SI-BONE, Inc. (SIBN): debt financing — SI-BONE reports preliminary Q4 revenue ~$31.8M (+26% YoY) and refinances debt with $51M SVB facility

SI-BONE, Inc.

2022-FY EPS reported -$1.79 revenue$106,409,000

Q4 2022 preliminary revenue $31.7-31.9M, up ~26% YoY; FY 2022 revenue $106.1-106.3M, up ~18%.
U.S. Q4 revenue $29.8-29.9M (+28%); active surgeons reached record 920 (+33% YoY).
Cash & marketable securities ~$96M as of Dec 31, 2022.
Refinanced existing $35M SVB term loan with new $51M facility: $36M term loan (due 2027) plus $15M revolver (due 2025), plus $15M accordion.
Term loan interest at prime+0.5% (floor 6.75%); amortization begins July 2025; revolver based on 80% eligible receivables.

item 1.01 item 2.02 item 2.03 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.93

SI-BONE, Inc. incurred credit facility of $36.0 million term loan and up to $15.0 million revolving credit facility, plus uncommitted accordion term loan of up to with Silicon Valley Bank at Floating annual rate on Term Loan: greater of prime rate plus 0.5% or 6.75%; on maturing Term Loan matures December 1, 2027; Revolver matures July 6, 2025.

Instrument: credit facility
Principal: $36.0 million term loan and up to $15.0 million revolving credit facility, plus uncommitted accordion term loan of up to
Counterparty: Silicon Valley Bank
Rate: Floating annual rate on Term Loan: greater of prime rate plus 0.5% or 6.75%; on
Maturity: Term Loan matures December 1, 2027; Revolver matures July 6, 2025
Event: incurrence

Exact text from the filing

On January 6, 2023, SI-BONE, Inc. (the “ Company ”) entered into a First Amendment to Loan and Security Agreement (the “ Amendment ”) with Silicon Valley Bank., a California corporation (“ SVB ”), which amends the Company's Loan and Security Agreement dated as of August 12, 2021, by and between the Company and SVB pursuant to which the Company had a term loan facility in an aggregate principal amount of $35.0 million (the “ Original Loan Agreement” and with the Amendment, collectively the “Amended Loan Agreement”) . Upon entry into the Amended Loan Agreement, the Company borrowed $36.0 million pursuant to a term loan (the " Term Loan "), which was substantially used to repay in full the $35.0 million term loan facility outstanding under the Original Loan Agreement and secured a revolving credit facility in an aggregate principal amount of up to $15.0 million (the " Revolver ").

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

SI-BONE, Inc. reported full year 2022 results: revenue $106.1 - $106.3 million.

Period: full year 2022
Revenue: $106.1 - $106.3 million
Result: preliminary results

Exact text from the filing

Fiscal Year 2022 revenue of $106.1 - $106.3 million representing growth of approximately 18%

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

SI-BONE, Inc. reported fourth quarter 2022 results: revenue $31.7 - $31.9 million.

Period: fourth quarter 2022
Revenue: $31.7 - $31.9 million
Result: preliminary results

Exact text from the filing

SI-BONE Announces Preliminary Revenue for the Fourth Quarter and Full Year 2022 Fourth Quarter revenue of $31.7 - $31.9 million representing growth of approximately 26%

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

SI-BONE, Inc. amended First Amendment to Loan and Security Agreement with Silicon Valley Bank (SVB) valued at $36.0 million (effective 2023-01-06).

Action: amendment
Agreement: credit facility
Counterparty: Silicon Valley Bank (SVB)
Value: $36.0 million
Effective: 2023-01-06

Exact text from the filing

On January 6, 2023, SI-BONE, Inc. (the “ Company ”) entered into a First Amendment to Loan and Security Agreement (the “ Amendment ”) with Silicon Valley Bank., a California corporation (“ SVB ”), which amends the Company's Loan and Security Agreement dated as of August 12, 2021

View on SEC.gov

42 debt financings filed in the last 30 days. Browse all debt financings →

SI-BONE, Inc. filing history →

Source: SEC EDGAR

accession 0001459839-23-000003

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