SI-BONE, Inc. reported its financial results for the third quarter ended September 30, 2024, on November 12, 2024. The company achieved worldwide revenue of $40.3 million, marking a 19% increase compared to the same period in 2023, with U.S. revenue growing 18% to $38.3 million.
The company demonstrated significant progress towards profitability, with its adjusted EBITDA loss improving by 94% to $0.2 million, compared to a $3.9 million loss in the prior year period. Net loss also improved by 34% to $6.6 million, or $0.16 per diluted share, from $10.0 million, or $0.25 per diluted share, in Q3 2023.
SI-BONE updated its 2024 worldwide revenue guidance to a range of $165 million to $166 million, implying annual growth of 19% to 20%. Management expressed confidence in achieving positive adjusted EBITDA in the fourth quarter of 2024, driven by robust demand trends for products like Granite 9.5 and TORQ TNT.
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