Delaware | 001-38701 | 26-2216351 | ||
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock, par value $0.0001 per share | SIBN | The Nasdaq Global Market |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Exhibit No. | Description | |
99.1 |
SI-BONE, INC. | |||
Date: | August 6, 2019 | By: | /s/ Laura A. Francis |
Laura A. Francis | |||
Chief Operating Officer and Chief Financial Officer | |||
(Principal Financial and Accounting Officer) |
• | Revenue of $16.3 million for the second quarter 2019, representing a 19% increase over second quarter 2018 |
• | U.S. revenue of $15.0 million for the second quarter 2019, representing a 24% increase over second quarter 2018 |
• | Surpassed 40,000 iFuse procedures performed by more than 1,900 surgeons worldwide |
• | Submitted for publication 5-year follow-up results from LOIS, a long-term prospective study, demonstrating durability of the clinical benefits related to the iFuse procedure |
• | Launched iFuse Bedrock technology in the United States, encompassing fusion to augment stabilization of the sacroiliac joint in long-construct procedures |
• | Welcomed Mark Foley and Heyward Donigan to the board of directors |
• | Promoted Laura Francis to Chief Operating Officer in addition to her current responsibilities as Chief Financial Officer |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Revenue | $ | 16,317 | $ | 13,663 | $ | 31,308 | $ | 26,375 | ||||||||
Cost of goods sold | 1,588 | 1,182 | 3,114 | 2,230 | ||||||||||||
Gross profit | 14,729 | 12,481 | 28,194 | 24,145 | ||||||||||||
Gross margin | 90 | % | 91 | % | 90 | % | 92 | % | ||||||||
Operating expenses: | ||||||||||||||||
Sales and marketing | 16,727 | 10,318 | 32,542 | 21,285 | ||||||||||||
Research and development | 1,946 | 1,296 | 3,629 | 2,502 | ||||||||||||
General and administrative | 4,194 | 2,564 | 8,960 | 4,972 | ||||||||||||
Total operating expenses | 22,867 | 14,178 | 45,131 | 28,759 | ||||||||||||
Loss from operations | (8,138 | ) | (1,697 | ) | (16,937 | ) | (4,614 | ) | ||||||||
Interest and other income (expense), net: | ||||||||||||||||
Interest income | 695 | 68 | 1,439 | 130 | ||||||||||||
Interest expense | (1,233 | ) | (1,269 | ) | (2,463 | ) | (2,544 | ) | ||||||||
Other expense, net | 22 | (249 | ) | (38 | ) | (320 | ) | |||||||||
Net loss | $ | (8,654 | ) | $ | (3,147 | ) | $ | (17,999 | ) | $ | (7,348 | ) | ||||
Net loss per share, basic and diluted | $ | (0.35 | ) | $ | (0.87 | ) | $ | (0.74 | ) | $ | (2.04 | ) | ||||
Weighted-average number of common shares used to compute basic and diluted net loss per share | 24,577,938 | 3,608,283 | 24,484,608 | 3,603,308 |
June 30, | December 31, | |||||||
2019 | 2018 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 11,496 | $ | 25,120 | ||||
Short-term investments | 91,780 | 97,103 | ||||||
Accounts receivable, net | 9,404 | 8,486 | ||||||
Inventory | 4,436 | 3,343 | ||||||
Prepaid expenses and other current assets | 1,902 | 1,990 | ||||||
Total current assets | 119,018 | 136,042 | ||||||
Long-term investments | 5,262 | — | ||||||
Property and equipment, net | 2,532 | 2,154 | ||||||
Other non-current assets | 310 | 325 | ||||||
TOTAL ASSETS | $ | 127,122 | $ | 138,521 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 2,450 | $ | 2,146 | ||||
Accrued liabilities and other | 7,469 | 6,860 | ||||||
Total current liabilities | 9,919 | 9,006 | ||||||
Long-term borrowings | 39,093 | 38,963 | ||||||
Other long-term liabilities | 363 | 360 | ||||||
TOTAL LIABILITIES | 49,375 | 48,329 | ||||||
Stockholders' Equity: | ||||||||
Common stock and additional paid-in capital | 252,407 | 246,930 | ||||||
Accumulated other comprehensive income | 516 | 439 | ||||||
Accumulated deficit | (175,176 | ) | (157,177 | ) | ||||
TOTAL STOCKHOLDERS' EQUITY | 77,747 | 90,192 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 127,122 | $ | 138,521 |