$SIBN
SI-BONE Inc

2023 Q2 Form 10-Q Financial Statement

#000145983923000063 Filed on May 02, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $33.31M $32.71M $22.44M
YoY Change 30.17% 45.76% 9.77%
Cost Of Revenue $6.318M $5.924M $2.983M
YoY Change 82.34% 98.59% 35.59%
Gross Profit $26.99M $26.78M $19.46M
YoY Change 22.0% 37.66% 6.65%
Gross Profit Margin 81.03% 81.89% 86.71%
Selling, General & Admin $35.29M $34.79M $32.74M
YoY Change -3.37% 6.24% 21.9%
% of Gross Profit 130.78% 129.88% 168.3%
Research & Development $3.656M $3.291M $3.580M
YoY Change 5.12% -8.07% 21.15%
% of Gross Profit 13.55% 12.29% 18.4%
Depreciation & Amortization $1.200M $1.086M $713.0K
YoY Change 51.52% 52.31% 109.71%
% of Gross Profit 4.45% 4.05% 3.66%
Operating Expenses $38.95M $38.08M $36.32M
YoY Change -2.63% 4.83% 21.82%
Operating Profit -$11.96M -$11.29M -$16.87M
YoY Change -33.1% -33.05% 45.73%
Interest Expense $850.0K $838.0K $561.0K
YoY Change -274.9% 49.38% -47.27%
% of Operating Profit
Other Income/Expense, Net $25.00K $74.00K -$54.00K
YoY Change -117.12% -237.04% -116.07%
Pretax Income -$11.21M -$11.13M -$17.41M
YoY Change -39.47% -36.1% 42.24%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$11.21M -$11.13M -$17.41M
YoY Change -39.47% -36.1% 42.22%
Net Earnings / Revenue -33.65% -34.01% -77.59%
Basic Earnings Per Share -$0.30 -$0.32 -$0.52
Diluted Earnings Per Share -$0.30 -$0.32 -$0.52
COMMON SHARES
Basic Shares Outstanding 35.18M shares 34.99M shares 33.79M shares
Diluted Shares Outstanding 37.86M shares 34.92M shares 33.79M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $169.4M $85.97M $130.7M
YoY Change 48.09% -34.24% -29.35%
Cash & Equivalents $110.8M $22.97M $27.33M
Short-Term Investments $58.62M $63.00M $103.4M
Other Short-Term Assets $2.135M $2.045M $3.143M
YoY Change -8.17% -34.93% 20.88%
Inventory $20.55M $17.79M $14.71M
Prepaid Expenses
Receivables $20.42M $22.60M $12.68M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $212.5M $128.4M $161.3M
YoY Change 43.27% -20.38% -22.51%
LONG-TERM ASSETS
Property, Plant & Equipment $17.58M $16.63M $10.28M
YoY Change 0.91% 61.82% 41.06%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $340.0K $374.0K $395.0K
YoY Change -11.69% -5.32% 7.92%
Total Long-Term Assets $21.29M $20.68M $15.59M
YoY Change 19.57% 32.63% 103.74%
TOTAL ASSETS
Total Short-Term Assets $212.5M $128.4M $161.3M
Total Long-Term Assets $21.29M $20.68M $15.59M
Total Assets $233.8M $149.1M $176.8M
YoY Change 40.73% -15.7% -18.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.157M $5.331M $4.998M
YoY Change 19.76% 6.66% -3.57%
Accrued Expenses $10.64M $9.896M $9.169M
YoY Change 7.27% 7.93% -6.95%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $18.20M $16.63M $15.45M
YoY Change 9.18% 7.6% 12.73%
LONG-TERM LIABILITIES
Long-Term Debt $35.98M $35.94M $35.02M
YoY Change 2.58% 2.61% -11.43%
Other Long-Term Liabilities $24.00K $26.00K $45.00K
YoY Change -99.33% -42.22% -94.66%
Total Long-Term Liabilities $36.00M $35.96M $35.07M
YoY Change -6.83% 2.55% -13.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.20M $16.63M $15.45M
Total Long-Term Liabilities $36.00M $35.96M $35.07M
Total Liabilities $56.42M $55.12M $54.41M
YoY Change 2.0% 1.3% 0.59%
SHAREHOLDERS EQUITY
Retained Earnings -$379.4M -$368.2M -$313.3M
YoY Change 17.55% 30.96%
Common Stock $4.000K $3.000K $3.000K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $177.4M $93.96M $122.4M
YoY Change
Total Liabilities & Shareholders Equity $233.8M $149.1M $176.8M
YoY Change 40.73% -15.7% -18.03%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$11.21M -$11.13M -$17.41M
YoY Change -39.47% -36.1% 42.22%
Depreciation, Depletion And Amortization $1.200M $1.086M $713.0K
YoY Change 51.52% 52.31% 109.71%
Cash From Operating Activities -$3.590M -$10.75M -$13.51M
YoY Change -75.81% -20.42% 44.37%
INVESTING ACTIVITIES
Capital Expenditures $2.714M $2.579M $2.274M
YoY Change -235.63% 13.41% 15.08%
Acquisitions
YoY Change
Other Investing Activities $4.995M $14.28M -$20.33M
YoY Change -61.51% -170.24% 294.83%
Cash From Investing Activities $2.281M $11.70M -$22.61M
YoY Change -79.22% -151.76% 217.44%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $35.28M $0.00
YoY Change
Cash From Financing Activities 89.12M $1.205M $169.0K
YoY Change 7151.67% 613.02% -71.88%
NET CHANGE
Cash From Operating Activities -3.590M -$10.75M -$13.51M
Cash From Investing Activities 2.281M $11.70M -$22.61M
Cash From Financing Activities 89.12M $1.205M $169.0K
Net Change In Cash 87.81M $2.252M -$36.09M
YoY Change -3432.6% -106.24% 122.54%
FREE CASH FLOW
Cash From Operating Activities -$3.590M -$10.75M -$13.51M
Capital Expenditures $2.714M $2.579M $2.274M
Free Cash Flow -$6.304M -$13.33M -$15.79M
YoY Change -50.9% -15.55% 39.27%

