SI-BONE, Inc. Files Q3 2024 10-Q Report

Ticker: SIBN · Form: 10-Q · Filed: 2024-11-12T00:00:00.000Z

Sentiment: neutral

Topics: 10-Q, financials, medical-devices

TL;DR

**SI-BONE Q3 10-Q FILED: Get the latest on their financials and operations.**

AI Summary

SI-BONE, Inc. filed its 10-Q for the period ending September 30, 2024. The filing covers the third quarter and the first nine months of the fiscal year. Key financial data and operational details for SI-BONE, Inc. are presented in this report.

Why It Matters

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

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.

Key Players & Entities

FAQ

What is the reporting period for this 10-Q filing?

The reporting period for this 10-Q filing is for the nine months ended September 30, 2024.

When was this 10-Q filing submitted to the SEC?

This 10-Q filing was submitted to the SEC on November 12, 2024.

What is SI-BONE, Inc.'s primary industry classification?

SI-BONE, Inc. is classified under SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841].

Where is SI-BONE, Inc. headquartered?

SI-BONE, Inc. is headquartered at 471 El Camino Real, Suite 101, Santa Clara, CA 95050.

What is the fiscal year end for SI-BONE, Inc.?

The fiscal year end for SI-BONE, Inc. is December 31.

Filing Stats: 4,629 words · 19 min read · ~15 pages · Grade level 17 · Accepted 2024-11-12 17:00:21

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) 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 38 Item 3. Defaults Upon Senior Securities 38 Item 4. Mine Safety Disclosures 38 Item 5. Other Information 39 Item 6. Exhibits 40

SIGNATURES

SIGNATURES 41 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) September 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 30,225 $ 33,271 Short-term investments 120,593 132,748 Accounts receivable, net of allowance for credit losses of $ 1,331 and $ 1,118 , respectively 24,909 21,953 Inventory 25,518 20,249 Prepaid expenses and other current assets 2,454 3,173 Total current assets 203,699 211,394 Property and equipment, net 20,748 16,000 Operating lease right-of-use assets 2,225 2,706 Other non-current assets 326 325 TOTAL ASSETS $ 226,998 $ 230,425 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 7,318 $ 4,588 Accrued liabilities and other 16,156 17,452 Operating lease liabilities, current portion 1,210 1,416 Total current liabilities 24,684 23,456 Long-term borrowings 36,192 36,065 Operating lease liabilities, net of current portion 1,135 1,511 Other long-term liabilities 13 18 TOTAL LIABILITIES 62,024 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; 41,790,410 and 40,693,299 shares issued and outstanding, respectively 4 4 Additional paid-in capital 591,247 569,477 Accumulated other comprehensive income 582 335 Accumulated deficit ( 426,859 ) ( 400,441 ) TOTAL STOCKHOLDERS' EQUITY 164,974 169,375 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 226,998 $ 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 September 30, Nine Months Ended September 30, 2024 202

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