SI-BONE(US:SIBN)2025-05-06 20:05Financial Performance - Revenue for Q1 2025 was $47.29 million, a 25% increase from $37.87 million in Q1 2024[16] - Gross profit for Q1 2025 was $37.70 million, compared to $29.87 million in Q1 2024, reflecting a gross margin improvement[16] - Net loss for Q1 2025 was $6.54 million, an improvement from a net loss of $10.90 million in Q1 2024[16] - The company reported a comprehensive loss of $6.47 million for Q1 2025, compared to a comprehensive loss of $10.97 million in Q1 2024[16] - Revenue for the three months ended March 31, 2025, was $47.29 million, a 25% increase from $37.87 million in the same period of 2024[30] - U.S. revenue accounted for $44.84 million, representing a 27% increase from $35.43 million in the prior year[30] - International revenue was $2.45 million, slightly up from $2.44 million year-over-year, accounting for less than 10% of total revenue[30] - The net loss for the three months ended March 31, 2025, was $6.542 million, compared to a net loss of $10.904 million for the same period in 2024, representing a 40.5% improvement[69] Assets and Liabilities - Total current assets decreased to $204.20 million as of March 31, 2025, down from $207.78 million at the end of 2024[15] - Cash and cash equivalents increased to $41.19 million at the end of Q1 2025, up from $34.95 million at the end of 2024[15] - As of March 31, 2025, total marketable securities amounted to $137.74 million, a decrease from $142.42 million as of December 31, 2024[34] - Accrued liabilities decreased to $15.16 million as of March 31, 2025, down from $19.49 million at the end of 2024[40] - Outstanding borrowings from the term loan remained constant at $36 million as of March 31, 2025, with net outstanding debt of $35.481 million after accounting for debt issuance costs[52] Inventory and Expenses - Inventory increased to $30.38 million as of March 31, 2025, compared to $27.07 million at the end of 2024[15] - Inventory as of March 31, 2025, included finished goods of $26.4 million and work-in-progress of $4.0 million, compared to $24.0 million and $3.1 million respectively at the end of 2024[38] - Operating expenses for Q1 2025 totaled $45.18 million, up from $41.91 million in Q1 2024, driven by increased sales and marketing expenses[16] - Depreciation expense for the three months ended March 31, 2025, was $1.3 million, compared to $1.1 million for the same period in 2024[39] - Operating lease expense decreased slightly from $383,000 in Q1 2024 to $311,000 in Q1 2025, while total lease expense remained stable at $521,000[44] Stock and Compensation - As of March 31, 2025, the Company had 1,021,086 stock options outstanding with a weighted average exercise price of $11.10[58] - The total number of stock options outstanding decreased to 1,021,086 as of March 31, 2025, from 1,158,816 in the same period of 2024[70] - Stock-based compensation expense for the three months ended March 31, 2025, totaled $6.663 million, a decrease of 5.2% from $7.030 million in the same period of 2024[67] - As of March 31, 2025, the outstanding RSUs increased to 2,709,262 with a weighted average grant date fair value of $17.61, while PSUs outstanding reached 785,457 with a weighted average grant date fair value of $16.17[63] Future Outlook and Strategy - The company expects to derive a significant portion of future revenue from new products addressing sacropelvic anatomy[10] - The company is focused on retaining and growing its sales team to meet product demand and enhance market presence[10] - The Company launched new products including iFuse INTRA and iFuse TORQ TNT in 2024, expanding its titanium implant product lines[1] Regulatory and Compliance - The Company is currently cooperating with a civil investigative demand from the U.S. Department of Justice regarding potential violations of the Anti-Kickback Statute, which may have a material impact on its business[50] - The Company is evaluating the impacts of new accounting standards ASU 2023-09 and ASU 2024-03 on its disclosures[31][32] Debt and Interest - The effective interest rates for the term loan were 7.3% for Q1 2025, down from 9.3% in Q1 2024[57] - The Company entered into a Third Amendment to its Loan and Security Agreement, extending a new term loan of $36 million with a maturity date set for September 1, 2029[55] - Interest on the Third Amendment Term Loan is payable monthly at a floating annual rate, which may increase with rising interest rates, but the Company believes its exposure to interest rate risk is not significant[136] Investment Strategy - The Company continues to focus on capital preservation and liquidity requirements in its investment strategy, with no investments made for trading or speculative purposes[135] - The Company has purchase commitments related to inventory management amounting to $600,000 as of March 31, 2025, up from $400,000 at the end of 2024[45]