SI-BONE Inc. (SIBN) PT Lowered to $30 at Needham & Company

Needham & Company analyst David Saxon lowered the price target on SI-BONE Inc. (NASDAQ: SIBN) to $30.00 (from $32.00) while maintaining a Buy rating.

The analyst commented, "SIBN’s 4Q21 revenue was in line with its preannouncement and management provided 2022 revenue guidance that was below consensus. In 4Q21, 100 cases were canceled, representing an ~$800K headwind. Trends appear to have worsened in January (~100 cancelations; ~$800K headwind) but have since improved in February (~40 cancelations; ~$350K headwind). Importantly, management noted an increase in Anthem cases following their exclusive policy becoming effective in 2H21 and we expect this to build into 2022 with United volumes also continuing to increasing. We expect SIBN to return to a more normal ~20-25%+ growth profile as the environment improves and commercial investments (sales force, iFuse-TORQ, digital marketing, etc.) begin to generate more meaningful revenue. We reiterate our Buy rating."

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