SI Bone at BofA Conference: Strategic Growth and Future Outlook

On Tuesday, May 13, 2025, SI Bone (NASDAQ:SIBN) presented at the BofA Securities 2025 Healthcare Conference, highlighting its robust Q1 performance and strategic plans. The company reported significant revenue growth and operational efficiency, yet remains cautious with its guidance amidst broader economic uncertainties.

Key Takeaways

• SI Bone achieved a 25% increase in overall revenue, with U.S. revenue growing by 27%.
• Gross margins improved to nearly 80%, contributing to positive adjusted EBITDA for the second consecutive quarter.
• The company plans to launch new products targeting SI joint dysfunction in early 2026.
• SI Bone aims for profitability by 2025 and free cash flow breakeven by 2026.
• The company is expanding its commercial infrastructure to support future growth.

Financial Results

• Revenue Growth: SI Bone reported a 25% year-over-year increase in revenue, driven by volume increases across all modalities. U.S. revenue saw a growth of 27%.
• Gross Margin: The company’s gross margin improved to nearly 80%, with an 80 basis point increase. Despite potential low single-digit ASP degradation, margins remain strong.
• Adjusted EBITDA: For the second consecutive quarter, SI Bone achieved positive adjusted EBITDA.
• Cash Burn: The company reduced its cash burn by approximately 32% compared to the previous year.
• Guidance: SI Bone raised the high end of its revenue guidance by $2 million, aligning with market expectations of a 2% increase in Q2.

Operational Updates

• Physician Engagement: The company added 300 active physicians, marking a record quarter, with a 40% increase in doctors performing multimodality procedures.
• New Products: Products launched in 2024 are contributing to growth in SI joint dysfunction, deformity, and trauma segments.
• Interventional Strategy: SI Bone’s focus on interventional spine physicians is gaining traction, with a record number of interventionalists performing procedures.
• Rep Productivity: Revenue per territory reached $2 million on a trailing twelve-month basis.
• Same Store Sales: Procedure volume per doctor increased by 30% compared to the average.

Future Outlook

• New Product Launches: A new product for SI joint dysfunction is slated for launch in Q1 2026.
• BDD Product Development: The company is working on its third BDD product to address key issues in the spine industry.
• Commercial Expansion: Plans are underway to expand commercial infrastructure to 100 territories within the next 12 to 18 months.
• Profitability Goals: SI Bone expects to maintain positive adjusted EBITDA in 2025 and reach free cash flow breakeven in 2026.

Q&A Highlights

• Guidance Conservatism: Management emphasized a conservative approach to guidance due to macroeconomic factors and the early stage of the year.
• Gross Margin Drivers: Better-than-expected ASPs and supply chain efficiencies contributed to gross margin improvements.
• EBITDA Reinvestment: Potential EBITDA upside in 2025 may be allocated to R&D and commercial expansion.
• Interventional Strategy Success: The targeted approach to interventional spine physicians continues to yield positive results.

For a deeper understanding of SI Bone’s strategic direction and financial performance, please refer to the full transcript below.

Full transcript - BofA Securities 2025 Healthcare Conference:

Craig Dijou, Medical Device Analyst, BofA: Craig Dijou, one of the medical device analysts here at BofA, and I’m happy to present SI BONE. And from SI BONE, it’s Anshul Maheshwari, CFO. So, Anshul, thank you for for coming.

Anshul Maheshwari, CFO, SI BONE: Yeah. Thanks, Greg, for hosting us.

Craig Dijou, Medical Device Analyst, BofA: Maybe just want to start with Q1. You reported a couple of weeks ago, strong results. Revenue growth was 25%, twenty seven % in US. So let’s start with just kind of what were the key drivers of that strength that you saw in the quarter?

Anshul Maheshwari, CFO, SI BONE: Yeah, thanks, Craig. So we were really pleased with how the first quarter performed, which is, as you know, is seasonally a lighter quarter for us. The growth was broad based, which was very exciting as well. When you look at The US, The US grew 27%, that was led by 27% growth in volume. The volume was also broad based, it was, you know, very strong double digit volume growth across all our modalities that targeting.

Equally exciting was the 1,400 plus doctors, physicians that we had in the quarter. Again, we saw record physicians across all our call points, dual procedure, ortho, spine, trauma and interventional. Both of those are two new call points for us. So that was really exciting. The next piece was just the growth that we saw in active physicians.

