Si-Bone at Goldman Sachs Conference: Strategic Growth Focus

Published 10/06/2025, 21:08
Si-Bone at Goldman Sachs Conference: Strategic Growth Focus

On Tuesday, 10 June 2025, Si-Bone Inc. (NASDAQ:SIBN) presented at the Goldman Sachs 46th Annual Global Healthcare Conference, highlighting its robust Q1 performance and strategic growth initiatives. The company showcased a 25% worldwide revenue increase, driven by its sacropelvic product lines, while also addressing potential challenges like anticipated ASP degradation. Si-Bone’s asset-light model and focus on organic growth were key themes.

Key Takeaways

  • Si-Bone achieved 25% worldwide revenue growth in Q1 2024, with 27% growth in the U.S.
  • The company reached adjusted EBITDA profitability for the second consecutive quarter.
  • Gross margins remain strong at 79.7%, with a future target in the 76-77% range.
  • Si-Bone plans to expand its sales force to 100 territories over the next 18 months.
  • The company anticipates being net free cash flow positive by 2026.

Financial Results

  • Q1 2024 revenue grew by 25% globally and 27% in the U.S.
  • Achieved adjusted EBITDA profitability for the second consecutive quarter.
  • Gross margin for Q1 2024 stood at 79.7%, an increase of 80 basis points from Q1 2023.
  • Full-year revenue guidance is approximately $200 million.
  • Expected gross margins are between 76% and 77% over the next few years.

Operational Updates

  • Added 300 physicians in Q1, totaling over 1,400 physicians performing procedures.
  • Launched three new products in 2024, including a pelvic fixation product and the TNT product.
  • The TNT product received a proposal for a new technology add-on payment effective October 1, 2025.
  • Granite Technology received a transitional pass-through code effective January 1, 2025.

Future Outlook

  • Si-Bone is focusing on the sacropelvic space, including SI joint fusion and pelvic fixation.
  • An active product pipeline includes multiple products under development, with two slated for 2026.
  • Plans to expand the sales force to 100 territories within 18 months.
  • Continued investment in R&D and clinical evidence for new products.

Q&A Highlights

  • Market penetration for SI joint fusion is less than 10%.
  • Si-Bone is increasing the number of procedures performed by surgeons.
  • The academic training program shows high adoption rates among trained residents and fellows.
  • The company is evolving to a hybrid sales model, with direct sales for SI joint dysfunction and hybrid for deformity cases.

Readers are encouraged to refer to the full transcript for more detailed insights.

Full transcript - Goldman Sachs 46th Annual Global Healthcare Conference:

David, Interviewer: Excellent. Well, thank you. Good morning, everyone. I think this is the last session that sits between people and lunch. So we’ll jump right in here.

I’m very pleased to welcome the management team from SI BONE Laura Francis, Chief Executive Officer and Anshul Maheshwari, Chief Financial Officer. Okay. Thank you. Very much appreciate you’re making the trip here to Miami and look forward to kind of getting into the story here. I know Anshul and I had the opportunity to have a Zoom beforehand that we’ve not had an opportunity to meet before.

But I do remember visiting SI BONE in my prior tour of duty on the sell side. I think it was probably like 2013 or 2014 on an investor bus trip. So I sort of got the story from Jeff very early on and seeing kind of the evolution of the company and it’s great to see the progress that you’ve made. So looking forward to getting into some of those details. So maybe let’s kind of start kind at a higher level here.

I mean, looks like you’re really at an inflection point in terms of your performance as it relates to not just revenue growth, but also profitability. Maybe kind of just talk us through kind of the current business dynamics and what you think is really driving that upward trajectory and performance?

Laura Francis, Chief Executive Officer, SI BONE: Yes. Yes. Well, thank you for the invite David. Appreciate it. And I joined in 2015, so I probably did not see you on that bus tour, but I’ve been with the company for ten years and been the CEO for four years at this point.

And it’s been an incredible experience. So we really started out in SI joint fusion and actually maybe even more specifically as the Triangle company when I started. And we were developing a completely new market. There was no surgical solution for the SI joint. It’s the largest joint in the human body.

