SIBN - Earnings call transcript Q1 2022

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Operator

Good afternoon and welcome to SI-BONE's First Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode.

We will be facilitating 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 Matt Basco from the Gilmartin Group for introductory comments.

Matt Basco

in participating for you today's call. Thank

A are Maheshwari, Chief me results on the XX, the Laura is press SI-BONE Francis, Anshul and for XXXX. March ended Officer company's Executive quarter of Financial available financial the release Chief released Joining copy Officer. website. today, Earlier

differ undue risks materially reimbursement should not uncertainties to that you upon are the using these duration our various as to will Safe pandemic federal to pursuant you that within actual reliance statements call include management these begin, trial provisions those securities whether which make future. made company's will Harbor of the are laws, we our procedures material financial our and the hiring, Private that or Any of forward-looking based Before such Reform remind statements the I'd for perform to forward-looking of the like and Act training future this forward-looking to on statements. statements inherently and surgeons, the implied that decisions surgeon uncertainties. relate by events statements Securities active during new COVID-XX call operating patients Other or of products, involve meaning These statements pandemic this in and Accordingly, contained Litigation XXXX. results are impact events, and These risks expectations based assumptions. and could of and in involve physicians current anticipated risks the include place company's examination of trends COVID-XX the recur statements on expectations of or estimates and and have expectations the These and pandemic adoption on enrollment will include statements. COVID-XX future expectations ability statements. performance and the results are or of desire forward-looking the undergo cause from forward-looking products, and predictions clinical current

any new events Form statements, and to This risks intention with sensitive or business, And Securities forward-looking information except description today the revise as XX-Q obligation, a by information, to call section or is refer of as live to Factors For financial I'll uncertainties and any the Risk and future SI-BONE contains call please of recent conference May over our or of XXXX. because broadcast whether filed associated and update the turn law disclaims and or X, otherwise. list XX-K most Form accurate only with with that, Commission. our Exchange required the projections the of Laura. time

Laura Francis

thank Thanks, Matt. you Good afternoon and us. for joining

call, I'll today's provide additional Anshul For results. and update financial detail provide a regarding our will business

fusion technologies. Designation Device more select November for of in provide previously of Granite outcomes. to standard only on of extended has will to introducing for recognition than fusion iFuse on pioneer Granite, our multisegment a the patients Breakthrough expect joint This cover to an I clearance industry years, solid is received of condition further a technology. We a iFuse printer patient is FDA distinguishes which has been of year. implant to treatment product combines care provide number recognition, effective a disruptive procedures. which want this iFuse results, XXXX. Bedrock SI porosity this procedures. improve us spinal strength which for We're in to for Granite, the sacropelvic XD with number proud breakthrough exciting debilitating development iFuse awaiting undergoing addition focused receive spinal we Granite of now I been adult technologies as orthopedic iFuse Before for to FDA of deformity intended fixation share first quarter which news Granite very agrees the current The a in

Breakthrough Add-on finalized Payment technologies we timely it for This that improvement Technology providing Medicare technology, clearance, access in announcement a existing proposal program iFuse FDA iFuse when healthcare was multisegment NTAP designed our this providers part recognize iFuse while to The NTAP from Granite NTAP Granite. and saw Designation clinical fusion you or Once supported using reimbursement over allow will April, proposal substantial the is have for Device innovative is of new beneficiaries Granite. FDA to As NTAP provide New as the procedures. incremental proposed therapies. late spinal to CMS by

add-on potential surgeon on achieved, of the maximum us iFuse per is based XX% While position. the up allow the on payment attractive to an We to iFuse approximately the in $X,XXX. benefits will of for a of hospital adjacent in market. adult cost growth accelerate deformity believe puts a million us the preliminary reimbursement, differentiated based incremental $XXX CMS patient proposal, anticipated including be technology, competitive potential will our It seamless Granite's workflow and integration strong Granite,

of Now to our growth $XX.X million, in we COVID quarter the moving recovery representing generated the revenue XXXX. revenue February, in to of deliver compared XX% of in first of due March. Despite to significant we robust able performance were a approximately disruption total growth first and XXXX, the January quarter to

at procedure a outpatient we dedicated monthly field the with approximately our centers, with month nature of volumes. highest recovery procedures in of an history experienced the procedure execution fact, the performed of March. or rapid believe volumes to in setting, combined company's We by In surgery that XX% solid our outpatient organization contributed the in in being the procedure our

continuing in with postponed, significantly over the momentum but the These In and by due seen deferred COVID. as course, the as of The the volumes procedure Omicron in in We're booked in procedures that procedures with operating more of deferrals. impact fewer the terms recapture January. $X.X well affected that This approximately back procedures then are and first XXXX. largest seeing procedure impacts the there April March the Omicron U.S. are than patient as pace environment XXX to previously quarter new revenue were in quarter of to encouraged procedures. the half the improved demand, of continued were were of COVID in quarter million recovery subside, in deferred impacted XX of by by March from

