Patrick Wood, an analyst from Morgan Stanley, maintained the Buy rating on SI-Bone. The associated price target remains the same with $20.00.
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Patrick Wood’s rating is based on SI-Bone’s strong third-quarter performance, which exceeded expectations across the profit and loss statement. The company achieved impressive gross margins of 79.8% and saw a significant year-over-year increase in active physicians by 27%. These factors, combined with positive reimbursement updates and upcoming product launches, suggest a promising outlook for 2026, with potential for substantial growth beyond the current market expectations.
Moreover, SI-Bone’s strategic initiatives, such as the addition of 330 new physicians in the third quarter, highlight the company’s successful efforts in expanding its reach and enhancing physician engagement. The planned expansion into approximately 100 territories and the introduction of two new products in 2026 are expected to further increase the total addressable market and physician density. With the stock trading at a favorable multiple of 2.5 times the projected 2026 sales, Patrick Wood sees significant upside potential, making the stock a compelling buy.
In another report released today, Canaccord Genuity also reiterated a Buy rating on the stock with a $26.00 price target.