Benzinga | Aug 3, 2021 08:11AM EDT

SI-BONE Q2 Sales Beat Estimates But Higher Costs Hit Profitability, Maintains FY21 Revenue Outlook

* SI-BONE Inc (NASDAQ:SIBN) reported Q2 sales of $22.2 million, beating the consensus of $21.96 million, representing a 58% Y/Y increase over the COVID-19 impacted 2020 period.

* U.S. revenue of $20.2 million increased 53% Y/Y.

* A gross margin of 89% was up from 85% posted a year ago.

* SI-BONE had received exclusive coverage by Anthem Inc (NYSE:ANTM) for its minimally invasive SI joint fusion exclusively when performed with the iFuse system of the triangular titanium implant.

* Operating expenses increased 49% to $32.8 million, driven by increased sales hiring, research, and development costs for new product development costs.

* The company posted an operating loss of $(13) million compared to an operating loss of $(10.1) million a year ago.

* Net loss was $14.0 million, or $(0.42) per share, missing the consensus of $(0.39).

* Cash and marketable securities were $176.6 million, and long-term borrowings were $39.6 million.

* 2021 Financial Guidance: The company maintains the full year 2021 total revenue guidance to grow 25%-28% to $92 million - $94 million, compared to the consensus of $93.69 million.

* It is updating the gross margin guidance to 87% - 89%.

* Price Action: SIBN shares closed at $30.26 on Monday.