We had 300 active physicians added in the quarter versus last year, which was another record as well. And then we saw good traction both with our existing solutions as well as accelerating adoption for the new products that we launched in 2024. So that was in the top line. As you go below the top line, we had great gross margins close to 80%. So 80 basis point improvement on the gross margin side.

That all translated into positive adjusted EBITDA for the quarter, our second consecutive quarter of positive adjusted EBITDA. So that was great too. And our cash burn declined around 32% for the quarter. So really pleased with how the quarter performed, and it provides a really good foundation for the rest of the year.

Craig Dijou, Medical Device Analyst, BofA: Got it. I’m gonna ask about maybe some of the specifics with and push it a little bit. I doubt I’m gonna get great answers or complete answers. I I try every time. But I I think one of the questions that investors have is really trying to understand what is the key driver.

And I know you say it’s broad based, the strength that you saw and you have been seeing over the last several quarters. But your core business is SI fusion. As you’ve mentioned, you’re launching a number of new products that are all contributing. But how should we think about the mix of that growth going forward? And, you know, how much is it that core SI joint fusion, or is that maybe on the lower end of of the growth side and some of the contributions from the new products or new channels is at the higher end.

Any way directionally to kind of help investors think about the key driving factors behind the strong performance?

Anshul Maheshwari, CFO, SI BONE: Sure. So SI joint dysfunction remains the largest part of the business. When you think about even from a TAM standpoint, SI joint dysfunction is almost 2x the TAM of any other market we’re in. So the TAM for SI joint dysfunction is about 2,500,000,000. The TAM for our pelvic fixation, which is degen and deformity is about a billion, and the trauma market is about three hundred million.

So SI joint dysfunction is continuing to be the biggest market for us. So let’s start with that. Number two is when you think about the growth, as I mentioned, it’s broad based with strong double digit growth across all the modalities, which includes SI joint dysfunction. When you think about that business, we’ve got new products that we’ve announced over the last few years. You had torque that came out in 2021, which has been a key driver of growth in the SI joint dysfunction market in 2024 with the introduction of intra, as well as our foray into interventional.

That’s been a nice accretive growth driver to the surgeon business, but in SI joint dysfunction as well. And then the new product that we want to launch, we plan to launch in Q1 of twenty twenty six, is also targeting the SI joint dysfunction market. So that business has been doing really well. As I mentioned, growth is coming from existing products that are in the market, but it’s also accelerating with the new launches that we did in 2024. And those launches targeted SI joint dysfunction, deformity, as well as trauma.

Craig Dijou, Medical Device Analyst, BofA: Got it. I do want to get into a little later, a little bit more on the interventional strategy. But let’s stick with kind of the financials and maybe talk about guidance. So obviously, you talked about the strong Q1. You raised, so you had a $2,000,000 beat.

You raised the high end by 2,000,000. So, you know, midpoint, let’s call it a million. Is that conservatism? Is there anything else that we should be thinking about in the second well, I guess, more than the second half, the final three quarters of the year that we should be, you know, contemplating and why maybe you’re not as aggressive with with raising guidance despite the strong Q1.

Anshul Maheshwari, CFO, SI BONE: Yeah, no, thank you, Craig. So we tend to be very thoughtful about how we set guidance. That’s always been the premise for us. When you think about the first quarter performance, it was strong across the board, as I mentioned, and we feel really good about the business, not just for the rest of 2025, but even going forward. Because several of the tailwinds in the business that been around, they’re secular, they’re specific to SI BONE.

For example, the technology lead that we have with the products that we have in our platform, that’s number one, that’s specific to SI BONE. Number two is we’re still in the early stages of capturing the physician enthusiasm for the newly launched products. And as we put out more surgical capacity, we’ll be able to capitalize more on that demand. Number three is we’re also in the early stages of driving density across our physician base, but also are continuing to see strong levels of engagement as we launch out these products and roll them out. And the number four is the reimbursement tailwinds, whether it’s the NTAP for TNT that’s proposed or the TPT for granite.

Those are really strong tailwinds that should allow us to continue to drive strong growth over the long term. And then when you add on to it the new products that we want to launch, the first in Q1 of twenty twenty six, and the second one is the BDD product that we have, which is our third BDD product. So the tailwinds are strong, they’re secular. We’re still early in the year and given the macroeconomic backdrop, we thought it was prudent to sort of be thoughtful about how we had set expectations and we’ll be able to update that as we go through the year having a few more months under our belt.

