SI-BONE’s Sales Accelerated in final 2024 Quarter

SI-BONE, Inc. reported $48 million in sales and an operating loss of $4.5 million for the quarter ending December 31, 2024. The full year 2024 revenue, which was in line with Wall Street’s expectations, was $167.2 million. SI-BONE’s management, however, brought more down to the bottom line than Wall Street expected for 2024.

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SI-BONE Reports Another Record Quarter

Laura Francis, chief executive officer of SI-BONE, reported a record $49 million in revenue to wrap up the final quarter of 2024. Worldwide revenue grew more than 26% while U.S. revenue increased by 28%—both outstanding sales growth rates.

She said the growth was “driven by strong demand for our innovative platform from now nearly 1,400 active physicians.”

She added there has been strong engagement with TORQ and INTRA and the launch of Granite 95 continues to be gaining support.

“These early demand indicators give us confidence that each of these solutions can be major growth drivers in 2025 and beyond,” she explained.

“Our academic programs remain a key contributor to our active physician growth. In 2024, revenue generated from physicians who were previously trained as residents and fellows grew by 70%, highlighting the outsized impact of these programs on adoption and revenue growth. The pace of our active user growth and increasing procedure density are strong leading indicators of future demand.”

Francis also announced that SI-BONE received breakthrough device designation from the U.S. Federal Drug Administration for another novel implant system for orthopedic and spine surgery.

Anshul Maheshwari, company chief financial officer, also shared the fiscal picture of the full year 2024.

SI-BONE generated $167.2 million worldwide during 2024 which was an increase of more than 20%.

U.S. revenue for the whole year was $158.4 million, an increase of more than 21%. Full year operating expenses grew 7% to $167.4 million and the net loss improved by almost 60%.

Maheshwari said that in 2025, they expect worldwide revenue to be in the range of $193.5 million to $195.5 million, which would be a year-over-year growth of approximately 16% to 17%.

Analysts Pushed for More Color on What to Expect in 2025

Craig Bijou with Bank of America asked for more details on how individual products will drive growth in 2025.

Francis said the company saw growth in all products including iFuse 3D, TORQ and INTRA. She added that the introduction of Granite 9.5 was also an important driver with around 130,000 procedures and that TNT is showing a lot of promise.

Bijou also asked for clarification on the guidance and the 16% to 17% growth for 2025 which is slightly lower than what guidance’s have been in the last few years.

Maheshwari explained that while they feel good about the business, they want to take a more balanced approach to the new fiscal year.

He said “while we are confident that we will capitalize on the demand for solutions across all our markets as we progress through the year, we want to grow into those opportunities as we go through the year because some of them will have an impact as we progress through the year, whether it’s the reimbursement tailwinds or the impact of rollout of surgical capacity.”

Caitlin Cronin with Canaccord Genuity asked for comments on Globus Medical’s intention to acquire Nevro [acquisition completed April 3, 2025] and if it could affect SI Bone in any way.

Francis said, “So we’ve been competing with Globus for many years at this point. And with the best commercial sales force, educational and advocacy infrastructure as well as our comprehensive product portfolio, we’re clearly the market leader for sacropelvic solutions, and that’s across surgeons and interventional spine physicians.”

“So we feel really good about our position. And as I said, Globus already has an SI joint solution, SI lock and if you look at the last few years with the addition of TORQ, we not only maintained our market leadership position, but we increased our overall market share.”

“So given our successful history for us, the deal doesn’t impact our strategy. If anything, it substantiates our strategy to expand our platform with the addition of differentiated and anatomy-specific solutions that can serve both surgeons and interventional.”