SI-BONE, Inc. reported a significant increase in revenue for the fiscal year ending December 31, 2024, achieving $167.2 million, a 20% rise from $138.9 million in 2023. The company’s gross profit also rose to $132.1 million, maintaining a consistent gross margin of 79%. Despite this revenue growth, SI-BONE continued to incur operating losses, reporting a net loss of $30.9 million, an improvement from the $43.3 million loss in the previous year. The accumulated deficit as of December 31, 2024, stood at $431.4 million.
The increase in revenue was primarily driven by a $27.8 million rise in U.S. sales, attributed to higher case volumes and an expanding base of active physicians. International sales also saw a modest increase of $0.5 million. Operating expenses rose to $167.4 million, up from $156.4 million in 2023, with notable increases in sales and marketing expenses, which grew by 6% to $117.1 million, and research and development expenses, which increased by 10% to $16.6 million. The company continues to invest in its commercial infrastructure and product development to support future growth.
Strategically, SI-BONE has expanded its product offerings, launching several new implants, including the iFuse INTRA and iFuse TORQ TNT in 2024. The company has also focused on enhancing its sales force, which included 87 territory sales managers and 71 clinical specialists in the U.S. as of December 31, 2024. The total number of trained physicians using SI-BONE products increased to over 3,200 in the U.S. and 1,100 internationally, reflecting the company's efforts to engage and educate healthcare professionals about its solutions.
Looking ahead, SI-BONE anticipates continued revenue growth driven by its expanding product portfolio and increased physician engagement. However, the company acknowledges potential challenges, including ongoing operating losses and the need for additional capital to support its growth initiatives. The financial landscape remains uncertain, particularly in light of potential economic downturns and changes in reimbursement policies that could impact demand for its products. The company plans to leverage its existing cash and marketable securities, totaling $150 million as of December 31, 2024, to navigate these challenges and fund its operations in the near term.
About SI-BONE, Inc.
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