Earnings call transcript Q2 2023

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Operator

Good afternoon, and welcome to SI-BONE's Second Quarter Earnings Conference Call. At this time, all participants are in 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 Saqib Iqbal, Senior Director of Investor Relations at SI-BONE for a few introductory comments. ahead. go please Sir,

Saqib Iqbal

participating call. for in you today's Thank

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

Litigation Any based These made Securities products are to impact commercialize of call ability to risks include its for new safe involve elected introductions expectations the requirements by statements risks on in economic the to the federal this statements forward-looking events, Reform and forward-looking of ability within of results provisions product are weakness, inherently statements ability patients meaning undergo continued and to maintain healthcare impact of predictions indication, the products risks forward-looking uncertainties. SI-BONE’s ability impact of on Before like to and that to Private relate the contained reimbursement introduce statements. will Act include potential of and remind These we performance or the risk future procedures, begin, renormalization the procedures, favorable to make to company's that driven management laws XXXX. new call chain, current SI-BONE’s pursuant environment. operating capital and desire which of supply or and the manage of SI-BONE’s future the are and securities you that harbor expectations I'd statements to during this the

and trial and current surgeon surgeons expectations, upon based examination future training enrollment, such for and of expectations estimates looking operating clinical are are products trends, financial Other active assumptions. forward and new adoption, various our statements as include our and

you materially risks material Accordingly, anticipated from those forward not to on these implied differ and cause place involve events statements. looking reliance statements by uncertainties statements. these should undue results or could or actual that These

with filed form associated most refer the and and and and the Commission. Securities to of list the of description our For risk XX-Q, business. factors with risks uncertainties XX-K the our Form Exchange section Please recent

intention new any or to This call disclaimed XXXX. events and of projections revise statements, because information, as today, information by contains law SI-BONE time broadcast required otherwise. the or X, future of accurate obligation, August forward any whether conference is or only sensitive update or looking financial live except as

With to over that, Laura. the I'll call turn

Laura Francis

performance and surge last for growth we're me favorable solutions, The Thanks tailwinds. afternoon, Saqib. well thank revenue in quarter that Good I'm of of half you and we over joining give growth to XXXX. as procedure a our reimbursement portfolio pleased second strong a for demand engagement robust US trends several deliver and by the positioned strong confidence over us. quarters, delivered XX% with the led

toward in bolstered growth position growth portfolio provides and and flexibility liquidity strong revenue us breakeven. continued allow We us capital deliver secular successful in will our with commercialization EBITDA progress Furthermore, investments, the and continue to to accelerate adjusted raise May believe expansion, the investments by and business combined flow our our these the factors cash initiatives. judicious

quarters performance I our surgeon expanding access would you. Before employees base, have to without level possible our record and to patients want I be the discuss results, demonstrate over serve solutions. last unwavering our not they've to to dedication our as consistent of This ensure continued thank best-in-class several

the to XX%, generated of led the our of our period. In to revenue and moving This quarter prior worldwide of by quarter XXXX. second The business. worldwide the result improving leverage million, of an record the of over over we year growth revenue the of and compared compared US increase revenue exemplifies performance. second represents quarterly operating in strength quarter second of consistency Now which million, $XX.X XXXX, consecutive was of to fifth $XX.X quarter record revenue US XX% record execution

surgeon of second as Starting well look specialists, as team network key our organization bearing provide our our and update with quarter, commercial our sales case agents we managers, continue we comprised on our direct of strong product end to long-term coverage. growth. a with an asset to US is me for base. XX-quota sales clinical position At the infrastructure, expand biggest extend let sales portfolio Now, growing party support territory managers initiatives complement our third and we our as the territory drive leadership as

hybrid further We're also accelerate We will and demand. sets the instrument line to that top allow market hospitals our strategies meet productivity. to effectively, growth surgeon achieve confident penetrate selectively placed us volume higher and high cost

our XX-month the XX- was trailing productivity the quarter, revenue of US end over XX% the in territory the representing per approximately a trailing average month $X.X second gain million period. comparable At