Additionally, indicating the funnel progress grow, anecdotal normalized environment. that more operating from surgeons toward a new patient feedback continued suggests to

on as Now Starting an infrastructure, sales of let as an to our update drive we look with growth. key and our we me grow sales leadership trauma remains provide initiatives presence team growth deformity. and core extend penetrate long-term our adult you market important in driver position and durable our our

XXX end Our and XX clinical territory sales the including XX managers, specialists. of the organization quarter at of comprised of individuals, XXXX first support

our surgeons, new for U.S. a methodical The to and XX of two in high regions support expanding active Additionally, and expansion added of organization we adoption the increase quality sales total to drive for search crucial engagement. portfolio, support ensure is regions. our

While strong we'll our deliver continue productivity focusing and our also strategically are territory reps of specialists. to seasoned clinical of to to long-term by support growth, bench add on adding managers we headcount in high sustainable investing quality increasing by

Omicron us is to to good of when line by year and we quarter at our the least engaging surgeon This XXX with ended normal indicator strong growth. a durability first the leading surgeon in the growth the quarter. and drive top the the period. surgeons in of to with and represents engagement, with quarter. surgeon over XX% prior We're one given challenges positions This business the compared seasonality encouraged interest Moving base, us active procedure who performed

encouraged us Our the on year. trained progress training growing of have steady near the commercial accelerate positions and through and remains activation surgeon in who by been coverage product simulator, we expanding also surgeon We're valuable footprint, universal portfolio in well engagement rate increase which a adoption component the to programs. our as surgeons

combination in-person simulator to we training engagement. local training, more normalized As drive a to we to of and regional use move a surgeon environment, expect training,

our of XXX new and Since We initiative. the academic fellows XXX our base, to academic and long-term grow first completed demonstrating in occurred fellows. over the part As to centers. residents approximately academic in surgical active the events trained in we've and academic of XX% in residents continue interest growing program, of surgeon over academic inception all training our held In of resulting our the quarter to training residents, XXXX, new we training programs the programs fellows. of educate U.S., XXX strategy expand

solutions allowed leadership. According by market business product reception surgical products third our our our party for data, overall from along introduction expansion that has grow the to flagship TORQ, We're solutions, of and our with with market year, pleased resonating into range, of devices confirming a solutions data last of Spine independent strategy growth our providing invasive increased broad sacropelvic iFuse the market portfolio procedure its consistent has to the the surgeons. us our iFuse XXXX TORQ market strong high in market joint is strategy comprehensive set the SI Turning with iFuse to extend surgical share which with for record with XD provider industry our and we fusion. an March. XX% contributed volume Marketing, of surgeons minimally to Since share sacropelvic

technique, on market which launch methodically treat Additionally, After into addition our iFuse once in technology experience iFuse we pelvic expand our the surgeons trauma of We of and desire with long addresses the Granite. successful stability tailwind to second to in unique the forward we're build to additional iFuse to continue to we Bedrock bedrock adult deformity. providing penetration TORQ of since portfolio accelerate XXXX at iFuse Granite spinal trauma base product. to a traction is continue to the we the TORQ, XXXX. used constructs builds as augment excited expect be the commercialization the half the look of with details a that

two-year On different prospective approximately in front, of adult for of two the pelvic methods target fixation enrollment at randomized XX% multicenter, research in SILVIA, we're clinical international patients. controlled trial a

in chronic follow time. pain patients We quarter, completed patient of initiative, care XXXX. at about continued to investments programs first in expect severe during joint conservative marketing first extended These period up SI the our anticipate have who the awareness are enrollment results shortly for direct-to-patient to we marketing. in been targeted make be Talking and in

goal with of area their Our patients minimally a variety connect channels, who invasive search, in perform procedures surgeons joint through to and social SI display. including is

campaigns and deployed are maximize have of surgeon referral optimizing a We to continually volume. number

our progress to over surgeon referrals. detail website approach call provide on With Our upon far Anshul cost I'll data the driven traffic, our thus engagement, based turn to pleased results. focus increased most We're and with now to patient our financial effective that, enables programs. the investment more us on