Craig Dijou, Medical Device Analyst, BofA: Okay. We’ll push it a little bit. But so the cadence for the year, let’s say so the street is expecting q two to be I think it’s up 2%, maybe down 4% in q three, up 16%. So it’s similar, to what you guys have seen in in prior years. So, one, I guess, me start with, you know, is the street has the street kinda interpreted your your comments or your expectations for the rest of the year appropriately.

Anshul Maheshwari, CFO, SI BONE: Yeah, so I won’t comment on the suite model, but the way we’ve looked at our business is, we’ve transformed into a platform and part of the seasonality is impacted by the timing of launch and rollout of new product. So that’s number one. Number two is some of the markets that we’ve entered with deformity and trauma, they’re less suspect to out of pocket deductibles, because those aren’t really as elective procedures. So when you think about the way the business has evolved is Q1, like I said, is sequentially mid to high single digits decline from Q4, what you’ve seen is that decline has become a bit more moderated. So you sort of seeing low single digit decline in Q1.

And what you’re seeing is sort of the sequential step up and the variability between Q1 and Q2 tends to be moderated as well because of that. Q3 is an interesting quarter for us always just because there’s some macro seasonality built into Q3, which is vacation schedules, as well as surgeon and industry conferences. So we’re being very thoughtful about setting expectations for the third quarter. What you’ve seen in the past is we’ve worked through that with our just the momentum that we have in the business. But we think that’s an appropriate position to take right now.

And we expect Q4 again to be a strong quarter for us. Yeah.

Craig Dijou, Medical Device Analyst, BofA: Okay. Well, let’s move to maybe the financial piece. You mentioned gross margin was close to 80%. I think that came in a little bit higher than expected. I mean, guess I really have the same comment on the guidance for the year, which I believe is 78%.

So obviously implies a little bit of a step down. There are factors I know that you’ll kind of run through, but again, is that should we think of that as conservative or what are the factors that really would drive that to be lower than where you started the year?

Anshul Maheshwari, CFO, SI BONE: Yeah, so again, really pleased with how the gross margins are playing out at close to 80%, which would make them industry leading. We did see an 80 basis points improvement in the gross margins as well in the quarter. Now, when you think about the puts and takes on the gross margin side, the outperformance in the gross margin was because of two factors. The first was ASP being better than what we expected. Part of that is the product and procedure mix.

You had a lot more foreign plant cases being performed than we had in our guidance. You had better ASP. And then we’ve been working on some streamlining initiatives on the supply chain side and you saw some of that benefit flow through the P and L. Now, again, it’s the first quarter and we want to see how it plays out for the rest of the year. In terms of what’s implied in our guidance is, again, we took a thoughtful approach to our guidance where we’ve assumed sort of a low single digit ASP degradation as we go through the year.

Part of that is going to be driven by the procedure and product mix, especially as we continue to see demand accelerate in trauma and in degenerative spine, those tend to be lower ASP procedures. So that’s number one. We’re not assuming the upside potential from additional deformity procedures with floor implants, so you might have some offset there. The second piece is again going to the product mix. If you have more granite in the P and L, it tends to be a bit more expensive from an implant standpoint, so that could impact COGS.

The third piece being a higher depreciation from new surgical capacity being put out there as we progress through the year. So that’s going to have an impact. What we’ve not put in there is the benefit, like I said, from potential ASP upside of foreign plants and any additional benefit from our supply chain efficiencies that we may see through the year. Got it.

Craig Dijou, Medical Device Analyst, BofA: That’s helpful. You guys have done a very good job over the last several years of improving profitability. You mentioned, you know, EBITDA positive in q one, second straight quarter. How should we think about EBITDA positive EBITDA for the rest of the year, you know, on a quarterly basis? And then, you know, you did raise OpEx growth to 10% from 9% in your guidance.

So you’ll have some more spend, but it seems like you’re still going to deliver some of the leverage. So maybe just talk about some of the things that you’ve done over the last couple of years that have kind of brought you to this point, and then specifically how we should think about ’25 and kind of how that plays out through the year. Then I’m going to ask you about 26.