world increased leverage growth the in Our a and quarters over the results class operating organization strong commercial investments revenue building last of our several are

first Based year-over-year trends, to early see we quarter. overlap third It's quarter digit of second exited was across to the surgeons. milestone This surgeons. surgeons consecutive This on in we at XXX end XX% double set XXX active to our XXth over we surgeons Moving second of the on with the engagement, the the of quarter surgeon also surgeon quarter interactive surpassed procedures. growth XXXX. the active equates the approximately encouraging growth approximately active our quarter

complementary procedures expect education investment portfolio are and trends We our surgeon portfolio reaffirm strategy base with our deeper active per resonating engagement and drive our over surgeon in expansive that These to increase customers. time. and

first to procedures matriculate practice. On trained pleased they we're independent academic its and training, residents adoption our to surgeons steady see of as fellows, by

as XXXX. the trained to second compared the revenue of of nearly surgeons XXXX of example, doubled and in first quarter among second residents fellows, the quarter For cohort procedure

and has XD, iFuse-TORQ become solutions. and for value Turning deformity. using growth SI us of the a to covering technology and performing to as portfolio several products adult product key Granite, new and procedures. to for has to successfully convert surgeons joint complementary the products surgeons. solutions and minimally iFuse-TORQ when due its safer competitor It's trauma, innovative, joint top us with iFuse complementary a iFuse allowed our driver XD provides iFuse-TORQ for SI versatile Bedrock fusion positioned surgeons looking choice pelvic us expanded surgeons also iFuse invasive our existing for engage dysfunction, clearance,

While to their This June, conversions, strong placement mostly in advocates lateral preferred iliac iFuse-TORQ the clearance we the SI those being for gold of received remain lateral who provides approach. fusion performing trans In are when FDA posterior use the and confidence surgeons of standard the trajectory. clearance flexibility trajectory procedures. competitor as joint we

joint fixation increasing since is the of product deformity SI last across is procedures year. use received iFuse-TORQ and The adult point the second clearance the for FDA of trajectory the bedrocks

by and in trauma, insufficiency to us as over important leader for the the remain we're In solutions iFuse-TORQ term. we in and sacral avenue are adoption development stages market The pelvic of encouraged seeing strategic fractures. sacred trauma opportunity is for the growth is importance early long of an the

billion Granite, total adult annual pleased $X Moving long to in the extremely over Granite cases year we expanding the billion. and Bedrock our of addressable its target on us device procedures full the construct to success across iFuse $X degenerative deformity to spine market. to procedures XXX,XXX first with by has breakthrough approximately are market sacrum, allowed This

of to capitalize address to with family positive who to we of June, Granite. deformity on Head family in This the head the implant. standard Furthermore, with the of of with addition sets us allow performing to attach implants a prefer surgeon rolling fixation momentum we're base drive out potential closed adult believe launch in can Granite We Given to the surgeons this addition demand a the Granite surgeons a preferences subset along pelvic for instruments procedures Granite actively the reception, care the implant and for expanded the the Granite and to stabilizing that Granite has to Closed adoption implant procedures. become ensures construction rod. will

to of is spine the shorter are in in Granite are Granite of long the use construct procedures, encouraged addition generally procedures that disorders. nearly which we constructs, a used adult see degenerative treatment multilevel for deformity XX% year-to-date, to actually In

through trends, Granite with demand accelerate We the XXX,XXX short of these on seeing construct Given progressing in new growing the we're price. combination of consistent in some points XXXX adoption procedure further pull another over demand for our will opportunity Granite we're product the construct driving launch higher with per procedures significant of and the to for annual fusion family. Along procedures. to involving side selling is toward Granite new portfolio, believe This a either of the surgeons in joint achieve the two and spinal products long sacrum, SI procedures. product using Granite, a trend average across a the a and fixation

as prospective space with given of for Moving growing in the on use the is purpose sacroiliac safety. clinical iFuse-TORQ fusion. joint and information of STACI Stacy of with evidence a leader to launched physicians The the evidence, post on study the to iFuse-TORQ with joint joint clinical commitment the use patient STACI June, in market interest is and a of select We a of gather SI study group work patients in dysfunction. market sacroiliac to

results. provide now on I'll our to more Anshul call detail to over financial the turn