Anshul Maheshwari

Laura. Thanks, Good afternoon, everyone.

and revenue Our $XX.X an mix approximately to compared of compared in year-over-year ASP the period. as XX% to compared the XX% compensation The fourth decline impacted well quarter by in in first period, On the XXXX travel to this mix. was XX% of to increasing year XXXX to U.S. revenue expense to operating period. revenue growth prior the increased XX% XX% growth in France Operating expansion, the business. the as XX% compared stock margin planned procedure based site was to service Higher $XX.X over research year scaling quarter increase support UK. X% was performance increasing first cost increase sequential million mid-single-digit volumes quarter quarter international an in compared driven led period. the million increase was $XX.X a development $XX.X basis in associated of Gross of procedure by and first as continued investment, prior cost, $X.X million, to operations represents recovery headcount. total quarter a for in prior of In period. prior to U.S. compared with the due the quarter and in cost, million, XXXX. year year the year of the was anticipated representing the little to increase higher in by first prior strong was prior expenses period, million year XXXX infrastructure, force the first and the the increase, Gross the sales in margin X% of freight grew compared

expenses operating across a As throughout strategic expect to modest invest continue at the year. initiatives, sequentially increase we to our we pace

or was per for prior XXXX $X.XX $X.XX loss or as in compared net million, share share $XX.X a first diluted million, period. to net per the quarter Our year the $XX.X loss of diluted of

were our million, approximately marketable million. approximately $XX As of and securities quarter, the $XXX.X of borrowings long-term end the were and cash

in Moving April. by the in and encouraged of momentum the recovery pace to are guidance, continuing we March,

However, we healthcare macro elective uncertainty remain the cognizant risks COVID of surges. the from and and procedures to infrastructure near-term future potential

compared million, approximately to As full representing to growth $XXX to revenue a XXXX result, currently million of we XX% maintaining are XX% our guidance year total of $XXX XXXX.

and mix We new mid on our gross from service the based of XXXX instruments and to margin higher specially expect for be product cost cyto mix, range year investments in depreciation the and XX% fiscal implants products and Operator? call turn on that, will questions. as XXXX expected volume in the for based we in ramp XXXX. instrument of up I With trays investments over

Operator

comes question first of America. Our Instructions] Craig from with [Operator Bijou Bank

Craig Bijou

afternoon, guys. for Good the question. Thanks taking

Laura Francis

Hi Craig.

Craig Bijou

I Laura. think obviously with start kept implies the to the the XX% it doing I guidance you XX, year. Hi want year but growth flat, and the rest if growth for the through of it math correctly, I'm

throughout accelerating guess see wanting confidence growth? then And gives the So I cadence that basically, year. what And that understand you thanks. I start also the will to the you there,

Laura Francis

Thanks, Craig.

going was to a So on couple give think particular I or comments that question. Anshul

Anshul Maheshwari

question. the for Yes, so correct, thanks

encouraging. staffing by COVID you've got but a this healthcare as encouraged the preliminary the we looked in hospital March. it, of from and strong the as patient those we're heard it's our are you And bookings have at also even some anecdotal continued funnel that performance the trends our you level, by you really April, a future on But volumes feedback As as about procedure early the macro remote have about solutions across were continues grow. to think a overhang first of know, in quarter, impacted very, surgeons surges. maybe risk in we we've lower, to rebound lot that May very infrastructure And being think even seeing in the and you of

we've the the sequential that as we on the hold at feel guidance a core and prudent our with growing, the our at issues a would the made the and on in guidance us potential we the it for get wanted we've as as for least rest well gives trajectory investments the one, through of to back couple where belt the that it half growth good more year, had rest of months near-term our So looked of systematic last TORQ, the year, under our we was year, pretty all thought of about basis deliver to be combination it success Granite that market in year.

get overall, us beyond. look those that So are the we excited and at as things QX

