SIBN - Why Shares of Si-Bone Jumped Tuesday
2023-05-02 14:12:23 ET
Shares of medical equipment company Si-Bone (NASDAQ: SIBN) were up more than 20% Tuesday morning before falling to a rise of just over 9% Tuesday afternoon after the healthcare company released first-quarter earnings. The stock is up more than 17% so far this year.
Si-Bone makes and sells the iFuse Implant System to fuse the sacroiliac joint in the lower back and treat SI joint dysfunction. The company reported first-quarter earnings on Tuesday morning, and there were a lot of positives.
Si-Bone said it had revenue of $32.7 million in the quarter, up 46% year over year, including $30.5 million in U.S. revenue, up 50% from the same period last year. The company also narrowed its net losses year over year by 33% to $11.3 million. It also said it had $86 million in cash.
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Why Shares of Si-Bone Jumped Tuesday