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SI-BONE, Inc. (NASDAQ:SIBN), a medical device company, has secured an extension of its corporate headquarters lease in Santa Clara, California, according to a recent SEC filing. The agreement with BIXBY SPE FINANCE 11, LLC extends the lease for an additional fourteen months starting June 1, 2025, and ending on July 31, 2026.
Under the terms of the Second Lease Amendment, SI-BONE will pay a monthly base rent of $43,696 after a three-month rent-free period post-extension. The company is also responsible for its share of operating expenses and taxes until the lease expires. Notably, the new amendment eliminates a 5-year extension option that was part of the original lease.
This extension provides SI-BONE with continued access to its 21,848 square feet office space located at 471 El Camino Real, which serves as the company's corporate headquarters. The lease extension is a strategic move that ensures the company's stability and presence in the Santa Clara area for the immediate future.
The financial commitment represented by this lease extension is indicative of SI-BONE's investment in its operational infrastructure. It also reflects the ongoing demand for commercial real estate in the Santa Clara region, known for its concentration of high-tech companies and startups.
In other recent news, SI-BONE, Inc. has seen a series of significant developments. The medical device company reported a 16% increase in worldwide revenue to $37.9 million for the first quarter of 2024, following the successful launch of the iFuse Bedrock Granite implant. The company has also raised its revenue guidance for 2024, signaling anticipated growth across its markets.
In addition to these financial highlights, SI-BONE has made amendments to its corporate governance, including a significant change to its charter that limits the liability of certain officers. The amendment, approved by stockholders, aligns with recent amendments to the Delaware General Corporation Law. Furthermore, PricewaterhouseCoopers LLP was ratified as the independent registered public accounting firm for the fiscal year ending December 31, 2024.
However, BofA Securities has revised down its earnings per share estimates for SI-BONE for the calendar years 2024, 2025, and 2026. Despite these revisions, the firm maintained its Underperform rating for the company. These are among the recent developments related to SI-BONE, providing investors with an updated look at the company's performance and future prospects.
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