Jeffrey W. Dunn, a director at SI-BONE, Inc. (NASDAQ:SIBN), recently sold shares of the company's common stock. The transaction, which took place on November 18, involved the sale of 1,609 shares at a weighted average price of $12.4309 per share, totaling $20,001. This sale was executed to cover tax withholding obligations related to the vesting of restricted stock units, as noted in the filing. Following this transaction, Dunn holds 20,431 shares directly and an additional 106,330 shares indirectly through The Jeffrey W. Dunn Living Trust.
In other recent news, SI-BONE Inc. reported significant developments in its financial performance and future outlook. The company's Q3 earnings demonstrated a robust 19% increase in worldwide revenue, reaching $40.3 million. This growth was largely attributed to an 18% rise in U.S. sales, amounting to $38.3 million, and a 21% surge in international sales, totaling $2.1 million. SI-BONE's gross profit stood at $31.9 million, marking a gross margin of 79%.
The company also revealed its progress towards reaching its adjusted EBITDA breakeven point, reporting a loss of $200,000, reflecting a substantial 94% improvement from the previous year. In other recent 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 19%-20% growth rate.
Needham recently reiterated its Buy rating on SI-BONE, suggesting that the company's strong financial health and balance sheet offer a cushion against potential fines and support recovery prospects. This recommendation comes despite recent market fluctuations and high-end payments revealed in the Medicare Open Payments disclosures. The firm's analysis of SI-BONE's position within the broader context of the medical technology sector underscores the company's investment potential.
InvestingPro Insights
While Jeffrey W. Dunn's recent stock sale at SI-BONE, Inc. (NASDAQ:SIBN) was primarily to cover tax obligations, it's worth examining the company's current financial position to provide context for investors. According to InvestingPro data, SI-BONE has a market capitalization of $508.29 million and is trading near its 52-week low, which could signal a potential buying opportunity for value-focused investors.
One of the InvestingPro Tips highlights that SI-BONE holds more cash than debt on its balance sheet, indicating a strong liquidity position. This is further supported by another tip stating that the company's liquid assets exceed its short-term obligations. These factors suggest that SI-BONE is well-positioned to manage its financial commitments in the near term, despite the recent insider sale.
However, it's important to note that SI-BONE is not currently profitable, with a negative P/E ratio of -13.33. This aligns with another InvestingPro Tip indicating that analysts do not anticipate the company will be profitable this year. Despite this, the company has shown revenue growth of 18.98% over the last twelve months, reaching $157.03 million, which may be encouraging for long-term investors.
For those seeking a more comprehensive analysis, InvestingPro offers additional tips and insights that could be valuable in assessing SI-BONE's investment potential. In fact, there are 7 more tips available on the InvestingPro platform, providing a deeper dive into the company's financial health and market position.
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