Anshul Maheshwari

Thanks, revenue. updated second afternoon, with and quarter leverage second will XXXX on our and Starting Laura. trends, comments end guidance. quarter today Good revenue I with everyone. operating my liquidity focus our

to $XX.X growth As year prior the of period. second Laura million, XX% was noted, our the worldwide over revenue compared in quarter representing

Second period. compared the by approximately over which quarter XX% period. growth US performance revenue prior record million rose was increasing year This US XX% compared year procedure volumes driven prior the $XX.X was the to to by in

growth our the to price the year average addition period. compared for In volume pro second quarter, selling robust increased procedure to prior consecutive US

International Across by the reflecting year approximately $X.X the recovery growth, offset of in ongoing prior Germany period. XX% maintains revenue France compared and million, to growth Europe, UK. strong volume was

second timing freight $XX higher of products, to of higher the facility in associated of mainly Moving in This in Granite, due the activities million of quarter the operating in line quarter versus million growing our in margin is of XX% of support scheduled margin reflects impact quarter an second gross to and expenses increase expectations, of expenses mix, increase trays to anticipated, product depreciation with Operating growth half associated operating year with offset compensation prior XXXX, these the in as from in second demand the cost Clara to XXXX. X% and second in higher the with gross our leverage. by certain procedure margin decrease XXXX the due gross was This and a instrument stock-based of total the XXXX. and the $XX.X was commercial costs. depreciation and are Santa deployment iFuse-TORQ the period. for were for partially that revenue second In commission

leverage operating delivering improved pleased investing and sustainable We're of are time. while now have consecutive that revenue crucial demonstrated several which strong to research, in we and over R&D quarters clinical growth

the for of May. the Adjusted EBITDA increase per XXXX a was the million, the to improvement. the of share year Our million compared second XX% XXXX prior versus million of of representing from impacted stock improved the The diluted net per also prior $X.XX follow or period. on loss share million, by earnings outstanding in share in net in quarter earnings the in $XX.X $X.XX are share loss for shares second common per to quarter second $X.X $XX.X number in XX% period, or $XX.X diluted year a quarter diluted loss per diluted offering

marketable $XXX the million with balance Turning approximately including we securities. liquidity, ended to and a quarter in cash strong sheet

cash includes in proceeds balance net $XX Our in following approximately May. offering the from million

used operating period. year nearly in $XX.X XX% activities million to improvement an million, the of in cash was half $XX.X first prior Our compared

few with quarters pleased long in last investment our initiatives. our cash utilization while of trajectory are in term We growth continuing the

the instrument as Additionally, building Granite trays quarter. a we support prepare for to for strong inventory are seasonally we growing capacity fourth demand our and

year. our second to the previous to we the to on This full $XXX translates revised previous our million. moving XX% to of guidance XX% XX%. year-over-year Finally, approximately million, of the $XXX range and quarter guidance growth tightening guidance up performance, our for to are Based million updated worldwide increasing $XXX revenue year XXXX guidance million range a to of XX% $XXX versus from

guidance, to expect the operating to expense for higher gross digit full mid-single to XXXX increase will year bonus XX%. continue from XXXX We updated be annual margin anticipate due the percent in on anticipated commission revenue. approximately expenses we and higher Based the

With turn to will I the operator over call the that, questions. for

Operator

Instructions] [Operator

from come of will Our America. first question of Bank Craig Bijou

Craig Bijou

half want going And thanks to And afternoon, see congrats the typically to half. the Good any specific slightly questions. I the revenue you second even then start it revenue I anyway. can I to try first guidance in for give more But wanted at I'm essentially, on second versus first strong another looking taking that products. strength flat provide implies, know the to if details quarter. in raise, with color half. on maybe the on reluctant you're And there's half, first

be half? is strong in So anything we that level which saw, that first will half thinking there growth the on about the second should suggests the continue that you product

