SI-BONE(US:SIBN)2023-11-07 21:07Financial Performance - Revenue for Q3 2023 was $34.014 million, a 28.8% increase from $26.432 million in Q3 2022[18] - Gross profit for Q3 2023 was $26.973 million, compared to $22.264 million in Q3 2022, reflecting a gross margin improvement[18] - Net loss for Q3 2023 was $10.022 million, an improvement from a net loss of $14.158 million in Q3 2022[18] - Net loss for the nine months ended September 30, 2023, was $32.353 million, a decrease from $50.081 million in the same period of 2022, representing a 35.3% improvement[25] - For the three months ended September 30, 2023, the net loss was $10,022,000, compared to a net loss of $14,158,000 for the same period in 2022, representing a 29.8% improvement[78] - The net loss per share, basic and diluted, improved to $0.25 in Q3 2023 from $0.41 in Q3 2022, indicating a 39.0% reduction in loss per share[78] Assets and Equity - Total current assets increased to $211.019 million as of September 30, 2023, up from $137.611 million at the end of 2022[16] - Total stockholders' equity rose to $173.600 million as of September 30, 2023, compared to $98.302 million at the end of 2022[16] - Cash and cash equivalents increased to $53.492 million as of September 30, 2023, compared to $20.717 million at the end of 2022[16] - Cash and cash equivalents at the end of the period were $53.492 million, up from $26.299 million at the end of September 2022, indicating a 103.5% increase[25] - Total stockholders' equity as of September 30, 2022, was $102.828 million, down from $134.420 million as of December 31, 2021, reflecting a decrease of 23.5%[22] Operating Expenses - Operating expenses for Q3 2023 were $38.142 million, up from $35.830 million in Q3 2022, driven by increased sales and marketing efforts[18] - Total stock-based compensation expense for the three months ended September 30, 2023, was $5,928,000, slightly up from $5,922,000 in Q3 2022[76] - Research and development expenses included $699,000 in stock-based compensation for Q3 2023, compared to $672,000 in Q3 2022, marking a 4.0% increase[76] Revenue Sources - Revenue from the United States was $32.3 million for the three months ended September 30, 2023, compared to $24.627 million in the same period of 2022, reflecting a growth of 31.3%[39] - International revenue accounted for less than 10% of total revenue, with $1.714 million for the three months ended September 30, 2023, down from $1.805 million in the same period of 2022[39] Product Development and Strategy - The company expects to continue diversifying its product mix and developing new revenue opportunities[11] - The company is focused on retaining and growing its sales team to meet product demand[11] - The company introduced new products including the iFuse Bedrock Granite in 2022, expanding its product line for minimally invasive surgical implants[27] Cash Flow and Financing - The company raised $83.671 million in net proceeds from a public offering of 3,775,000 shares at a price of $22.00 per share in May 2023[28] - The company reported a net cash used in operating activities of $16.416 million for the nine months ended September 30, 2023, an improvement from $34.880 million in the same period of 2022[25] - Future results may be impacted by macroeconomic factors, with uncertainties regarding liquidity and access to funding for capital needs[30] Marketable Securities and Debt - Total marketable securities as of September 30, 2023, amounted to $152.021 million, up from $84.575 million as of December 31, 2022[43] - As of September 30, 2023, the company's outstanding debt from the term loan was $36.0 million, an increase from $35.0 million as of December 31, 2022[60] - The effective interest rate for the First-Citizens Term Loan was 9.3% for the three months ended September 30, 2023, compared to 8.3% for the same period in 2022[64] Stock Options and Compensation - The company granted 1,204,086 RSUs with an average grant date fair value of $16.85 during the nine months ended September 30, 2023[72] - The company had outstanding stock options totaling 1,216,841 shares as of September 30, 2023, with a weighted average exercise price of $10.84[67] - The total outstanding common stock warrants decreased from 118,122 as of December 31, 2022, to 85,139 as of September 30, 2023, due to the exercise of warrants[77] - The total stock options outstanding decreased from 1,921,065 in Q3 2022 to 1,216,841 in Q3 2023, reflecting a 36.6% reduction[80] Credit Quality and Risks - The allowance for credit losses increased to $750,000 as of September 30, 2023, from $400,000 at the end of 2022, indicating a provision of $352,000 during the period[51] - The company did not recognize any credit losses related to its investments during the nine months ended September 30, 2023, indicating stable credit quality[43] - The company has not experienced any losses on its deposits of cash, cash equivalents, and marketable securities despite the closure of Silicon Valley Bank[29] - The company anticipates challenges related to supply chain management and regulatory compliance impacting future performance[14]