Anshul Maheshwari, CFO, SI BONE: Yeah, our operating leverage over the last three years has been linear to our top line growth. So if you look at our business throughout the pandemic, we continue to make investments in building out the commercial infrastructure, in building on the operating infrastructure in anticipation of the new product launches that we had coming. And what you’ve seen is you’ve seen the business inflect really well on consistently driving good operating leverage, which is revenue growth exceeding operating expense growth. And even in Q1, that metric was 3x, our revenue growth rate was 3x, our OpEx growth rate. So we feel really good about the leverage potential in the business.

In terms of the rest of the year, we do have a lot of R and D work going on for the two products that we have in the works right now, and there’s others that are in different stages of development. So you will see R and D be a little bit more elevated. Sales and marketing is just variable costs related to higher commissions with the revenue outperformance. You’ll see that happen as well. And G and A, we’ve bumped it up a little bit just because we saw it run a bit hot in the first quarter.

But even with all of that, if you think about the leverage for the year, you’re targeting about 1.75 revenue growth to OpEx growth, which is quite healthy. And then once you think about beyond that, our algorithm right now is sort of to think about 2025 as a good proxy to be between 1.5 to 1.75 times OpEx leverage, which is quite healthy and that should translate into good adjusted EBITDA margin expansion in the future.

Craig Dijou, Medical Device Analyst, BofA: So maybe just a little bit more on EBITDA. I think the Street’s at 3,000,000 for full year ’25. I think that’s, you know, it’s still improvement. I think it’s 500 basis points of improvement over the prior year, but less than what you have been delivering. And, I mean, is there anything you know, I I appreciate the comments on the one five to one seven one five one seven five this year, one seven one five to one seven five going forward.

But any any other considerations? And I I guess the question is, you know, what’s the what’s your ability to drive some potential upside to that number in in ’25, or would it then go you any upside with that may be reinvested in some of the R and D projects or other expenses that you may have?

Anshul Maheshwari, CFO, SI BONE: Yeah, I think if you think about our business, right, we’re really focused on driving profitable growth, emphasis being on growth. So if you look at our business today, the areas where we’re not going to compromise investments is R and D and clinical. That’s been the cornerstone of our growth. Number two is we do expect to expand our commercial infrastructure. We would like to get to about 100 territories over the next twelve to eighteen months, so that will require investment as well.

And on the G and A side, you will continue to see some leverage, but being able to get 1.75 leverage is quite healthy in our opinion. And you know, we’re going to continue to

Craig Dijou, Medical Device Analyst, BofA: see that leverage expand as the top line grows faster. And then on ’26. Well, first, I mean, do you think you can get cash flow positive any quarter in ’25? And then you guys have talked about, you know, maybe a year lag between EBITDA positive positivity and then cash flow breakeven. So is that should we assume that you can get there in ’26?

Anshul Maheshwari, CFO, SI BONE: Yeah, so we’ve got two consecutive quarters of adjusted EBITDA breakeven at this point. And our algorithm, given that we’re an asset light business, our CapEx footprint is quite limited and our high gross margins, our algorithm was always twelve to fifteen months after you get to adjusted EBITDA breakeven, you get to free cash flow breakeven. So given where we are, we expect to be adjusted EBITDA positive in 2025. And then going forward, we expect adjusted EBITDA margins to expand, and that should translate into free cash flow at some point in 2026.

Craig Dijou, Medical Device Analyst, BofA: Got it. Okay. That’s helpful. So you talked about active physicians in Q1, record level, you know, 300 adds to that number. Obviously, it’s a very important physician engagement metric for you guys.

So you talk about physician density often on you mentioned it again on the call and how utilization has improved. So maybe just talk about what that means that those figures actually mean to to the business, you know, for maybe investors that are less familiar with kind of the driver or that as a driver of your top line?

Anshul Maheshwari, CFO, SI BONE: Yeah, no, thank you. So we’ve actually had four years of double digit active physician growth. Over the last two years, we’ve effectively doubled our active physician base. That’s a very important metric for us because it provides a good forward look into the potential demand of our portfolio. We expect that metric to continue to grow.

Generally, we think about it as your training is a really good indicator of where that growth is going to go. And we’ve had some really strong trainings all through 2024, as we’ve talked about publicly. Q1, Q2 of last year were record levels of training that we had seen, and you’re seeing some of that inflect in the active physician base. So that’s number one. Number two, equally important as we’ve expanded our portfolio is to focus on going deeper with our call point.