Laura Francis

for our we question improvement quarter the your excited in I'll bottom Anshul we product the quarter, this see why performed very first felt surgeon with the is active our strong into really provided in US, quarter. in in that bit over Thanks And question. the we're the improvement about how our do little I’ll about strong going losses. the year the have exited half momentum -- the guidance, in second is ASP. of XX% guidance. answer we we raise Craig. as with this the really growth we it just Thanks, continued momentum then on that which what XX% line well, And more side. a to with We're on And strong base, confident I'll turn to talk momentum just I'll pleased

perspective, product here. a the performance From we're across seeing board

to a finally, core see I fusion, results. continuing with with core mean iFuse say a our we launch that up particular as mentioned, excited Head was about with momentum terrific excitement We Granite. have in be to Granite opens I product half that And just quite talk the all areas And can was. we're and for I sacral some growth product. you And fracture. with drive a business we of not the talk So certain our in when second iFuse-TORQ bit the primary I of which business, specifically it joint or surgeons that growth won't, iFuse-TORQ, has can additional be opportunity But the year. quarter, with that said, did bit a going down the XD, and SI late our the to extension in for business also really prefer what our the we're that did insufficiency Granite, little seeing about break and launched Closed been trauma with I'm are of us. around second lot continues who just and

Anshul Maheshwari

And, Craig, guidance. question to on answer your

the the So we've record in and actually And half strongest And of growth public enthusiasm we've this business not year. talking half the what the we've of first Laura five some seen of first obviously, seen year sequential had in the that about the of quarters just second growth half, is but about now as year-over-year company. last also a revenue.

played in in first better in we out anticipate the up, in how about that Granite good business last some both are the really did is feeling and assumptions the of of what and the set end trends. adoption, ASP increase have So we made the the rollout of the terms quarter guidance guidance, our at we than

year. on, guidance. And Now back and very thoughtful secular being to we while all we're in we the been that's also there's half the strength reflected acknowledge that's going the confident business, potential seasonal in the that of trends in going of very want be into of strength ultimately as the and sort second just half, our while the

about of in now. we assuming year, we of we've ASP And the decline. positive upside albeit the two consecutive mid-single roll the And we're ASP, back still we historically the some low, in even provided half. more of though that And out ASP had quarters pressure had Granite second digit some single the from assumption digit changes was talked

So think of appropriately it's the the terms hedge we in year. into half of getting second

Craig Bijou

the you expand that joint Thanks. that Laura, cases? are it. you. just if bit fusion that after the up, TORQ just how competitive I triangular you Thank may And those Got those positions maybe said screw the a to follow competitive better cases iFuse, on little a for some and up SI prefer new think picking about doing, talk approval the of you versus implant quick so you go

Laura Francis

is on the fracture. TORQ have Sure. know that And we primarily opportunity with you as insufficiency to trauma focus sacral launched

invasive a has continues the opportunity minimally that joint been about primary market. best our adjacent term another there as market, is be So SI TORQ potential the we're that immediate $XXX to around business excited the certainly fusion with long for But well. really estimate million opportunity in more of

are so And a technology TORQ of iFuse we've using over very to competitive seen implant. that uptick surgeons significant the converting

actually have solutions, we interested the is lateral to pelvic interested want provided in. approach, surgeons where the approach. the that they're feedback we but those posterior what is of in want also what surgeon provides they're do of in some regardless And sacral, be company And lateral the to interested

And so approach, using while approach. gold lateral we lateral lot data out the efficacy product a of there's the the advocates remain of showing it's strong the the there of standard,

also to that so they're to is the We it on and looking trajectory use those that give now confidence label. want competitive solution surgeons the for,

Operator

Next question Jeffries. the will Young of from come Li of line

Young Li

the and high can you this here, color as expectations July seasonality well. you our for a All on And the cadence? into Thanks But quarter of carried the are taking for inter season? right, QX, questions. momentum wondering strong some color on some growth, like what maybe provide Sort the level more of sounded great. quarter some summer on QX can was impacts, if share congrats