Craig Bijou

operating Okay, higher or how thanks QX, or we then was just And and to maybe we leverage in than inflationary we in we should costs? your than operating it some of were And were about sequential how wanted to to year? expecting, a think for comments think should leverage understand want lot about, but the that XXXX? just much on your added Anshul. costs expenses, opportunity in that the I then understand ability the higher improvement, the operating throughout expenses looks, came of heard expecting how Anshul just

Anshul Maheshwari

happy well, Sure, as to that take Craig.

a it commercial in OpEx playing And think of about think things perspective. there's it few year-over-year a but we've from about X%. operating XQ, on QX annualized you've it first year-over-year on standpoint, you some you was So basis, cost the made out our investments quarter, that was sequential compared of to last when infrastructure up from high, and got impact year, in our throughout amount significant a an when

sort if well. You've then in of as got build around our product side And the we And support P&L piece of then about we flowing at as XX% those way some it's lining cadence last the had got at the on some QX, growth OpEx, increase site to QX, and some the QX. know look versus sort that think on travel freight of revenue QX. last scaling additional and layer operations. then is out right? high that some scale are investments operational our You We you new Q, about in believe launches growth, in well, what the third R&D of about aspects of again not, through if of so also also side an the software year if our the you the Santa And from flat upcoming. half think -- are we about you of to we and through investments as did our a sort of QX that's And is some QX, growing right to of look an it. second inflation but think flowing Clara or the actually year, we're of a cadence don't and making costs, that the transitory QX in QX in investments to the

Craig Bijou

taking questions. Got it, Thanks the for great.

Operator

Our Stanley. next comes Morgan Ranieri Drew with question from

Drew Ranieri

for Thanks the Anshul. taking and question. Laura Hi

margins gross year-over-year XXX But investment Can to us was it kind get and bucket gross and go there. some just necessarily? of can what takes you for actually a about investment for basis, trying the through we sense mentioned appreciate a margins versus what's I if to at on you maybe us look I to puts it you for better think help you just a of maybe macro, Just control think versus was basis Anshul moment that just factors your sets point really and compression just can't help year.

Anshul Maheshwari

Sure.

in in our So margin. when about margins, One year-over-year service that about which few the ASP. so of ASP gross is margins went just things that XX%, you compare contribution to, teens mid-single-digit perspective. from on over to sort to an an low When has a ASP the historically our procedure impact. impact We've the QX having mid a sequentially is you gross from talked on basis. QX are think impact ASP the in line site impacting of were a There's on again product mix, the gross and shift

making conversions in both instrument investments of regards with also for the impact and to You've trays trauma. in TORQ we're got that the competitive

well. playing through that as got you've So

And the be you just when volume, associated And you've inflation those implants, of costs a then the about additional ramp with to for cost as higher well some expenses new of impact especially up got got products, think expansion bit You've that facility tend the freight. talked the as the we I from about. and instruments higher. also,

you've P&L well. that So of as the seen some flow to

top industry on especially our as to we So the margins, our supply also maintaining focused the chain margin on that's XXXX is, But line at we've gross side. of XXXX. have the back and high derisking ensure of implants drive that but what into the supply growth, gross half the been look we instruments leading

Drew Ranieri

And back on some you puts any like Craig's quarter Got of sounds to in cautiously similar you go takes, but growth is may mean, question it. you're heading what growth, there's wouldn't into the second to to year that to be sequential reason in recovery. still able maybe this sequential but it that's optimistic and did think I post there that XXXX?

Laura Francis

QX surface trauma, months, penetration in the talked about well already still we sequential have although feel just the anticipate approximately the surgeons, in we that business, made Anshul we joint product things fact for investments the now that future all of think fusion. and with the with with about I for scratching this us and we nice investments been the over SI QX, all encouraging made XX that the the point, that strongly that minimally on and investments XX really of all COVID in seen TORQ too QX, that in training market highlighted growth throughout the the we've new and we've months will receding And bodes us. for we invasive at has the the the rest that business, sales of in force, our for is year, just last

work I on we're horizon mentioned of as some and too. the Granite we We really direct-to-patient that excited have then mentioned, that the about,

conservative give those about grow of us and business for But of to was confidence of All just little this what bit. rest into a the remain the we the do it guidance, quarter wanted year. things a lot on to

