(RTTNews) - Shares of SI-BONE Inc. (SIBN) are down nearly 32 percent from a high of $23.03 recorded on January 16, 2019, and trade around $15.
It was on this day last year, i.e. October 17, 2018, that SI-BONE went public on the Nasdaq Global Market by setting a public offering at $15 per share.
SI-BONE is a medical device company, and a pioneer in iFuse, a minimally invasive surgical implant system, intended to fuse the sacroiliac joint to treat sacroiliac joint dysfunction that often causes severe lower back pain.
It is estimated that nearly 40 million American adults have chronic lower back pain. Pain medications like NSAIDs, oral steroids, acetaminophen, narcotic drugs, muscle relaxants, and anti-depressants are used to treat lower back pain. iFuse is an option for patients who have failed non-surgical treatment options, and since its introduction in 2009, more than 40,000 procedures have been performed, according to the Company.
A number of government and private insurance payors offer exclusive reimbursement policies for the iFuse Implant System. About 33 U.S. commercial health insurance plans "exclusively" cover the iFuse Implant System, and the Company has over 266 million covered lives in the United States.
There are 450 U.S. surgeons who have been trained on, and actively use, the iFuse Implant System, and the Company expects to increase this number by 100 to 550.
SI-BONE has grown its revenue over the years at a decent pace - $42 million in 2016, $47.9 million in 2017, $55.4 million in 2018, and $31.3 million in the first half of 2019.
For full-year 2019, the Company expects revenue to be in the range of $65.0 million to $66.5 million, representing growth of 17-20% over full-year 2018 revenue.
The Company is scheduled to report third-quarter financial results in the last week of November. The analysts' consensus revenue forecast for the quarter is $16.27 million. Revenue was $13.4 million for the third quarter of 2018.
SIBN has traded in a range of $14.08 to $23.03 in the last 1 year. The stock closed Wednesday's (Oct.16) trading at $15.75, down 2.72%.