Facts In Submission

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CY2022Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2023Q1 us-gaap Nature Of Operations
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The Company and Nature of Business<div style="margin-top:6pt;text-align:justify;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">SI-BONE, Inc. (the “Company”) was incorporated in the state of Delaware on March 18, 2008 and is headquartered in Santa Clara, California. The Company is a medical device company that has pioneered a proprietary minimally invasive surgical implant system to fuse the sacroiliac joint for treatment of musculoskeletal disorders of the sacropelvic anatomy. The Company introduced its first generation iFuse implant in 2009 in the U.S., in 2010 in certain countries in the European Union, and in 2015 in certain countries in the rest of the world. The second generation iFuse implant, iFuse-3D, was introduced in 2017 followed by iFuse-TORQ in 2021 and iFuse Bedrock Granite in 2022.</span></div><div style="margin-bottom:12pt;margin-top:9pt;text-align:justify;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Risks and Uncertainties</span></div><div style="text-align:justify;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The Company is subject to uncertainties related to liquidity, the ability to meet covenants and access to funding for its capital needs as the financial service industry has experienced disruptions characterized by the bankruptcy, failure, collapse or sale of various financial institutions. The Company’s cash and cash equivalents are primarily invested in deposits and money market accounts with two major financial institutions in the U.S. Deposits in these banks may exceed the federally insured limits or any other insurance provided on such deposits, if any. The Company had accounts with Silicon Valley Bank (“SVB”). On March 10, 2023, California regulators shut down SVB and the FDIC was appointed as SVB’s receiver. On March 26, 2023, the FDIC announced that it had entered into a purchase and assumption agreement with First-Citizens Bank &amp; Trust Company (“First-Citizens”) under which all deposits of the former Silicon Valley Bank were assumed by First-Citizens.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">First-Citizens acquired the rights as lender under the Company’s Loan and Security Agreement as amended. To date, the Company has not experienced any losses on its deposits of cash, cash equivalents and marketable securities and continues to have access to these funds.</span></div><div style="text-align:justify;text-indent:24.75pt"><span><br/></span></div><div style="text-align:justify;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The Company is subject to continuing risk and uncertainties resulting from the COVID-19 pandemic. The COVID-19 pandemic has impacted our supply chain and also caused delays or cancellations of our procedures. Continuing or future outbreaks of COVID-19 or other public health concerns could contribute to health systems diverting resources to respond to COVID-19 which could lead to scheduling delays or cancellations of our procedures. Continuing or future outbreaks could also cause or exacerbate supply chain shortages.</span></div><div style="text-align:justify;text-indent:24.75pt"><span><br/></span></div><div style="text-align:justify;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">As such the Company's future results of operations and liquidity could be adversely impacted by a variety of factors related to uncertainties in the financial services industry and new or ongoing impacts of the COVID-19 pandemic, including those discussed in the section titled "Risk Factors" in this report. As of the date of issuance of these condensed consolidated financial statements, the extent to which the COVID-19 pandemic, economic disruption that has resulted from the pandemic and measures taken to stabilize economies during the pandemic, global supply chain issues and uncertainties of the financial services industry may materially impact the Company's financial condition, liquidity, or results of operations remains uncertain.</span></div>
CY2023Q1 us-gaap Use Of Estimates
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Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Significant accounting estimates and management judgments reflected in the condensed consolidated financial statements primarily includes the fair value of performance-based restricted stock unit awards. Estimates are based on historical experience, where applicable and other assumptions believed to be reasonable by the management. Actual results could differ from those estimates.
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CY2023Q1 us-gaap Income Tax Expense Benefit
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