Si Bone Inc. Medical Device Company (NASDAQ:) shares fell to a new 52-week low of $11.75. This latest price level reflects a significant decline from the previous year, giving the stock a one-year percentage change of -33.41%. Investors are keeping a close eye on Si Bone’s performance as the company weathers a difficult market environment that has seen many stocks retreat from their historic highs. The 52-week low is an important point of interest for both current shareholders and potential investors in assessing the company’s valuation and future prospects in the dynamic healthcare sector.
In other recent news, SI-BONE Inc. announced a significant 19% increase in worldwide sales to $40.3 million in third quarter earnings. This growth was primarily due to U.S. sales increasing 18% to $38.3 million and international sales increasing 21% to a total of $2.1 million. The medical device company had a gross profit of $31.9 million, a gross margin of 79%, and reported an adjusted EBITDA loss of $200,000, close to breakeven, a significant 94% improvement year over year. .
Further developments include obtaining 510(k) clearance for SI-BONE’s iFuse-TORQ TNT device. The company also revised its 2024 revenue guidance to $165 million to $166 million, expecting growth of 19% to 20% and expected adjusted EBITDA profit in the fourth quarter of 2024. It is expected that the rate will be reached. Despite some disruption from Hurricane Helen, sales increased by 4%. Regarding operating expenses, the company maintains a positive outlook for 2025 and plans to expand its sales force and take advantage of favorable redemption terms.
On the analyst side, Needham reiterated his buy rating on SI-BONE, arguing that the company’s high-end Medicare open payments are reasonable and do not raise concerns. The company’s analysis, which considered 50 past and ongoing investigations in the medical technology sector, highlighted SI-BONE’s strong financial position. Mr. Needham suggested that the recent decline in the stock price presents a buying opportunity and emphasized that the company’s financial health is a key factor in maintaining a “buy” rating.
Investment Pro Insights
Si Bone Inc’s recent 52-week low touch is consistent with InvestingPro data, confirming that the stock is trading near its 52-week low. This price movement has resulted in a year-to-date total return of -42.12%, highlighting the challenges facing the company. Despite the economic downturn, there are positive signs in Si Bone’s financial situation. InvestingPro’s tip highlights that the company has more cash than debt on its balance sheet, which could provide financial flexibility during this period of low stock prices.
Additionally, Si Bone’s revenue growth continues to be strong, increasing 18.98% to $157.03 million over the past 12 months. This growth trajectory is corroborated by another InvestingPro tip showing that six analysts have revised earnings for next fiscal year upwards, suggesting potential optimism about the company’s near-term performance. are.
For investors seeking a more comprehensive analysis, InvestingPro provides additional tips and insights that may be valuable in evaluating Si Bone’s future prospects amid current stock price challenges.
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