB
• sibn-20240630_cal.xml (EX-101.CAL) — 64KB
• sibn-20240630_def.xml (EX-101.DEF) — 170KB
• sibn-20240630_lab.xml (EX-101.LAB) — 599KB
• sibn-20240630_pre.xml (EX-101.PRE) — 399KB
• sibn-20240630_htm.xml (XML) — 849KB

-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) 8 Notes to Condensed Consolidated Financial Statements (Unaudited) 9 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 24 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 35 Item 4.

Controls and Procedures

Controls and Procedures 36

-OTHER INFORMATION

PART II-OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 36 Item 1A.

Risk Factors

Risk Factors 37 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 37 Item 3. Defaults Upon Senior Securities 37 Item 4. Mine Safety Disclosures 37 Item 5. Other Information 37 Item 6. Exhibits 38

SIGNATURES

SIGNATURES 39 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 a series of patented titanium implants and the instruments used to implant them, as well as implantable bone products; our ability to develop and commercialize additional revenue opportunities, including new indicati

-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) June 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 25,577 $ 33,271 Short-term investments 125,950 132,748 Accounts receivable, net of allowance for credit losses of $ 1,291 and $ 1,118 , respectively 24,796 21,953 Inventory 23,233 20,249 Prepaid expenses and other current assets 2,777 3,173 Total current assets 202,333 211,394 Property and equipment, net 19,108 16,000 Operating lease right-of-use assets 2,079 2,706 Other non-current assets 323 325 TOTAL ASSETS $ 223,843 $ 230,425 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 7,180 $ 4,588 Accrued liabilities and other 13,496 17,452 Operating lease liabilities, current portion 1,384 1,416 Total current liabilities 22,060 23,456 Long-term borrowings 36,149 36,065 Operating lease liabilities, net of current portion 887 1,511 Other long-term liabilities 14 18 TOTAL LIABILITIES 59,110 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; 41,510,811 and 40,693,299 shares issued and outstanding, respectively 4 4 Additional paid-in capital 584,786 569,477 Accumulated other comprehensive income 227 335 Accumulated deficit ( 420,284 ) ( 400,441 ) TOTAL STOCKHOLDERS' EQUITY 164,733 169,375 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 223,843 $ 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Reven