Anshul Maheshwari

about good the coming think One, first this so feel question, year, of out the or this is business. of quarter, second half the pretty I obviously, Yes, hey, we Anshul. the

our as the decline to we've one new the the in you XX%. quarterly an guidance, trending about hard prior of depth we're for to of sequential incorporated seasonality having QX on our When And sequentially QX, think reflected the sequential that the day some in our quarter, from a we've quarter to quarter single going continuing third by less range. industry, and quarter. in guidance mainly guidance strong rollout. second selling increased that's that's impact And XX% in product is not low what to and actually somewhere compared see, this summer set. digit work got the momentum minimize if to can the Historically, the is but that quarter that in you of third that is that, while driven And be assumption in acknowledge thoughtfully

Young Li

All question process right, I of procedures, due KOL, Very to the surgeon on or the in helpful. boarded up is success and that joint SI or great. follow just getting either shorter, portfolio guess a clinical pre terms timeline getting just the on fusion in for community? new core effect the

Laura Francis

for Yes, thanks Young. question, the

this in we in growth little So question inter the in a prepared with actually July. mention July, watermark of high QX remarks our we bit dovetail already of exceeded end previous the your surgeons XXX at did quarter on that have in

procedure more to it use new on different I month well is months. part new of seen a given did known see that heading to very also in surgeon. the surgeons is do it amount July in time the modalities us we order strong time. the summer for of growth can surgeon part the reach you it point And encouraging, bring decrease in some takes is is we of that which are that at the right So have this into of in believe we that new just and the

local we joint it which can canal that's regional training, So And fusion are with be the or course simulators, using. a be core course, heavily SI a still on OR, primary the it it business. with can training can be in lab our

already, at typically business, review, is be some quite to to what technologies If you look replacing that procedure call go existing in technology, of going the an out of the we easy there. the using Granite in. it's Office do that they're actually just this our used they're that's And we because the Granite to actually Surgeon, doing are a instrumentation

different service, surgeons, that do onboard. have and improved active So that I of in we ways our new significantly believe to number these of adding engage to have we terms ability a

Operator

And our next question will Rose come Canaccord. from of Kyle

Kyle Rose

a nine Thanks, look, have, out great. quarter. everyone. to over of just growth strong had months now. Wanted And on Hi, entire the market congrats you've

plans, lot Just a the wanted seen for procedure. the talk changes potential been along if or you've used of a we to somewhere material that going for see of There's of path. in to amount

missed then the secondly, reps field it. And have get the as number of I I don't well? you you CFS in if know Did

Laura Francis

the Kyle, cab. will question for answer question. I Sure, the the end on thanks,

in ensure couple they and failure exclusive strong combined here And cost just on revision, product. patient total that a initial place are reminder obviously, have create competitive others $XX,XXX cases, for $XXX,XXX for as efficacy a the a and in the well The So is around average fixation for it over that call, as end don't does of the the surgeons have Medicare it's case on cases, of impact and that's to in for and the that significant. an goal a to can we little cost is really construct in with Granite can cases, for advantage of cap the pretty range these long to these us. $XXX,XXX

does cap we seen end for the beneficial interest it's tab. surgeon, it have that the really, to economically payer, in and the what the strong So particular end is hospital, and to

with So we're that. pleased

this quota senior bringing to out if prior given of both that we've helping this the also And bit became one as numbers. increase terms rep. that is that two we're less tell to I similar -- you a to is had our CFS little also, In said, the on What reps, productivity at prior it And seen, X.X. additional those XX% years for pattern And year, helpful prior sales particularly well. XXXX, supported year and to than past that by then the Granite CFS grow little give I'll And productivity look, agents a productivity an in with this agents also typical than about, does years, on And rep we're that actually we really months carrying CFS, in the are who it asked agents it one, it territory addition average as that our $X.X confusing. XX was show million the compare can CFS reps push are been last you is with the million. cases. a are less and of around of we've then have now you quota carrying increase

Operator

from come Brodovsky the will Truist question of of line Samuel Next Securities.

Samuel Brodovsky

Hi, thanks for taking the questions.