And it was the only major joint in the human body that didn’t have a solution. So and when I joined, was no reimbursement whatsoever for the product. It was case by case reimbursement for the procedure. And so it’s developed a very significant capability that we have and it’s identifying unmet clinical needs and developing markets. And you can really see that coming to bear in the last couple of quarters.

We’ve had a tremendous couple of quarters, Q1 growing at 25% worldwide. If you look at just The U. S. Alone growing at 27%, 1,400 over 1,400 physicians that did at least one case that was 300 added year over year just in one quarter, the highest we’ve ever increased. And then also hitting adjusted EBITDA profitability, which was the second quarter and wasn’t necessarily anticipated in that first quarter because seasonally you usually have a little bit of a dip in your sales.

So I’m incredibly proud of what we’ve accomplished. There have been investors that I’ve talked to previously that really were skeptical about our ability to continue to grow at this pace. So if you look over the last few years, our growth rate has been in the mid-twenty percent range from a revenue perspective And we think that that’s sustainable and I’m going to look forward to talking a little bit more about it. But there is especially skepticism about profitability because we kind of get thrown into this bucket with spine companies. And while spine companies can never generate cash and profitability, especially not at the level that we’re at this year, our estimate is a little less than $200,000,000 in sales for the year.

And we’ve done it. So we’re proving it. And a lot of investors are looking more closely at us right now that weren’t previously, and they’re asking the question of how we’ve been able to do what we’re doing. And I think that our message is resonating a little bit more. We’ve been saying it, but we have what we call an asset light model.

And what that means is let me take an example of our pelvic fixation product. Granite typically will be in the operating room with another company that’s selling a full suite of spine products. We just sell pelvic fixation and we’ll take around $9,000 out of that particular case with a tray that costs around $15,000 The other company will take around $12,000 away and they have assets in there of 150,000 to $200,000 So point I’m trying to make is that we have the ability to grow at a significant clip and we’re showing it and we also have a model that is going to generate profitability and cash flow.

David, Interviewer: And I want to jump into the market a little bit more because I can imagine one of the things that you hear frequently is, it’s just another spine company. And like your logo doesn’t help that either. I have the vertebrae in it and it’s like you look at the spot.

Laura Francis, Chief Executive Officer, SI BONE: Noted. Yeah. You see

David, Interviewer: some metal and it kind of it looks like but I and it is a more kind of I think defined segment than just than what spine is. So like how do you demystify that and help us think through like the market you serve size growth and like why it’s not another rod plate screw company?

Laura Francis, Chief Executive Officer, SI BONE: Yes. So what we do is we address unmet clinical needs. And so a typical spine company is going to create a full slate of products. They’re for the most point, they’re commoditized. And then in addition, there’s going to be a lot of enabling technologies.

There might be imaging. There might be navigation. And there might be robotics, right? Very high cost. And then, as I said, a lot of cost in terms of capital as well, so instrument trays in particular to bring in.

And what we do is we identify separate markets that we can go after and become the market leader in those spaces. So SI joint fusion is really the space, as I said, that we have built. And it’s a very large market opportunity. Our estimate is the TAM is around 280,000 cases potential per year in that space. And it’s working both with spine surgeons and interventionalists in order to fully realize that market opportunity.

David, Interviewer: And I’m sorry, where are we on penetration there?

Laura Francis, Chief Executive Officer, SI BONE: It’s still less than 10% penetrated in that market, right? Very important for us to continue to drive forward in that marketplace and meet the physicians where they’re at, meet the patients where they’re at as well. And like I said, it’s a combination of working with surgeons as well as interventionalists in that area. The area is pelvic fixation. I had mentioned our product Granite.

That was our breakthrough device from the FDA. So once again, we’re developing innovative products that are being recognized as addressing unmet clinical needs. And then with a breakthrough device designation from the FDA, typically it makes it more straightforward to get new technology add on payments, transitional pass throughs depending upon whether you’re inpatient or outpatient. And we’ve been able to do that with our Granite product. And that market is around 130,000 procedures.

