SI-BONE, Inc., a medical device company specializing in musculoskeletal disorders, reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company achieved revenues of $40.34 million for the three months ended September 30, 2024, marking a 19% increase from $34.01 million in the same period of 2023. For the nine months ended September 30, 2024, total revenue reached $118.18 million, up 18% from $100.03 million in the prior year. This growth was primarily driven by increased case volumes and an expanded product portfolio, particularly in the U.S. market, which accounted for 95% of total revenue.

Gross profit for the third quarter was $31.90 million, maintaining a gross margin of 79%, consistent with the previous year. However, gross profit for the nine-month period was $93.34 million, reflecting a slight decrease in gross margin to 79% from 81% in 2023, attributed to changes in product mix.

Despite the revenue growth, SI-BONE reported a net loss of $6.58 million for the third quarter, an improvement from a net loss of $10.02 million in the same quarter of 2023. For the nine months ended September 30, 2024, the net loss was $26.42 million, down from $32.35 million in the prior year. The company’s operating loss also decreased, indicating improved operational efficiency.

Total current assets as of September 30, 2024, were $203.70 million, down from $211.39 million at the end of 2023, while total assets decreased slightly to $226.99 million. Cash and cash equivalents were reported at $30.23 million, a decline from $33.27 million at the end of 2023. The accumulated deficit increased to $426.86 million from $400.44 million.

In terms of strategic developments, SI-BONE launched the iFuse INTRA implantable bone product in January 2024 and has been actively expanding its sales force, which included 82 territory sales managers and 76 clinical support specialists as of September 30, 2024. The company also reported a joint development agreement with SeaSpine Orthopedics Corporation, which is no longer considered a related party as of October 2023.

The company’s financial position remains stable, with sufficient cash and marketable securities to fund operations for the next 12 months. However, it faces ongoing challenges, including a civil investigative demand from the U.S. Department of Justice regarding potential violations of the Anti-Kickback Statute.