SI-BONE, Inc. Reports Strong Q3 2025 Earnings

Si-Bone ((SIBN)) has held its Q3 earnings call. Read on for the main highlights of the call.

SI-BONE, Inc. recently held its third-quarter 2025 earnings call, revealing a generally positive sentiment despite some challenges. The company demonstrated strong revenue growth and achieved significant milestones in profitability and physician engagement. While there are concerns regarding net loss and operating expenses, the overall outlook remains optimistic due to the company’s growth trajectory, product pipeline, and operational improvements.

Robust Revenue Growth

SI-BONE, Inc. reported impressive worldwide revenue of $48.7 million in Q3 2025, marking a 20.6% increase year-over-year. The U.S. market was a significant contributor, with revenue climbing by 21.2% to $46.4 million, driven by a procedure volume growth exceeding 22%.

Positive Adjusted EBITDA and Cash Flow Milestones

The company achieved a positive adjusted EBITDA of $2.3 million for the quarter, with an adjusted EBITDA margin of approximately 5%. Notably, SI-BONE reported its first quarter of meaningful positive cash flow from operating activities, highlighting a significant financial milestone.

Physician Engagement and Expansion

In Q3 2025, about 1,530 physicians performed procedures using SI-BONE’s solutions, reflecting a 27% year-over-year increase. The addition of 330 physicians during the quarter marks the largest quarterly increase in the company’s history, underscoring its expanding influence in the medical community.

International Growth and Product Launches

The launch of iFuse Torque in Europe contributed to a 10.2% growth in international revenue. Additionally, the company filed a 510(k) application for next-generation technology and received FDA 510(k) clearance for instruments that enhance procedural flexibility, indicating a strong focus on innovation and market expansion.

Market Expansion and New Products

SI-BONE is set to launch several innovative products, including a new SI joint fusion product in Q1 2026 and a breakthrough device targeting spine surgery later in 2026. These developments are expected to drive further market expansion and revenue growth.

Net Loss Narrowing but Still Present

Despite improvements, SI-BONE reported a net loss of $4.6 million or $0.11 per diluted share, compared to a net loss of $6.6 million or $0.16 per diluted share in the previous year. This narrowing of net loss indicates progress, although challenges remain.

Operating Expenses Increase

Operating expenses rose by $4.7 million or 11.9% due to growth-related investments and higher commissions from increased revenue. This increase reflects the company’s commitment to investing in its growth strategy.

Limited International Revenue Contribution

International revenue was only $2.3 million, representing a smaller portion of total revenue compared to the U.S. market. This highlights the need for further international market penetration to balance revenue streams.

Forward-Looking Guidance

During the earnings call, SI-BONE updated its guidance to reflect strong financial performance and growth expectations. The company raised its full-year revenue guidance to between $198 million and $200 million, implying an 18% to 20% year-over-year growth. With a gross margin of 79.8% and plans to achieve positive free cash flow in 2026, SI-BONE’s guidance reflects confidence in sustaining strong top-line growth and expanding margins.

In summary, SI-BONE, Inc.’s earnings call painted a positive picture of the company’s financial health and future prospects. Despite challenges like net loss and increased operating expenses, the company showcased robust revenue growth, significant milestones in profitability, and strategic expansions in both domestic and international markets. The forward-looking guidance further underscores SI-BONE’s confidence in its growth trajectory and operational improvements.