And in total, multi level constructs, long constructs and short constructs. And so that’s the market. And we actually just launched a product called TNT, our breakthrough device, and that one is for pelvic ring fractures and specifically sacral insufficiency fractures. So if you add it all up, we’re talking about around 500,000 potential procedures per year in those three areas and representing over a $3,000,000,000 market opportunity.

David, Interviewer: And just to help us kind of square the unmet need, what are the how are those patients being treated otherwise right

Laura Francis, Chief Executive Officer, SI BONE: now across those So

in the case of SI joint fusion, it was always conservative care. But you had patients that were debilitated and that needed a surgical solution. And we have become synonymous with high quality clinical data. So we have over 160,000 or 160 peer reviewed published papers that are out there and four randomized controlled trials and multiple prospective trials. And those that information shows the how effective our procedure actually is in that particular space.

David, Interviewer: And if you kind of unpack the 25% growth that you realized in Q1, understanding it’s early in the year, that’s a really big number. I think your guidance reflects some moderation from what you saw in Q1. But maybe just help us think about what really came together in Q1 to achieve that level of top line performance and then how you’ve kind of thought about the balance of of the year?

Laura Francis, Chief Executive Officer, SI BONE: The growth was broad based in the first quarter. So I’ve mentioned three different procedure types, but it’s all under the umbrella of the sacropelvic space is where we actually play. And we sell to spine surgeons, ortho and neurosurgeons. We also sell to interventionalists that I had mentioned. And now we’re actually selling to trauma surgeons as well.

So that growth was broad based in the quarter. In terms of how we’re thinking about the rest of the year, we do try and be conservative with our projections, but we expect something similar. And part of the reason why you’re seeing what you are is we actually put out three different products in 2024. So we had a pelvic fixation product that was targeting shorter constructs. We had an allograft product that was targeting interventionalists.

And then I already mentioned our TNT product that is targeting pelvic ring fractures with both spine surgeons as well as general ortho trauma.

Anshul Maheshwari, Chief Financial Officer, SI BONE: Then just on the guidance side, like Laura said, we’re being very thoughtful about our guidance. Our assumptions include the digit ASP degradation mostly because of procedure mix for the rest of the year. Although if you look at the last couple of years, our ASP has been relatively flat. So I think there’s some conservatism built there, especially as we go after these new opportunities. That’s number one.

Number two is some of these new markets within DJ and Trauma. While we’re really excited to see the momentum, so Granite 9.5 has actually exceeded from an adoption standpoint any product that we’ve launched in the last five years, so Toric and 10.5 included. So very pleased there. TMT has exceeded our old internal expectations, but again, they’re relatively young. So we want to see how those products perform as we do a broader rollout.

So we’ll be thoughtful about that as well for the past rest of the year.

David, Interviewer: And how should we think about the user adds as either as a leading indicator of future growth? I mean, adding 300, but that was 1,100 going to 1,400. That’s a very big percentage increase. So what were some of the feedback you got from either those surgeons who entered that I know it’s not just accounts, it’s users who do who are actively doing procedures. Were some of the factors you think that converted that many surgeons in a fairly finite period of time?

Laura Francis, Chief Executive Officer, SI BONE: As I said, was really across the board. It was surgeons that were interested in SI joint fusion and still less than ten percent penetrated interventionalists. We’ve really only been selling to interventionalists a little over a year at this point. So that was a driver. Pelvic fixation, we do believe that granite is going to become the standard of care, especially in deformity procedures.

So adding there. And then with the TNT product a pop there too. So it was a great quarter. And I think that we’ve had double digit growth in our physicians for the last three to four at this So but so that’s going to continue to be an area of focus. We’re targeting around 12,000 physicians in total in The United States.

