SI-BONE Inc. (NASDAQ: SIBN) stock soared by 0.95% at last close whereas the SIBN stock price plunge by 6.54% in the pre-market trading session. SI-BONE is a world pioneer in surgical technology for musculoskeletal diseases of the sacropelvic anatomy.
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SIBN stock, Financial Highlights
Si-Bone announced its second-quarter 2021 financial outcomes. Given below is the summary:
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- For the second quarter of 2021, worldwide revenue was $22.2 million, a rise of 58 percent from $14.0 million in the same time of 2020. Revenue in the United States was $20.2 million in the second quarter of 2021, up 53 percent from $13.2 million in the same period in 2020.
- The increased cost of operations to fund the business’s development were offset by reduced inventory write-downs, resulting in a gross margin of 89 percent in the second quarter of 2021, compared to 85 percent in the same period of 2020.
- In Q2 of 2021, operating expenditures grew by 49% to $32.8 million, compared to $22.1 million in the same period of 2020.
- In the second quarter of 2021, the operational loss was $13.0 million, relative to an operating loss of $10.1 million in Q2 of 2020.
- For Q2 2021, the company lost $14.0 million, or $0.42 per diluted share, relative to $12.5 million, or $0.44 per diluted share, in the same period of the previous year.
- As of June 30, 2021, cash and cash equivalents were $176.6 million, with long-term borrowings totaling $39.6 million.
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Significant Development
Anthem, Inc. will support minimally invasive SI joint fusion solely when conducted with the iFuse system of triangular titanium implants, according to SI-BONE which is a Silicon Valley-based medical technology firm. Anthem has implemented medical necessity standards from AIM Specialty Health which is a subsidiary specialty benefit management firm, which approves minimally invasive SI joint fusion just when iFuse (titanium triangular implants) are utilized.
The new policy covers chronic sacroiliac joint discomfort and functional impairment if specific conditions are satisfied, thereby making the iFuse Implant System practically universally covered.