Santa Clara, CA — Jeffrey W. Dunn, a director at SI-BONE, Inc. (NASDAQ:SIBN), recently reported a sale of the company's common stock valued at approximately $4,620. This transaction involved the sale of 341 shares at a price of $13.55 per share. The shares were sold to cover tax withholding obligations related to the vesting of restricted stock units, as noted in the filing. Following this transaction, Dunn holds 22,040 shares directly and an additional 106,330 shares indirectly through The Jeffrey W. Dunn Living Trust.
In other recent news, SI-BONE Inc. has made significant strides in product development and financial performance. The company's iFuse TORQ TNT™ Implant System, the first 3D-printed transiliac-transsacral screw approved for use in the United States, has successfully completed initial procedures. This advancement is expected to enhance surgical outcomes for patients with pelvic fragility fractures. SI-BONE also reported a 20% increase in worldwide revenue for the second quarter of 2024, reaching a record $40 million, primarily driven by the U.S. market. As a result, the company has adjusted its 2024 worldwide revenue guidance to between $165 million and $167 million, indicating a year-over-year growth of 19% to 20%.
Piper Sandler and Canaccord Genuity have maintained their positive ratings on SI-BONE shares, citing the company's strong top-line growth and the potential of the TORQ TNT system to enhance the company's penetration into the pelvic trauma segment. SI-BONE has also announced plans to launch a new product for the pelvic market, expected to contribute to long-term revenue growth. These are the recent developments in SI-BONE's business operations.
InvestingPro Insights
While Jeffrey W. Dunn's recent stock sale at SI-BONE, Inc. (NASDAQ:SIBN) was relatively small and for tax purposes, it's worth examining the company's financial health to provide context for investors. According to InvestingPro data, SI-BONE has a market capitalization of $668.36 million and has shown strong revenue growth, with a 21.15% increase in the last twelve months as of Q2 2024.
Despite this growth, the company is not currently profitable, as indicated by its negative operating income of -$45.8 million over the same period. This aligns with an InvestingPro Tip stating that analysts do not anticipate the company will be profitable this year. However, it's important to note that SI-BONE holds more cash than debt on its balance sheet, which could provide financial flexibility as the company works towards profitability.
The stock has shown significant momentum recently, with a 21.87% return over the last week. This short-term performance boost is reflected in another InvestingPro Tip, which highlights the stock's significant return over the last week. For investors considering SI-BONE, it's worth noting that InvestingPro offers 7 additional tips that could provide further insights into the company's prospects and valuation.
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