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SI-BONE, Inc. Reports Second Quarter 2020 Financial Results

SANTA CLARA, Calif., Aug. 03, 2020 (GLOBE NEWSWIRE) -- SI-BONE, Inc. (Nasdaq:SIBN), a medical device company dedicated to solving musculoskeletal disorders of the sacropelvic anatomy, today reported financial results for the quarter ended June 30, 2020.
Recent Highlights

Revenue of $14.0 million for the second quarter 2020, representing a 14% decrease over the corresponding period in 2019



U.S. revenue of $13.2 million for the second quarter 2020, representing a 12% decrease over the corresponding period in 2019



Completed debt refinancing of $40.0 million term loan



Obtained positive coverage by Aetna, the third largest commercial health plan in the United States with over 22 million members

"Given these uncertain times, I could not be prouder of the SI-BONE team and their resilience. I am confident that once the public health emergency subsides, we will emerge from this period an even stronger company,a?? said Jeffrey Dunn, President, CEO and Chairman. "While the COVID-19 pandemic has created a material headwind to the U.S. economy and healthcare industry, the SI-BONE team has risen to the challenge and faced it head on. Whether that is increasing covered lives, holding a significant number of virtual surgeon training sessions and supporting surgeons particularly in June with the return of postponed and new cases, we believe our execution in the second quarter of 2020 speaks to the durability and the growth potential of the business long-term.a??Second Quarter 2020 Financial ResultsRevenue was $14.0 million in the second quarter 2020, a 14% decrease from $16.3 million in the corresponding prior period in 2019.A U.S. revenue for the second quarter 2020 was $13.2 million, a 12% decrease from $15.0 million in the corresponding prior period in 2019. International revenue for the second quarter 2020 was $0.8 million, a 36% decrease from $1.3 million in the corresponding period in 2019. The overall decrease in revenue, both U.S. and international, resulted from the decline in case volumes due to the negative effects of the COVID-19 pandemic.
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