SI-Bone reported an increase in fourth quarter and full-year revenues for 2018.
Six things to know:
1. Full-year revenue jumped 15 percent to $55.4 million in 2018, while fourth quarter revenue was up 13 percent to $15.6 million. The full year success was driven by higher U.S. revenue, which increased 16 percent to $50.1 million.
2. Fourth quarter net loss hit $5.3 million, up from $4.9 million over the same period in 2017. Full-year net loss dropped from $23 million in 2017 to $17.5 million in 2018. SI-Bone also reported $12 million in operating loss for the full year.
3. As of Dec. 31, 2018, SI-Bone reported $122.2 million in cash, cash equivalents and short-term investments.
4. In 2019, SI-Bone expects revenue to hit $65 million to $66.5 million, which would be a 17 percent to 20 percent increase over 2018.
5. During 2018, several Blues plans released new payer polices to exclusively cover SI-Bone's iFuse, a minimally invasive sacroiliac joint fusion implant system.
6. SI-Bone recently earned FDA clearance for the iFuse Bedrock technique for adult deformity patients with SI joint dysfunction.
"We are entering 2019 in a strong competitive position and are continuing to strengthen our position as the market leader in sacro-pelvic solutions," said President, CEO and Chairman Jeffrey Dunn. "We remain confident that our focus on clinical data, education and innovation will continue to position the company for long-term success."