Sacropelvic device company SI-Bone reported this week that fourth-quarter revenue increased 12 percent year over year to $22.1 million.
Six notes:
1. Full-year revenue rose to $73.4, representing a 9 percent compared to 2019.
2. U.S. revenue in the fourth quarter increased 12 percent year over to $20.7 million. The company attributed the rise in case volume as the main driver for growth.
3. SI-Bone posted a net loss of $9 million for the fourth quarter, compared to $9.1 million for the same period in 2019.
4. Operating expenses in the fourth quarter rose 6 percent year over year to $27.7 million, compared to the same period for 2019. SI-Bone said the increase was driven by larger sales and marketing and research and development expenses.
5. "We continue to see strong underlying momentum in our business despite the lingering effects of the COVID-19 pandemic," Jeff Dunn, president, CEO and chairman of SI-Bone said in a March 8 news release. "We remain focused on executing our long-term strategic plan to drive growth and expand the market with our novel minimally invasive [sacroiliac] joint fusion therapy."
6. Laura Francis, SI-Bone's CFO and COO, will assume the role of CEO on May 1 or when a replacement CFO is hired. Mr. Dunn will remain with the company as executive chair.