Anthony J. Recupero, President of Commercial Operations at SI-BONE, Inc. (NASDAQ:SIBN), recently reported the sale of company stock valued at $74,802. The transactions, disclosed in a recent SEC filing, involved the sale of 5,319 shares over two days.
On November 18, Recupero sold shares at prices ranging from $12.5315 to $12.9279, totaling $49,608. The following day, an additional sale was executed at a price of $12.1713, amounting to $25,194. These sales were conducted to cover tax obligations related to the vesting of restricted stock units, as noted in the filing. After these transactions, Recupero holds 226,484 shares in direct ownership, including restricted stock units.
In other recent news, SI-BONE Inc. reported a notable 19% increase in worldwide revenue for the third quarter, reaching $40.3 million. This surge was driven by an 18% rise in U.S. sales, amounting to $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%. SI-BONE is nearing its adjusted EBITDA breakeven point, reporting a loss of $200,000, marking a significant 94% improvement from the previous year.
In other developments, SI-BONE has received 510(k) clearance for its iFuse-TORQ TNT device. The company has also updated its 2024 revenue guidance to $165-$166 million, projecting a growth rate of 19%-20%. It anticipates reaching adjusted EBITDA profitability in the fourth quarter of 2024.
Needham has reiterated its Buy rating on SI-BONE, suggesting that the recent dip in share price presents a buying opportunity. The firm's analysis, which took into account 50 previous and ongoing investigations in the medical technology sector, indicated that SI-BONE's payments are reasonable and its financial health robust. This assessment supports the firm's recommendation to buy SI-BONE shares amidst the market's current fluctuations.
InvestingPro Insights
As we examine Anthony J. Recupero's recent stock transactions at SI-BONE, Inc. (NASDAQ:SIBN), it's worth considering some additional financial insights provided by InvestingPro.
SI-BONE's current market capitalization stands at $508.29 million, with the stock trading near its 52-week low. This valuation comes despite the company's revenue growth of 18.98% over the last twelve months, reaching $157.03 million. The company's gross profit margin is impressive at 77.7%, indicating strong pricing power in its market segment.
However, investors should note that SI-BONE is not currently profitable, with an operating income margin of -26.91% and a negative EBITDA of -$37.52 million over the last twelve months. This aligns with an InvestingPro Tip stating that analysts do not anticipate the company will be profitable this year.
On a positive note, another InvestingPro Tip highlights that SI-BONE holds more cash than debt on its balance sheet, suggesting financial stability despite the lack of profitability. This is further supported by the fact that the company's liquid assets exceed its short-term obligations.
For investors seeking a more comprehensive analysis, InvestingPro offers 7 additional tips for SI-BONE, providing a deeper understanding of the company's financial position and prospects.
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