Si-Bone (NSDQ:SIBN) will promote its present CFO and COO Laura Francis into the corner office of the company, which makes the iFuse implant for treating lower back pain.
Francis will become CEO once the company finds a new CFO or May 1 — whatever comes first. Present CEO Jeff Dunn will stay with the company as executive chair.
“Laura has been an exemplary leader and operator for Si-Bone since joining the Company in 2015. She is an exceptional executive who is passionate about our mission. She is highly respected by investors and our team as well as our board of directors. She is committed to our principles and values and knows how to lead and execute our strategy to invest in future growth,” Dunn said in a news release out today.
Francis said it’s a period of unique opportunity for Si-Bone — which is also promoting its CCO Tony Recupero to the position of president, commercial operations, in charge of worldwide sales, marketing, clinical, reimbursement and medical affairs.
“Now that we have addressed reimbursement, I look forward to working with Tony to invest in our growth through sales force hiring and productivity, surgeon training with our new SImulator technology, new products for sacropelvic surgical treatment, and direct to patient marketing,” Francis said.
Si-Bone also announced today that it expects its Q4 2020 revenue to be in the $21.9–$22.2 million range, in line with Wall Street expectations and reflecting growth of 11%–12% compared to Q4 2019.
Truist analysts reiterated their buy rating for SIBN shares after the news, saying that they think Si-Bone can accelerate growth as it emerges into a more developed market with better coverage and a larger sales force.