Drew Ranieri

taking thanks questions. the for Okay,

Laura Francis

Drew. Thanks

Operator

from Our Canaccord. with Rose Kyle next comes question

GibranAhmed

for that the clearance you curve and had pull adoption still proposal or of of second afternoon, call, have Gibran be be pull for potential year on wanted may there will the good commercial I with the This to Kyle. measured at in shift half the bit all? top this Great, as course potential start meaningfully with is the of maybe any mentioned at questions. pending? thanks Is see you through is to a potential Does through Laura. taking it terms NTAP of in some more appreciating the upside that that entire

Laura Francis

really excited of the number include the we're Device for the FDA. Breakthrough question expansion and And orthopedic technologies. fact to proud received very that's that the about a portfolio been Designation thanks are also from Yes, only of Granite Gibran to the select and recognition the we of we extended

the does the outcomes. really a for that implant solid So back to a with we of in And combines pioneer been are it Granite, industry an of of shown developing focused and distinguish technologies number XD us instruments years. pioneered is and the And that implants strength as implant the introducing technology, launch printed that improve the of we've porosity on with XXXX. disruptive iFuse-XD the patient

So of our and this product in we're teams have lot a using area to learned engineering technology. that breakthrough our create what

Granite base augment with along treating stability constructs technique, deformity. is on surgeons' to a adult desire that used at actually, experience we've in we had addressing the and our technology. It's the Bedrock unique building it's So

SI it's procedures. addition in intended to provide to of fusion sacropelvic for sorts fixation And those so joint

failure, that complications surgeries the the a XX% reports based construct that failure are over biomechanical to single or given revision There to fixation increased correction. surgery that fracture, SI forces and there know, and cases. fixation occur out XX% Bedrock we've multilevel SXAI traditional due with technique working loosening that XXX%, spinal with on lumbopelvic Granite to And foundational been on fusion You methods specifically fixation address the spine. is understand after what more have high and these common to time, as joint, the of that deformity long as and we adult associated that's long do pelvic screw for was of developed is sacropelvic the lower iliac surgeries that failure Bedrock XX$ in fixation literature rates a

surgeons not a SI outcomes. And Bedrock robust only patient an Granite is joint fusion option to but stabilization, so, also improve offering

an surgeons Bedrock may who to is, performed we I since think that important more existing be base the procedures have user know thing of XXXX. XXX other than have

competitive really we're the iFuse potential seamless we us the the optimistic So for about the puts position. we've And a reimbursement ultimately the believe be growth for may previously, I said think, the and the $XXX as addressable workflow, strong incremental we surgeon we extend adoption, believe a think technology, differentiated and what million really in it potential of accelerate Granite our will market. in benefits

started, think we'd the that's what similar here. grow we your which like do to if are about said is potential to was opportunity the iFuse Granite what contribution into our we're now, where I excited But being the originally development. see because impact, about to of So that earlier very we question right about measured Drew, XXXX business

Gibran Ahmed

the year? how the a to you what through well? the that also are get trying rest of I then helpful. maybe both being months I appreciate call, but has dynamics backlog, right, for on just there, the maybe very guys my three of are I sense had mentioned question if a to QX the around That's growing I could improved? And worked mentioned in think considering notes the the that backlog if Or four QX as funnel on of had that's color also had Just you Laura. second

Laura Francis

yet. of question rescheduled three those know, we many And about been of the half by last two for we And, the Thanks four the over the you the of have months patients that cases, have quarter, also years overall few we next additional that. the we deferred backlog. if back impacted but them deferred lot scheduled volumes to in And over been still the patients been do months. And, or about who have on be Yes, think their not did cases a think some that of And rescheduled thanks. but have see believe we during XXXX know, be time. did of you in XXXX. cautious to talk early may this and we know yet do will care surgeries deferring in diagnosed, diagnosed, health were uncertain they've first

backlog in which So be from the not included shadow But believe this creating sort because more normalizes really do fully. speculate it, as of can't we could cases pent backlog convert. would think impact environment could that it. could demand favorably don't prudent we a it guidance, that that on be quantify I And when us potential we've revenue that our up to for

think penetrated the right important a there is that this probably annually most who believe XXX,XXX is thing to could say We I the to under market patients close significantly from now. that are procedure. benefit

XXXX drive continues and know, fundamental as progress patient strong that awareness we to at up to a of is grow through a you variety beyond. So in level ways different us growth also sets

Gibran Ahmed

again. thanks Great,

Laura Francis

Thanks Gibran.

