SI-Bone, Inc. (NASDAQ:SIBN) Director Jeffrey W. Dunn recently sold company shares in a transaction that took place on August 2, 2024. The sale, which was required to cover tax withholding obligations related to the vesting of restricted stock units, was not a discretionary trade by Dunn.
Dunn sold a total of 343 shares of SI-Bone at a weighted average price of $14.3221, with individual transactions executed within a price range of $14.20 to $14.50. The total value of the shares sold amounted to $4,912. The company has stated that this transaction was necessary to satisfy tax withholding obligations through a "sell to cover" transaction.
Following the sale, Dunn's direct holdings in the company stand at 26,792 shares. Additionally, the Jeffrey W. Dunn Living Trust, dated May 17, 2012, indirectly holds 103,499 shares of SI-Bone common stock.
Investors and security holders of SI-Bone can request detailed information from Dunn regarding the number of shares sold at each price within the specified range.
SI-Bone, Inc., headquartered in Santa Clara, California, specializes in surgical and medical instruments and apparatus. Dunn's recent transaction provides a clear view of his current stake in the company, which remains substantial despite the recent sale to cover tax obligations.
In other recent news, SI-BONE Inc. reported a 20% increase in its worldwide revenue for the second quarter of 2024, reaching a record $40 million. Contributing significantly to this growth was the U.S. market, with revenues hitting $37.8 million, marking a 21% rise. The medical device company also announced the addition of 220 active physicians and a 43% improvement in adjusted EBITDA. SI-BONE also reported plans for a new trauma product launch, targeting the pelvic market.
These recent developments include SI-BONE's raised 2024 worldwide revenue guidance to between $165 million and $167 million, suggesting a 19% to 20% year-over-year growth. The company anticipates accelerated revenue growth in the latter half of the year, and aims to build a $200 million business by the end of 2024 through strategic sales rep additions and territory expansions.
Despite a 20% improvement in net loss to $8.9 million and a 7% growth in operating expenses to $41.7 million, SI-BONE ended the quarter with a strong cash and marketable securities position of $151 million. The company remains optimistic about capturing opportunities in the sacropelvic space and transforming into a multi-modality medical device platform.
InvestingPro Insights
As SI-Bone, Inc. (NASDAQ:SIBN) navigates the complexities of the market, recent data from InvestingPro provides a nuanced picture of the company's financial health. SI-Bone boasts a strong balance sheet, holding more cash than debt, which is a reassuring sign for investors concerned about the company's financial stability. This is reflected in the company's ability to cover short-term obligations with liquid assets, as indicated by one of the InvestingPro Tips. Additionally, five analysts have revised their earnings forecasts upwards for the upcoming period, suggesting a potential positive outlook for the company's future performance.
The InvestingPro Data highlights a market capitalization of $586.34 million, indicating the company's size and market value. Despite a challenging profitability horizon, with analysts not expecting the company to be profitable this year, SI-Bone has demonstrated a robust revenue growth of 21.15% over the last twelve months as of Q2 2024. The company's gross profit margin stands at an impressive 77.69%, showcasing its ability to maintain profitability on its core products and services.
For those considering an investment in SI-Bone, it's worth noting that the company does not pay dividends, which may influence the investment strategy of income-focused shareholders. Meanwhile, the InvestingPro platform lists several additional InvestingPro Tips for SI-Bone, providing a deeper dive into the company's financials and market potential for interested investors.
As Director Jeffrey W. Dunn's recent share sale to cover tax obligations sheds light on insider activity, these financial metrics and insights can help investors gauge the broader context of SI-Bone's market position and future prospects.
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