Just the of first new should around certain think add that new of one. terms more to And surgeon new the think we should or contemplated about a a surgeon And how cadence half? color in conversion thanks for onetime dynamics TORQ, in what's about we thing? And the steady with [inaudible]? competitive is XQ, the guidance start of this second through

Anshul Maheshwari

is we through of to terms the start last to the continue surgeon to years number. long now, it's And at think have you as quarter will posterior low and feel of a just And we far, as ads, recall, of milestones able the to education was on we've we're end in it's thus watermark in continue confident XXXX, grow the lateral several may based Yes, XXXX, what new right fourth engagement about last to quarters. TORQ, that term And have not hit expectation new year. pretty to high end our growth business. of pretty focused, the for the the throughout fourth seen project Sam of quarter, with that we to as critical been with really that which of us mid-teens surgeon the compared after for quarter we each outlook XXXX to the really

very about we So that. good feel

that surgeons performed equally our And for and base quarter on for we're talked of XX% certain piece about in we've had types in important a growth growing that for this a the stayed there surgeon overlap. focus we've lot to and procedures with. have treatment continuing seen after surgeons also us success modalities engaging multiple flat. other The is Laura

procedure been had So actually that volume moving doing you've surgeons the for well while. have scale a up a as

for both the those So metrics pointing in of us. right are direction

Samuel Brodovsky

around and appreciate really through color per a that's the assumptions questions. XXXX which is how Thanks you with for procedure the Great, going evolving through Does outlook beyond? on give so on launch you helpful think taking given price that the and second about more our Granite you've half, well. other positive price

Anshul Maheshwari

Sam, ASP really by trends, on driven quarters two in side. year-over-year of the the things, ASP no, the had two first improvement. Look, Yes, we're right. encouraged specifically having ASP it's by consecutive half, And

ASC. too actually of in fees also on pricing team and two only want hard, has and we is we though one while the our deformity back do good seeing that to their the specifically the surgeons, SI-BONE with of talk year And of XXXX. decline product digit mix, at job talked a half a that this side of cases seen fixation, ASC And the bit maintaining want more done premature several incorporating the upside tailwinds to decline it's has extent, the where that been point not really in a even just working reimbursement the to XXXX, business, first service. about Laura's we've the using about more Granite feel at than in to fusion the moderate contracts. to the historically, in being start in that move the thoughtful to be in The volume great or we in those some increase that see adult those procedure two are But ASP And within than we've procedures the acknowledge continued minimally also quarters, so But invasive more procedures. mid-single SI some right. in two points we in joint implants successful been

Operator

Ranieri question Andrew Stanley. Next from Morgan come will of

Andrew Ranieri

questions. Hi, Laura for and the Anshul. taking Thanks

for leverage and part talked and story. on kind becoming is year-to-date, adjusted about growth revenue of good breakeven. of [inaudible]. of continued progress more your first a remarks job an important towards cash Just you maybe OpEx you've EBITDA prepared But flow the And in

to able what be touch adjusted on your EBITDA might laying of eventually breakeven. of the latter expectations of parts achieving for of these, you two targets hoping maybe the was are I So and kind groundwork flow to cash these and kind

Anshul Maheshwari

Thanks question. for the

operating line the by really business. level our knew pleased been making to in the with leverage, pretty built that we in investments required of terms that In seeing leverage, basically operating the foundation acceleration that in growth. to it's we've we're we're driven it's support we've the the top trajectory growth of was linear And demonstrated

guidance going at we when or to that flow continue be breakeven adjusted see Now, more. believe on, be share evolve, seeing in But about provide we an EBITDA a you that. we we not comps the tougher. revenue go, has to we able from is good we'll as year-over-year guidance of to year But And and last extrapolate terms to see giving year in how on been do you where cash the that to if operating look perspective. fiscal going up beyond, to we're leverage, we will and get well. potentially been, we and And feel are XXXX, become trajectory we've albeit that XXXX believe bit when that