So last year around 2,000 did at least one procedure, 1,400 just in the first quarter. So there’s a lot of opportunity to grow the number of physicians that do the procedures where we play. But in addition, the other area that we’re focusing on is what we call surgeon density, which just means the number of procedures that surgeons are doing in any given quarter. And it’s going deeper with the existing procedures and also having surgeons perform multiple procedure types. So let me use an example.

As I mentioned, our Granite 9.5 product that’s targeted toward more degen or shorter construct cases. What we’re doing is working with our SI joint fusion surgeons and trying to get them to perform pelvic fixation where appropriate with patients there as well. So getting them to do multiple procedure types. So that’s a big area of focus in addition to continuing to drive such strong growth in the number of surgeons that are doing cases.

David, Interviewer: And which of the surgeon groups has the most opportunity to expand into multiple procedure types?

Laura Francis, Chief Executive Officer, SI BONE: So the average surgeon that’s doing an SI joint fusion every single day is doing multi level constructs. And so that’s low hanging fruit for us to take those surgeons that have been doing SI joint fusion and having them using granite in their degenerative spine procedures. Similarly, we actually have had such a strong response to our pelvic fixation portfolio that we’re trying to get them to actually do SI joint fusion procedures as well. So that’s the lowest hanging fruit.

David, Interviewer: Okay. And then from a product launch perspective, you talked about the products you launched in 2024 starting to have an impact now. Does that mean you kind of have to be on a product launch cadence of every two years to sustain growth? Like what is sort of the product launch intensity requirements of the business?

Laura Francis, Chief Executive Officer, SI BONE: We’re unique. Once again, if you talk about a spine company, they will usually talk about some sort of a cadence. We’re putting out two products a year. We’re putting out one per quarter. It’s not really the way that we think about things.

And the reason is because we’re not just developing a me too product in order to put into the bag to drive revenue. What we’re trying to do is identify unmet clinical needs and develop these breakthrough devices for those unmet clinical needs. So it’s not as simple as saying, hey, next quarter it’s this and the quarter after that it’s this. With that said, product development has become a very important part of our growth strategy. We really do have a portfolio of products.

When I started in 2015, we were a one product company. And in fact, before I became the CEO of the company, we were a one product company. So we have very rapidly expanded over these last four years into multiple procedure types, multiple call points, but all around the sacropelvic space. And more specifically, what we really have learned is not just do we identify the unmet clinical need. What we do is we say, what are our core competencies that are going to allow us to deliver the best product for those physicians and for those patients.

And so what we’ve dealt with since our inception is the sacrum has some of the poorest quality bone in the body. And so it lent itself to our Granite launch. It lent itself to TNT, which sacral insufficiency fractures typically are osteoporotic patients. So it gives us this long term opportunity for significant revenue growth over the long term that’s sustainable. So that’s really what we’re driving towards.

David, Interviewer: And it sounds like from the way you’re laying this down, some of the things you’ve talked about on your calls, The strategy is the product launch is one piece of it, the actual product development, but then there’s a pretty decent investment in market development, physician education. You talked about going after, I don’t know, so to say younger surgeons or earlier in their career surgeons, the PC term is. But the maybe just sort of talk about the full kind of continuum of that product life cycle because it’s more than just as you said launch a product ship it into a warehouse put it on the shelf play the inventory stocking, destocking game. These are sound like more launch, build, iterate products.

Laura Francis, Chief Executive Officer, SI BONE: Yes. That’s true. And we’ve talked about a couple of products that are more 2026 time frame. As I said, we launched three products in 2024. And the sales team was actually excited to really focus on driving adoption, growth and acceleration with those three products in 2025, because some of them are easier than others to sell, right?

So SI joint fusion is an area where you have to really educate the physicians that you’re working with, especially the surgeons, in fact, a little less so with interventionalists because they treat these patients every single day already. But it’s understanding the anatomy, the prevalence, the diagnosis, the treatment, and getting them to perform their case to see the strong results and then to regularly diagnose and treat. In the case of pelvic fixation, however, that was actually a much easier sell and much more rapid ramp because those particular that issue was very well understood by surgeons already. And then I would say pelvic ring fractures with our TNT product is somewhere in the middle. The surgeons understand the issue, sacral insufficiency fractures.

