Bank of America Securities analyst Travis Steed reiterated a Buy rating on SI-Bone yesterday and set a price target of $23.00.
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Travis Steed has given his Buy rating due to a combination of factors including SI-Bone’s strong financial performance and promising growth prospects. In the third quarter, the company reported a 21% year-over-year increase in revenue, surpassing market expectations by 4%. This growth was largely driven by a 27% increase in procedure volume and the addition of a record number of new physicians, which indicates a robust expansion in their operational capacity.
Furthermore, SI-Bone’s gross margin and EBITDA both exceeded market forecasts, demonstrating improved profitability. The company also achieved positive cash flow from operating activities for the first time, highlighting its financial stability. Looking ahead, SI-Bone is poised for further growth with two significant product launches planned for 2026, which are expected to enhance revenue significantly. These factors, combined with the company’s upward revision of its full-year revenue and gross margin guidance, underpin Steed’s optimistic outlook and Buy rating.
In another report released today, Needham also reiterated a Buy rating on the stock with a $24.00 price target.