Operator

Rescott question with next David comes from Truist. Our

David Rescott

the guys, taking Hey, thanks for questions.

not about you maybe kind know, rep pretty second part when then QX. maybe part just rep five a you ended between to reps as just you've two year us and the it's question. that quarters, And that some QX past First clarify get wanted had talked from productivity count what how the representative, last curve. a I in upper four direct hires. curve of QX reach that a at and from sequentially end as toward productivity or of as and or think the big QX maybe We down of was But far first of to whether

out productivity you those this think you ramping do we know, about you that think the guidance far year? so how about And reps up so as them, the curve, set contributing toward

Laura Francis

Thanks question. for the

increase did of So we number first, of the during two reps parts reps, the the question, number the of quarter.

year, reps, and specialists, with at reps, we additional the support finished managers XX. we we we ended finished QX, reps And territory XX there. clinical then with so So last of and three with end XX had XX

So our overall, growth in order sales we increase drive add those areas. did both in continue do force to to to reps. of intend to And the our of we

important very metric the productivity, couple of terms over is given we've in us increase years. of the you're for In the of last that reps had year, this correct that a number that

will be You know, we looking that number. increasing

rep, typically specialist. $X business specialist, a can will a And year, coverage a So run we million a then with a when up And we in clinical and you of a per $X.X engagement. typically territory do And territory, and approximately and support that's we'll typical point, support get into case that manager split year. approximately in territory. surge at in can that add to challenges add million starts when then to

below so we so, selectively increasing rep while productivity on what is, and are currently reps of also we're levels territories. continuing increases, the number are doing those focus And and to we

David Rescott

or year? how there rolling Okay, and guess on year of then highlight quarter or color? think the you maybe and account Could or increase provide trending guess, off apologies, I there we could wrong. the I just but helpful prior guess, within not maybe sales more from rep Because be to quarter you the kind misheard whether I any basis, was the Thanks. through should base. of then can active this know a direct quarter, not that's that any the I the remainder some I number lumpy the of around number really whether were ads in about

Laura Francis

finished quarter, we this with approximately so with Yes, XXX, last in XXX. finished year surgeons XXX we

the from you the the surgeons actually, with pattern I COVID, a of active a will a first that number were between lass earlier perspective. from us there few QX for in is tell especially extent seasonality that happy disruption and quarter. we're surgeons of the that So normal given pretty in QX. quarter, And

of at it between it's of XX% And the QX active so you surgeons year-over-year, XXXX number XXXX. look in QX actually increase versus approximately an if

happy this disruption the despite -- so fact that quite grow here of year-over-year the look in measure we we that those is clip. And you at saw we're able with a it at if were in retain and good a quarter, to surgeons, most

Anshul Maheshwari

Yes, that's previously also I us, traction of trained that surgeons for with seeing reactivation too. add would really been a well, we're as good focus

very for So us. we've there, also progress is which seen good encouraging

David Rescott

the Okay, for great. Thanks taking questions.

Laura Francis

Thank you.

Operator

Needham. with next question comes from Our David Saxon

David Saxon

start serves I'll taking from typing million thanks this And deformity it with at the slide least, that adult good memory million. Hi, for just Maybe previously. that up looks and you're like if XXX that's at question. XXX afternoon, in the

or just of that later about year we'd potentially hear NTAP it's the any be in finalized if with differently? So do to you're if primarily of if to this has volume kind equation side thinking coming curious the the

Laura Francis

Yes, it's bit a little both. of

are into trying actually So going a on market very to that a number those digging cases. been to little the is what based do is be really we further. this used to basic what And we've then we're do of particular in think implants calculation bit doing

pelvic many So the spinal will cases long And go think implants all cases? do where actually construct occur then the they it's are then taking how of number in fixation cases, be to way we sacrum going deformity total what to and used.

how many of Breakthrough thought adopters both NTAP, would implications terms in at to tweaking we I what have here does of are just the to excited this I sacrum, both receive that for and the will into the that many how and time those, numbers were say, construct it that really and the many we receiving implants coming interested also by and going though, in the used. numbers, point pretty and being technology opposed important hospitals we because more it's NTAP So a where go in say of our surgeons long adopting technology. are the many how the be of was that to then about time how play, as receive the is Device NTAP cases early Designation, that in point impact into digging the team

patient based and preliminary fusion going timely approximately anticipated on give it's procedure. based used and the can Granite our incremental a per maximum including the cost proposal, to that's allow Medicare up add-on access spinal going part the is the And to $X,XXX. Granite sites XX% to And the of hospitals Granite, provide to to CMS is between the multisegment while beneficiaries it difference so technology, cases service be is of a potential payments, it's going it's to on when of reimbursement facility, payment and of what as to

we to anticipated And we of believe going is we to be surgeons. sites this originally think We what going significant our that believe thinking of may it's to So have service. now. versus to significant how our the about be adoption, for rate development we're it it implications