They understand that it’s debilitating. But historically, there actually haven’t been good technologies to surgically treat the patients. So there’s a little bit of a learning curve there too. So we work in all of these areas in order to commercialize the technology more rapidly than others.

Anshul Maheshwari, Chief Financial Officer, SI BONE: And the other thing we’ve done really well is in 2018, we started our academic training program. And part of that was like Laura said, the SI joint dysfunction was not really taught in medical school. So we took on the baton of making sure that it was included in the residents and fellow training programs and led by SI BONE. What that allowed us to do was get in early with that next generation of doctors or surgeons, being able to train them on the anatomy, on the diagnosis, on the treatment. And that’s allowed us to see a rapid adoption from docs as they graduated from the residents and fellow program.

And I think we’ve talked about it consistently where the revenue growth, the adoption and the consistency of adoption from that cohort of physicians who are trained as residents and fellows is far higher, almost 2x of what we see with those that were not trained in medical school. So that program has actually worked out really well for us. The other thing that we are doing is now that we build this broad spectrum of products addressing multiple modalities, they’re synergistic in nature with the call points. We’re starting to train them at the same time on the multiple modalities. So when you think about the new doc adds that we had in Q1, half of those new docs that came in, in Q1 or docs that grew in Q1, sorry, or docs that did multiple modality procedures for us.

So again, a really good indicator that not only is our training working, but our focus on multi modality training is also starting to bear fruit.

David, Interviewer: And how much ongoing clinical support do you need then? Like do you need reps calling on these doctors at a high degree of intensity because it’s like out of sight, out of mind? Like you guys sort of it’s not these procedures are not necessarily the ones that these doctors are doing every day? Or you need to have reps in how do you think about that from an account coverage perspective?

Anshul Maheshwari, Chief Financial Officer, SI BONE: So it’s very interesting, right? When you think about our sales force model, we’ve actually evolved to a hybrid sales force model over the last three years. Our SI joint dysfunction business is predominantly direct. It is an educational sale. So having our reps who are best and technical experts at that anatomy and at that procedure type is important.

On the deformity side, we’ve been leveraging more of the hybrid structure. A lot of these deformity cases are longer six, seven hour cases. So the way it’s worked out is our reps go in, train the surgeons, cover the few cases with the intention that over time they will be covering less of those cases, but they still own the relationship. They own the relationship with the agents. They own the relationship with the doc.

And the reason it’s important is that educational approach of two points of fixation when you’re doing a deformity case is very important. Just the touch points are very, very important. On the trauma side, today we’re direct, but we are looking to leverage the hybrid structure in trauma as well. It is a new call point. A lot of times you’re focused on level one, level two trauma sites, where you have some of these individuals who are distributors who carry a broader trauma bag are at those sites at all times.

And our ability to replicate that model with that trauma site is also going to be very valuable for us. So I think you’re going to continue to see this evolve. We’re also sort of testing in certain markets predominantly trauma parking offsets, especially at high volume trauma sites, where you may not need to have a rep if the doc just wants to do the case and the rep is not available, that doc can use the assets.

David, Interviewer: Okay. Maybe I just want to touch on briefly on reimbursement. You do have some device that are breakthrough designation. Have you been successful in getting price premiums on those products? And where does reimbursement factor into that?

Laura Francis, Chief Executive Officer, SI BONE: We have been successful there. The most recent news on those fronts are that we did receive a proposal from CMS for a new technology add on payment for our TNT product and that would be effective on October one of twenty twenty five, dollars 3,960 for that particular technology Effective January one of twenty twenty five, a transitional pass through code went into place for hospital outpatient procedures with our Granite technology and that will cover the full cost of the technology, no device offset in that particular area. And then we actually did just have a product that received breakthrough device designation. That product is under development. We’re giving very scant information on the product right now, but it’s our breakthrough device.

And we have found that having a breakthrough device, having a new technology add on payment, having a transitional pass through has been important to that initial adoption of these disruptive technologies.