And we think about density in two ways. When we think about density in terms of the number of docs that are doing multiple modalities, so multiple procedure types. In Q1, we had a 40 plus percent increase, close to 45% increase in the number of docs that are doing multimodality procedures. So that’s a really good indicator for us in terms of driving broader adoption of the overall portfolio. The second density metric that we now look at and share externally is same store sales, Because what you will see is if you look at the number of surgeons, the denominator has grown at such a healthy clip that at an absolute level, look at density being flat.

But when you look at same store sales, which is docs that did a procedure in Q1 of last year and that did a procedure in Q1 of this year, you’ve seen a 30% increase in the number of procedures, 30% higher procedure volume from those docs versus the average. So that to us is a very encouraging indicator as well. One, we’re seeing more docs being part of the same store metric. Number two is as they stay with us, they’re doing more procedures. Both of these are very encouraging forward looking indicators for demand.

And

Craig Dijou, Medical Device Analyst, BofA: you guys have had a stated goal of 2,000,000 revenue per territory, and you you hit that in q one. So I guess, you know, help us understand what what that means, you know, from a rep productivity reaching that point. What like, how have you gotten there and how much of the physician density is part of that revenue?

Anshul Maheshwari, CFO, SI BONE: Yeah, our commercial team has actually done a phenomenal job in terms of driving rep productivity. Just about three years ago, we were sub a million and we’ve hit the 2,000,000 mark this quarter on a trailing twelve month basis. So really proud of that. And that’s allowed us to see that inflection on profitability as well. Now, what’s driving that rep productivity?

As you know, we’ve evolved as we’ve expanded our portfolio into a hybrid commercial model. A lot of that hybrid focus is more on the deformity and increasingly on the trauma side. And what that’s done is it’s actually created bandwidth for our territory managers to not have to spend as much time in the OR, specifically for these longer procedures, which could be seven, eight hours in case of deformity, and actually be out there training doctors, building new relationships and driving deeper engagement. So that’s allowed us to get to that $2,000,000 productivity number. Got it.

Craig Dijou, Medical Device Analyst, BofA: Want to shift to interventional, your strategy focusing on interventional docs. And I would say a year ago, it was probably viewed differently than than it is today. And I think the reaction to it was probably not what you guys had expected, but over the past year, you’ve really, you know, you’ve driven that it seem it seems you’ve driven that channel, and that’s really become a an asset for you guys. So maybe just talk about, if we step back, like, the need to go into that channel and how you’re approaching that channel and the results that you’ve seen over the last year, specifically within that channel.

Anshul Maheshwari, CFO, SI BONE: Sure. So our interventional strategy sort of started about two years ago when we started engaging interventional spine physicians with torque. We launched the STACEY study in 2023, in July of twenty twenty three, which was interventional spine physicians using torque to perform SI joint dysfunction procedures. Look, we’re the market leader in this space, and we want to make sure that we have a comprehensive set of solutions available to all call points so patients can get access to our solution. Our strategy with interventionalists was always to go after a subset of the interventional spine docs that passing on patients to surgeons, weren’t doing referrals to surgeons and were performing procedures in their ASCs.

And that’s actually worked out well for us. We always approach interventionalists as an incrementally accretive opportunity to what we do with spine surgeons on the SI joint dysfunction side, and that still remains the vast majority of our business is the spine surgeon side. But the interventionalist, because we were so targeted and because we led with torque and then added intra in 2024, it’s actually worked really well for us because we’ve become the one stop shop for interventionalists as well, just like we did for spine surgeons with solutions that can support 27002 and 70 nine CPT code. That is where torque plays, and the new CPT code 27002 and 70 eight, where our intra product plays as well. So we’ve worked really hard to train interventionists on both solutions.

And what we’ve seen is torque in 2024 was the leader in 2025 with the launch of intra, specifically in markets where reimbursement is very clearly defined, and you’ve got interventionalists that want to do an allograft first before they do a medal, it’s actually worked really, really well for us. And what that’s translated into is a record number of interventionalists working with us and doing our procedures. And Q1, again, was a record number of procedures that interventionists performed in the quarter surpassing what we did in q4 of last year.

