These Analysts Cut Their Forecasts On SI-BONE Following Q2 Results

SI-BONE, Inc. SIBN reported a loss for the second quarter on Monday.

SI-BONE reported quarterly losses of 22 cents per share which beat the analyst consensus estimate of 28 cents per share. The company reported quarterly sales of $39.969 million which beat the analyst consensus estimate of $38.319 million, according to data from Benzinga Pro.

“I am delighted with our strong operating results as we delivered record revenue in the second quarter, reflecting overall strong demand dynamics including elevated interest in our recently launched Granite 9.5. Given the momentum in the business, we expect revenue growth to accelerate in the second half of 2024,” said Laura Francis, Chief Executive Officer. “Our ability to develop new markets with large unmet clinical needs is driving our U.S. procedure volume growth and expanding physician base. We also continue to make significant progress in improving our profitability and expect to achieve positive adjusted EBITDA in the fourth quarter.”

SI-BONE said it now expects 2024 worldwide revenue guidance to be in the range of $165 million to $167 million, an increase from the prior guidance of $164 million to $166 million.

SI-BONE shares fell 4.8% to close at $14.04 on Monday.

These analysts made changes to their price targets on SI-BONE following earnings announcement.

• Needham analyst David Saxon maintained SI-BONE with a Buy and lowered the price target from $27 to $19.
• Truist Securities analyst Samuel Brodovsky maintained the stock with a Buy and slashed the price target from $20 to $18.

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