David, Interviewer: Got it. I want to go over to the P and L. I know you briefly touched on the profitability that you realized in Q1, but maybe we could actually just go into a little bit more detail down the P and L. I mean, I appreciate the gross margin dynamic. These are very big numbers for gross margin and any variance in price will obviously have an impact there.

So I think I appreciate the guidance this year. I mean, is it fair to think over a longer period of time maintaining flat gross margins would be a good outcome?

Anshul Maheshwari, Chief Financial Officer, SI BONE: Yes. So from our perspective, one, we’re really proud of the gross margins of the business. A lot of that comes from the innovation that we have, which allows us to maintain the high ASP. So close to 80% gross margins for Q1, 79.7 to be accurate, which is 80 basis points above what we did in Q1 of last year. So a nice real reversal of the gross margins and actually getting to higher gross margins.

In terms of our guidance for the year, again, we wanted to be very thoughtful with the implications for gross margins. As I said, our revenue guidance for the year assumes low single digit ASP degradation mostly because of procedure mix. So that’s going to have an impact on your gross margins for sure. The piece is when you think about some of the newer products Granite, TNT, they are more expensive. So as we target those opportunities that’s going to pressure gross margins, still those products can get to scale at which point you see the cost of those products come down.

So we’ve incorporated some of that impact as well. The piece is just depreciation and amortization. We’re going to be putting out more trays this year, again to support the Granite opportunity and the TNT opportunity. So you start seeing that depreciation flow to the P and L before you start seeing leverage on those assets as well. And then we’re doing a lot of automation around reducing administrative responsibilities in the field, especially as we scale up.

And you’ll see some of the amortization of that software flow through as well. Now, what that gross margin doesn’t include is the tailwinds that we have from the better ASPs that we’ve seen versus in our guide. It doesn’t include the potential impact of deformity cases continuing to see four implants being used versus two. And we’ve actually seen a really nice uptick in four implant cases since nine point five got launched in the half of the year. So I think it’s fairly balanced view on gross margins, but again at 78% still industry leading.

David, Interviewer: Yes. Yes. So as you and I know you don’t I appreciate that you’re not setting long term targets here. But is it fair to say that gross margin keeping it flat as you think about all these puts and takes it would be a good outcome over a multiyear period? Yeah.

What we’ve actually talked about externally is as we look at

Anshul Maheshwari, Chief Financial Officer, SI BONE: the midterm right over the next few years given the new product launches we have, we’re seeing our gross margin should be in the 76% to 77% range. Part of that is some of these newer products, again, they’re going to be subscale as they start out. We’re to have CapEx being put out for inventory assets and trays. So you’ll have some pressure on gross margins from that. Offsetting that though is going to be the scaling of the existing portfolio, the ability to get more leverage on the P and L from the trays.

And then we have gross margin initiatives that are underway to also reduce the cost of the implants over time, not just by scaling, but also by making certain changes.

David, Interviewer: Then maybe we go into OpEx on the 10% growth in OpEx that you’ve targeted for this year. Maybe you can break that down a little bit between sales and marketing, G and A and R and D.

Anshul Maheshwari, Chief Financial Officer, SI BONE: Sure. So on the OpEx side as well, I mean, our stellar top line growth combined with the operational excellence that we have, we’ve seen really good leverage on the P and L over the last three years. And even in Q1, was almost revenue growth was three times OpEx growth. As we look to the rest of the year, we do have R and D lift given the product that we want to launch in Q1, this new breakthrough device that we’re working through as well. So you’ve got R and D being a bit higher than as a percent of revenue for the rest of the year just because of timing.

You will see some G and A increase as well. What we’ve done is we saw a Q1 increase in G and A. We’ve incorporated that as well. And then the sales and marketing, you will continue to see that grow, but that’s variable to revenue growth. So most of that’s going be commissions.

Okay.