Craig Dijou, Medical Device Analyst, BofA: Got it. And you also talked about a new product for interventionalists specifically. And I guess, and I think you said or Laura said on the on the call on the q one call that it simplified the workflow specifically for interventionalists. So maybe just I mean, could you elaborate or expand on kind of what that product is and what solutions or concerns that it could be addressing?

Anshul Maheshwari, CFO, SI BONE: Yeah, so as a market leader in this space, our strategy has always been to provide comprehensive set of solutions that fit the workflow of our physicians and provide them options to address their preference. And with TORQ, with iFuse three d, with TORQ and Intra, we’ve been able to provide that. This new product that we expect to launch in Q1 actually builds on our learnings from our three d technology, as well as our application of Intra. I’m not going to talk a lot more about how it simplifies workflow and how it fits in from a code perspective. Our approach has been we want to be reimbursement code agnostic.

We want to be able to provide solutions that can support the physicians across multiple reimbursement codes. And this will fit right into that channel.

Craig Dijou, Medical Device Analyst, BofA: Maybe a follow-up on that. What does it do in terms of attracting interventionalists? So is it more for the interventionalists that have already kind of bought into SI joint procedures? Or is it something where you’re going to bring in new interventionalists from sidelines that may have been more apprehensive about doing the procedure?

Anshul Maheshwari, CFO, SI BONE: I think it’s going to open up the funnel for interventionalists who’ve expressed interest in working with us on SI joint dysfunction diagnosis and treatment. And like I said, for us, it’s going to be providing them one more alternative to address their preference based on patient’s anatomy.

Craig Dijou, Medical Device Analyst, BofA: Got it. Okay. You’ve highlighted a couple different pipeline products, so I wanted to touch on those. I know you’re not going to provide a ton of detail, but there’s two that I know you’re not giving detail, you talk about them a lot and then highlight them. So maybe just talk about the SI joint product.

And then, well, I guess just talk about both and what they are.

Anshul Maheshwari, CFO, SI BONE: Yeah. So if you look at the company as a whole, it really evolved into becoming a platform, a platform of unique solutions that are anatomy specific, are based on our understanding of the biomechanics of the anatomy. What that’s allowed us to do is get favorable reimbursement in terms of whether it was an NTAP for granite, whether it was TPT for granite, now there is an NTAP potentially for TNT. So we’ve now got a proven track record of coming up with these innovative solutions, and we want to make sure we continue to innovate and that innovation for us will allow us to get deeper dialogue with the physicians and go deeper with them even on the procedure level. And a lot of our innovation is coming out of the feedback you would get on unmet clinical needs as well.

So I already talked about the product that we want to launch in Q1 of twenty twenty six, which is going to be targeted towards SI joint dysfunction, which again remains our biggest TAM. So really exciting opportunity there. And then the next product that we’ve talked about externally is this product that we got BDD on. And we’re proud to say that amongst publicly traded companies in the ortho spine space, I think we’re the only one that has a third BDD product and speaks volumes to our R and D capabilities to be able to identify unique needs and develop those products. We’re still in early stages of development of that product, so I’m not going to talk a lot about that, but it is really exciting.

It’s again, addressing one of the most pressing issues within the spine industry. It builds on our core competencies of three d printing, as well as understanding the biomechanics of the anatomy, and it’s targeting the same call point. So there’s a lot of opportunity to get leverage on the P and L on the call point and the sales force with this product.

Craig Dijou, Medical Device Analyst, BofA: Got it. Helpful. Timing. So I think the SI joint dysfunction product you said was ’26. I don’t know when did you say specifically when in ’26?

Anshul Maheshwari, CFO, SI BONE: So the SI joint dysfunction product was Q1 of twenty six as when we expected. This BDD product, we’re not going to be talking about timeline. We’ll provide updates at future dates. Like I said, we’re still in development stage. So we’ve got a lot of work to do ahead of us, but we’re feeling good about the progress that we’ve made so far.

Craig Dijou, Medical Device Analyst, BofA: Maybe last one on the SI joint dysfunction product. Have you submitted that to the FDA? Where are you in that process?

Anshul Maheshwari, CFO, SI BONE: So we’re still working through the development of that one. So more to come on that as we progress through the year.

Craig Dijou, Medical Device Analyst, BofA: Got it. I think we have a minute left. So maybe we’ll stop it here. Okay. So we don’t go over.

But Anshul, thank you.

Anshul Maheshwari, CFO, SI BONE: Thank you, Craig, for hosting us. Yeah.

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