Andrew Ranieri

part you're terms up the to about just Granite And of the in was today, recent talk just build you're that productivity. for you're of here. to on you what to roll seeing second, raise maybe instrument out. of And inventory us utilization can continuing the in trays, enough. understand kind I that Fair maybe But the or centers this

these of seeing but more would clarity any the early you. at accounts some what of be kind around kind details, thank you're great, You days of hinted

Laura Francis

the remarks a order on talked trying And in the here. to my granite people this efforts to order meet trays, launch area our of about in that and really to results say prepared that gone I in And we've team have the been Thanks Drew, hit. would has granite demand. the supply hit beyond I above particular is that

and are in our trays the So are to needed, not trying and reps field operations actually for the the has go the supply been implants trying in that to trays have to our to team trays to drive unusual site. that they order another sales the that to it then hours people needed, have, retrieve utilize

high feel surgeons in here have And in granite, so making make coming that that to we here. especially as a that volume we're second seasonally into and sure of that the we in has very our what sure around really quarter, need fourth position. we we trays months is think need, to the are that well particularly demands it providing. confident the order going But been that's quarter, third the as inventory really in And of work for we're quarter the the that meet lot we doing XX

Operator

from question next Needham of David line will the & Company. of Saxon Our come

Unidentified Analyst

a Hello, this high Joseph on for Maybe is question. level David.

growth, lapping plus and also Looking that at sustaining level that TORQ was you but those XXXX, comps. comment Anshul, high to you'll start Granite they're I know you much the launch, details, a be rollouts. well, you but XXXX, XX even in Granite maybe some said feeling you early wanted are comps facing hear with about assumption going maybe have just along but be for And on guys it, farther you if to more how it little tougher comps shorter difficult the

Anshul Maheshwari

in last be are deliver that really want as well about that do over But get believe ahead delivering out the for sure laid differentiated you question. which momentum confidence term last several Thanks look, the us products innings a granite. foundation second improving half we over we've which and And And I of strategy launch before to business, place early will our make ourselves. well SI on on we it built a the of the responsible strong sustainable our in And, as the fiscally favorable execution Joseph, strong operating next I year, will XXXX. family long deliver in highlighted cap growth joint of side of as fusion underlying all believe the the Yes, we the couple in the our we're granite the of said, the that tried to, and can well. set is both to to of portfolio, think just lot ingredients the capitalize on we and quarters within what give growth. the as want business, years, of as next reimbursement don't that we have leverage talk we is we end the

possible So too we're numbers on everything deliver that. to early a for give half strong point, me about good but at you this to doing on and second XXXX feel

Unidentified Analyst

get great. Okay, marketing we the Fair could update we on enough. an Maybe strategy.

You've kind started had wanted now to relatively, activities? of relative the couple guys when DTC awareness years talk campaign for a consumer hear you are feeling of those here you can out now. if about Maybe to you

Laura Francis

to and additional question, to focal of joint patients the Yes, we this bringing doing -- we've patients I'm been whether marketing have take a that, with for in dysfunction activities pain in using well us, trying particular quite our order one point successful are generate a of it's our condition. as completing been Doctor to social happy SI search knowledge in Find digital been our media website, a that degeneration, better as functionality using order to to understanding of to surgeons, drive or we've in referred this patients be successful to survey, the quite is

doing starting what little Now, lower little a the in focus we're bit funnel. really is a on we're to

those And that well. actually to facilitate an for further interest a finding had patients to doctor so as who help in process, have

develop marketing So our evolving marketing we strategy as continue here our to strategy. is digital

Operator

I Laura Thank I questions see you. no queue. don’t turn Miss the now remarks. to the closing to back for would further conference in like Francis,

Laura Francis

elements and performance trends. profitability. strong bolster for term year-to-date Thanks favorable second call long demand joining in strong that The as business. and a we as a have performance deliver place to all the all growth They the sustainable confident the outlook well for conviction I'm long-term our of half and you my progress toward in the And today.

today. time your for Goodbye. thanks So

Operator

participating. Thank This concludes today's all call. conference you for

And pleasant You may now disconnect. a day. have

SI-BONE (SIBN) 7 Aug 232023 Q2 Earnings call transcript