David, Interviewer: And then you sort of wrapping this all together, talked about adjusted EBITDA and free cash flow positive for the year. You obviously had a good start to Q1 along the adjusted EBITDA path. What sort of has to unfold through the balance of the year to that would what would throw you off kilter here? Like where would be the where are the risks in the plan? And then where are the opportunities?

Anshul Maheshwari, Chief Financial Officer, SI BONE: Yeah. Our adjusted EBITDA is an outcome positive adjusted EBITDA is an outcome of our revenue growth. There’s been no artificial action on our part. If you think about Q1, it tends to be the softest quarter of the year for us and to be able to get adjusted EBITDA positive for our consecutive quarter just shows the volume, value that we can generate with that top line growth. So we feel really good about our ability to maintain that adjusted EBITDA growth profile for the rest of the year, including going forward.

What we have shared externally is, we expect revenue growth to outpace OpEx growth going forward consistently. And it may vary from year to year depending on the volume of investment we need in the business based on the R and D and marketing requirements for new product. But if you think about it on an average, it should be about 1.5 times revenue growth, should be 1.5 times OpEx growth. So that means is you should continue to see good adjusted EBITDA dollars going to the bottom line as well. And then on the free cash flow side as well, we’ve talked about being free cash flow and I mean post CapEx.

So net free cash flow positive sometime in 2026 and part of that is our high gross margin, the operating leverage and the asset light business.

David, Interviewer: Okay. And in a scenario where the revenue tracks ahead of what you had expected, where would you reinvest those incremental dollars? Like if you it doesn’t sound like you’re scrimping on programs. But if you did have incremental revenue and gross profit, where would you put those investment dollars? And where are the biggest opportunities to even further boost the top line?

Anshul Maheshwari, Chief Financial Officer, SI BONE: So when I think about investment, one, we have a huge opportunity ahead of us, right? You look at the products that we launched last year, we’re still scratching the surface whether it’s with Interventionalist, Trauma or even with Granite. So what we do want to invest in expand our sales force. We want to get to 100 territories over the next eighteen months. So you’re going to see some investment there.

Number two is R and D and clinical evidence remains very important for us. So as we launch these new products, we want to make sure we’re backing them to clinical evidence. So we’ll continue to make investments there. G and A, you’ll most likely continue to see leverage on that front. The other piece as we get bigger, we’re starting to think about is the investments that we want to make on being more agile in terms of getting to market sooner and other gross margin improvement initiatives around manufacturing.

So those are areas that we’re starting to explore as opportunities to drive more profitable growth. We have a very active pipeline ahead of us. So we’re not thinking beyond the organic growth that we can get because of all the things that we had in the hopper. Laura has talked about two products that we are looking to work on right now, but there is a very active pipeline that’s even after those two products. So we feel very well positioned.

David, Interviewer: Excellent. We have just a minute or two left here. So maybe Laura, I’ll turn it back to you to kind of wrap up with any kind of concluding remarks or takeaways for folks in the room and on the webcast.

Laura Francis, Chief Executive Officer, SI BONE: Thank you. Thanks for doing that. So I we’re seeing very strong interest on investors in SI BONE at this point. I think that just the growth profile that we have over 20% consistently for the last few years is of interest. I think that investors are better understanding the sustainability of our growth platform as well, which I think is really important.

And then we definitely were a show me story in terms of profitability. We’ve shown it over two whole quarters. And as Anshul said, we’re going to continue to show that. Have a nice line of sight to free cash flow as well. And we’re a differentiated company in all of that.

So I’m really proud of what we’ve accomplished over the last ten years. I’m very proud of what we’ve accomplished over the last four years, especially with all of the growth from a product perspective. And so you’re going to see more of the same. So we’re excited to talk with the investors that are here as well as those that are listening about SI BONE and really helping to educate them on what we are not and what we actually are. And this has been a great conference for us to do that.

So thank you.

David, Interviewer: Excellent. We very much appreciate you making the trip east and look forward to continuing to follow the story. Thanks,

Anshul Maheshwari, Chief Financial Officer, SI BONE: David. Thanks, David.

Laura Francis, Chief Executive Officer, SI BONE: Thank you.

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