David Saxon

over think the been helpful. mostly procedures. And of revenue super just been that's Okay, has fusion TORQ, SI on I joint like then launched that contribution it's and just since from you a year it primary most sounds

rollout to going contribution you're trauma of be much. in mostly And year? fusion joint wondering revenue about XXXX? there's until primary Thanks So thinking back the continued does the or rest build to the maybe just this or SI start how still so

Laura Francis

year, introducing iFuse XD. vision low it us the have introduced SI core here, and it's with last Granite owning Yes, invasive really expansion year. TORQ And a thank question. And really, that's joint we're right we solutions you was And our on great conversation we of if having strategy going think think We portfolio that going allowing for you, really applications about the have I this we technology. that us live have be We're The fusion minimally this market. for hanging is another TORQ that our David. to product fruit now. the sacropelvic to always really

of of TORQ, largest a currently. the And quite so iFuse trauma are fact that. for part was The are TORQ here that's we in a market investment there bit making big applications and

these sacroplasty. gap is patients so market cases, patients right approximately opportunity now market, is is for really the trauma TORQ us market it's for that million TORQ estimate rest, patients of And are most adjacent But fractures. trauma -- So the our experienced a with ring $XXX think who pelvic pelvic and bed filling additional these it's using ring best these or that screws alternative fractures. these for have traditional in we on an is

surgeons, -- this education particular an going and right with on in already that's now investments it's process we've there's area. made the trauma So

there. which trays from at our growth a out is going see in our XX-K you're that look XXXX, to you assets, If are significant significant which growth primarily fixed inventory, in

And this case provided deformity talked trauma. gives about adult so in but it grow I in really us opportunity, to business, solutions, in in we to and the what addition have our another

David Saxon

Great, thanks quarter. the and so much, congrats on

Laura Francis

you. Thank

Operator

comes Ross Our next from with question Fitzgerald. Osborn Cantor

Ross Osborn

from to the Congrats relative maybe with taking you at that, just could me last question. patient results share regards to quarter. directionally is one the activities to Hi, are direct your on quarter? thanks Maybe the or that least for there quantitative any

Laura Francis

is, from perspective. guess, all really as metrics, the our We may internal And initiative specific as although with I said, have about metrics it's they those giving here are not direct-to-patient do conservative iFuse. been our you the focus make And we aware sure are the for patients period in extended that who like an an alternative, of time. have how care been of patients

at look initiatives direct-to-patient we when for digital so initiatives. using measures, And marketing we're different the

And in so website, that the patient work the look we surgeon that or that on our the is look at doing they're be may at it to we engagement our the website traffic, them. our Find mostly -- up surgeons referring follow in engaging we are where function, pain with a focus we quiz. But on our directly actually order Doctor to our patients

investment we have on these we different is of try with can So where and understand different what a the return patients. really series measures

right investment. a and trying resources we're we highest pleased the we're with we're number so upon And seeing return depending of what campaigns. then what we're have doing we're so shifting is And where now far different on

Ross Osborn

quarter. congrats the color again there Got additional it. for the and you Thank on

Laura Francis

Ross. Thanks

Operator

this showing the And I'm any questions closing not call Laura I'll any at for remarks. time, back to turn further

Laura Francis

really opportunities of I environment hope momentum of operating to adequately really for seeing The the year. appreciate call shared you. thank is and today continuing you normalize about business. the I the we're that all we with joining rest excited you and in the are I Well, the the

Anshul a diverse other to accelerate and engagement investor goodbye. to and America upcoming to well. and conferences it's of surge this make and hope higher The drive be it's person. think I you comment we Bank Thank and going I'd month, see as will the We portfolio going in many you so only of attending and is UBS and growth our have we

Operator

presentation. today's Ladies this does and gentlemen, conclude

and You disconnect may a wonderful have now day.

SI-BONE (SIBN) 9 May 222022 Q1 Earnings call transcript