Benzinga -
- SI-BONE Inc (NASDAQ: SIBN) reported a Q4 EPS loss of $(0.32), beating the consensus of $(0.40) and sales of $31.95 million, slightly ahead of the consensus of $31.22 million.
- Refinanced existing $35 million term loan with a new $51 million credit facility, including a $36 million term loan and a $15 undrawn revolving credit facility
- The company reported over 920 active surgeons in the fourth quarter of 2022, up 33% Y/Y.
- It surpassed 80,000 procedures performed by over 3,000 surgeons worldwide.
- SI-BONE sees 2023 revenues of $124-$127 million compared to the consensus of $125.26 million.
- Cantor Fitzgerald views the FY23 guidance as conservative. But retains a bullish view on the Overweight rating with a price target of $24, up from $22.
- The analyst writes that in 2023, SIBN should benefit from the following:
- Favorable CMS reimbursement rates (+~30%) should alleviate historical pricing pressures on surgical centers.
- Rightsized inventory to meet granite demand in the adult deformity space.
- Incremental sales from TORQ in pelvic ring fracture procedure.
- Needham reiterates a Buy rating with a price target of $24, up from $20.
- The analyst writes that SIBN's core iFuse business remains strong, with procedure volume growth improving to 33% Y/Y in 4Q22 from 25% in the prior quarter.
- The guidance assumes low- to mid-20% procedure volume growth in 2023 by Needham estimate. Cash burn improved sequentially, and management expects adjusted EBITDA loss to improve throughout 2023.
- Price Action: SIBN shares are up 21.46% at $20.58 on the last check Tuesday.
| Mar 2022 | Morgan Stanley | Maintains | Overweight | |
| Jan 2022 | B of A Securities | Maintains | Buy | |
| Dec 2021 | Truist Securities | Maintains | Buy |
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