SI-Bone: Capital-Efficient Sacropelvic Leader Poised for Durable Mid-Teens Growth and Margin Expansion

, an analyst from TD Cowen, has initiated a new Buy rating on SI-Bone (SIBN).

TD Cowen has given his Buy rating due to a combination of factors that highlight SI-Bone’s differentiated positioning and attractive growth outlook. The firm points to SI-Bone’s exclusive focus on the sacropelvic segment, supported by a capital-efficient business model, as a key advantage over traditional spine peers. With revenues compounding around 20% annually over the past five years and only a small portion of its roughly $3.5 billion addressable market penetrated, TD Cowen views the company’s expanding and innovative product portfolio, favorable reimbursement dynamics, and increasingly effective sales organization as strong drivers of continued expansion.

TD Cowen also emphasizes that earnings power is set to improve meaningfully as scale is achieved, projecting adjusted EBITDA margins approaching 20% by 2030 from low single digits today, consistent with leading spine and orthopedic comparables but with lower capital needs. They foresee durable mid-teens revenue growth at least through 2030, supported by upcoming product launches that should broaden physician adoption and procedure utilization, with even modest upside in use potentially lifting results above current consensus expectations. On valuation, TD Cowen’s $21 price target is based on a 3x multiple of 2026 revenue, a premium to spine/orthopedic peers yet still at a sizable discount to faster-growing MedTech names, leaving room for multiple expansion if growth and profitability trajectories play out as anticipated.

In another report released on January 15, TipRanks – Google also upgraded the stock to a Buy with a $19.50 price target.