SiBone (NASDAQ:SIBN) Posts Earnings Results, Beats Estimates By $0.06 EPS

Key Points

• SiBone beat quarterly expectations: The company reported an adjusted loss of $0.09 per share, $0.06 better than estimates, while revenue of $56.01 million topped the $55.34 million consensus.
• Shares rose 3.9% to $18.45 following the results. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $23.57.
• Institutional ownership remains high at 98.11%, with several major funds increasing their stakes, while recent insider stock sales were primarily made to cover tax obligations from vested equity awards.

SiBone (NASDAQ:SIBN - Get Free Report) released its quarterly earnings results on Monday. The company reported ($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.15) by $0.06, FiscalAI reports. The business had revenue of $56.01 million during the quarter, compared to the consensus estimate of $55.34 million. SiBone had a negative return on equity of 9.56% and a negative net margin of 8.10%.

SiBone Trading Up 3.9%

NASDAQ SIBN traded up $0.69 during trading hours on Monday, hitting $18.45. 764,705 shares of the company's stock were exchanged, compared to its average volume of 627,209. The business's 50 day moving average is $16.23 and its 200-day moving average is $15.12. The company has a debt-to-equity ratio of 0.20, a quick ratio of 8.34 and a current ratio of 9.99. SiBone has a 12-month low of $11.48 and a 12-month high of $21.89. The firm has a market capitalization of $818.24 million, a P/E ratio of -47.31 and a beta of 0.67.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on SIBN. Wall Street Zen cut shares of SiBone from a "buy" rating to a "hold" rating in a research note on Saturday, April 18th. UBS Group started coverage on SiBone in a report on Tuesday, July 28th. They issued a "buy" rating and a $24.00 price target for the company. Weiss Ratings upgraded SiBone from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Tuesday, July 21st. TD Cowen decreased their price objective on SiBone from $22.00 to $18.00 and set a "buy" rating on the stock in a research note on Tuesday, May 12th. Finally, Truist Financial lifted their price objective on SiBone from $18.00 to $21.00 and gave the stock a "buy" rating in a research report on Thursday, July 16th. Seven equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $23.57.

Insider Buying and Selling

In related news, CEO Laura Francis sold 14,957 shares of the business's stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $14.71, for a total value of $220,017.47. Following the completion of the sale, the chief executive officer directly owned 503,444 shares in the company, valued at approximately $7,405,661.24. The trade was a 2.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, SVP Michael A. Pisetsky sold 3,134 shares of the company's stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $16.71, for a total value of $52,369.14. Following the sale, the senior vice president owned 277,375 shares of the company's stock, valued at $4,634,936.25. This represents a 1.12% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 35,989 shares of company stock worth $541,229 over the last ninety days. Insiders own 4.00% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. First Light Asset Management LLC lifted its stake in SiBone by 162.4% in the fourth quarter. First Light Asset Management LLC now owns 5,032,904 shares of the company's stock valued at $99,249,000 after buying an additional 3,115,001 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of SiBone by 1.7% in the third quarter. Vanguard Group Inc. now owns 2,489,989 shares of the company's stock valued at $36,653,000 after buying an additional 41,449 shares during the period. Nuveen LLC lifted its holdings in SiBone by 5.1% in the 4th quarter. Nuveen LLC now owns 1,421,946 shares of the company's stock valued at $28,041,000 after acquiring an additional 69,229 shares during the last quarter. Cadian Capital Management LP boosted its position in shares of SiBone by 96.8% during the 4th quarter. Cadian Capital Management LP now owns 1,171,100 shares of the company's stock valued at $23,094,000 after purchasing an additional 576,100 shares in the last quarter. Finally, Wellington Management Group LLP lifted its stake in SiBone by 74.7% during the third quarter. Wellington Management Group LLP now owns 853,266 shares of the company's stock valued at $12,560,000 after purchasing an additional 364,897 shares during the last quarter. 98.11% of the stock is owned by institutional investors and hedge funds.

About SiBone

Si-BONE, Inc is a commercial‐stage medical device company focused on the design, development and commercialization of implant systems to treat degenerative conditions of the sacroiliac (SI) joint. Its flagship product, the iFuse Implant System, consists of triangular titanium implants that are inserted via a minimally invasive surgical procedure to stabilize the SI joint and alleviate chronic lower back and buttock pain.

FDA‐cleared in 2012, the iFuse portfolio has expanded to include the iFuse-3D and iFuse-3Di devices, which feature a porous, 3D-printed surface to promote bone ongrowth and biological fixation.

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