Summary of SI-BONE (SIBN) Conference Call - May 13, 2025 Company Overview - **Company**: SI-BONE (SIBN) - **Industry**: Medical Devices, specifically focused on spinal and orthopedic solutions Key Financial Highlights - **Q1 Revenue Growth**: 25% overall, with 27% growth in the US [3][6] - **Volume Growth**: 27% increase in volume, broad-based across all modalities [3][5] - **Active Physicians**: Added 300 active physicians in Q1, reaching a record of over 1,400 [4][5] - **Gross Margin**: Close to 80%, with an 80 basis point improvement [5][22] - **Adjusted EBITDA**: Positive for the second consecutive quarter [6][30] - **Cash Burn**: Declined by approximately 32% [6] Market and Product Insights - **Total Addressable Market (TAM)**: - SI joint dysfunction: $2.5 billion - Pelvic fixation: $1 billion - Trauma market: $300 million [9][10] - **Core Business**: SI joint dysfunction remains the largest segment, with new product launches contributing to growth [10][11] - **New Product Launches**: - Torque (2021) and Intra (2024) have been significant growth drivers [10][11] - Upcoming product targeting SI joint dysfunction expected in Q1 2026 [11][54] Guidance and Future Outlook - **Guidance Approach**: Conservative, with a thoughtful approach to setting expectations for the remainder of 2025 [14][16] - **Long-term Growth Drivers**: - Technology leadership and physician engagement for new products [15][16] - Reimbursement tailwinds from NTAP and TPT [15][16] - **Q2 and Q3 Expectations**: Anticipated variability due to seasonal factors and macroeconomic conditions [20][21] Operational Efficiency - **Operating Leverage**: Revenue growth has consistently outpaced operating expense growth, with a target of 1.75x revenue to OpEx growth [30][32] - **R&D Investments**: Continued focus on R&D for new products, with elevated spending expected [31][34] Physician Engagement Metrics - **Active Physician Growth**: Four years of double-digit growth, doubling the active physician base over the last two years [39][40] - **Procedure Volume**: 30% increase in same-store sales for procedures performed by existing physicians [42] Interventional Strategy - **Interventional Market Engagement**: Focus on interventional spine physicians, with successful product launches leading to increased adoption [46][48] - **New Product for Interventionalists**: Expected to simplify workflows and attract new interventionalists [49][51] Pipeline Products - **Upcoming Products**: - SI joint dysfunction product expected in Q1 2026 [54][56] - Third BDD product in development, targeting pressing issues in the spine industry [54][55] Conclusion - **Overall Performance**: Strong Q1 results provide a solid foundation for continued growth, with a focus on expanding physician engagement and product offerings in the medical device market [6][15]