SI-BONE (NYSE:SIBN) Q4 2018 Earnings Conference Call Transcript

Mar 07, 2019 • 04:30 pm ET

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SI-BONE (NYSE:SIBN) Q4 2018 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Good afternoon, and welcome to the SI-BONE's Fourth Quarter and Full Year 2018 Earnings Conference Call. At this time, all participants are in a listen-only mode. We will be felicitating a question-and-answer session towards the end of today's call. As a reminder, this call is being recorded for replay purposes.

I would now like to turn the call over to Carrie Mendivil from Gilmartin Group for a few introductory comments.

Executive
Carrie Mendivil

Thank you. Joining me today are Jeff Dunn, President and CEO of SI-BONE; and Laura Francis; Chief Financial Officer. Earlier today, SI-BONE released financial results for the quarter and full year ended December 31, 2018. A copy of the press release is available on the company's website.

Before we begin, I'd like to remind you that management will make statements during this call that include forward-looking statements within the meaning of federal securities law, which are made pursuant to the Safe Harbor provision of the Private Securities Litigation Reform Act of 1995. Any statements contained in this call that relate to expectations or predictions of future events, results or performance that are forward-looking statements. All forward-looking statements, including without limitation -- our examination of operating trends and our future financial expectations, which include expectations for hiring, active surgeons, reimbursement decisions and guidance for revenue are based upon our current estimation and various assumptions. These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated or implied by these forward-looking statements.

Accordingly, you should not place undue reliance on these statements. For a list and description of the risk and uncertainties associated with our business, please refer to the Risk Factors section of our most recent quarterly report on Form 10-Q filed with the securities and exchange commission on -- SI-BONE disclaims any intention or obligation except as required by law to update or revise any financial projections or forward-looking statements whether because of new information, future events or otherwise. This conference call contains time-sensitive information and is accurate only as of the live broadcast today March 7, 2019.

And with that, I'll turn the call over to Jeff.

Executive
Jeffrey W. Dunn

Thanks, Carrie. Good afternoon and thank you for joining us. I'm pleased to welcome you to SI-BONE's earnings call to review our fourth quarter and full year 2018 results. Our progress in 2018 was marked by consistent wins in the reimbursement front and ongoing investments in robust clinical data. We ended the year with $55.4 million in sales, up 15% compared to 2017. Revenue for the quarter was $15.6 million, up 13% compared to the fourth quarter of 2017. We are well positioned to continue this progress and are issuing 2019 revenue guidance in the range of $65 million to $66.5 million and a reflecting 17% to 20% growth over the prior year.

Looking ahead, increased commercial traction in the US will be driven by a few key factors; sales force expansion, surgeon training, adjacent market seg opportunities, incremental reimbursement coverage, supported by clinical