Anshul Maheshwari, the Chief Financial Officer of SI-BONE, Inc. (NASDAQ:SIBN), recently sold shares of the company's common stock. According to a filing with the Securities and Exchange Commission, Maheshwari sold a total of 2,439 shares on November 18, 2024, at prices ranging from $12.41 to $13.04 per share. The total value of the transactions amounted to approximately $30,936.
These transactions were conducted to cover tax obligations related to the vesting of restricted stock units, as noted in the filing. Following these sales, Maheshwari holds 194,623 shares of SI-BONE, including 124,413 shares issuable upon the settlement of restricted stock units.
In other recent news, SI-BONE Inc. reported a significant 19% increase in its worldwide revenue, reaching $40.3 million in the third quarter. This surge was primarily driven by an 18% rise in U.S. sales, contributing $38.3 million, and a 21% increase in international sales, totaling $2.1 million. The company's gross profit stood at $31.9 million, with a gross margin of 79%, and it reported a loss of $200,000, marking a substantial 94% improvement from the previous year.
Needham, in its recent analysis, reiterated a Buy rating for SI-BONE, indicating the company's robust financial position as a significant factor in maintaining this rating. The firm's analysis suggested that despite the high-end payments revealed in the Medicare Open Payments disclosures, the company is well-positioned to handle any potential challenges.
In other developments, SI-BONE received 510(k) clearance for its iFuse-TORQ TNT device and updated its 2024 revenue guidance to $165-$166 million, projecting a growth rate of 19%-20%. The company anticipates reaching adjusted EBITDA profitability in the fourth quarter of 2024. These are among the recent developments that have shaped the company's trajectory.
InvestingPro Insights
SI-BONE, Inc. (NASDAQ:SIBN) is currently trading near its 52-week low, with a market capitalization of $508.29 million. This recent insider sale by CFO Anshul Maheshwari comes at a time when the company's stock has experienced significant declines, with a year-to-date price total return of -41.31% as of the latest data.
Despite these challenges, InvestingPro data reveals that SI-BONE has maintained strong revenue growth, with an 18.98% increase over the last twelve months. The company also boasts a robust gross profit margin of 77.7%, indicating efficient core operations.
InvestingPro Tips highlight that SI-BONE holds more cash than debt on its balance sheet, which could provide financial flexibility in the current market conditions. Additionally, six analysts have revised their earnings upwards for the upcoming period, suggesting potential optimism about the company's future performance.
It's worth noting that while the stock is trading below its fair value based on analyst targets of $25, the company is not expected to be profitable this year. Investors considering SI-BONE may find value in exploring the additional 7 InvestingPro Tips available, which could offer deeper insights into the company's financial health and market position.
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