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SI-Bone Inc (SIBN)
NASDAQ:SIBN
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SI-Bone
(NASDAQ:SIBN)
68Neutral
Positive Factors
FDA Approvals
SIBN has received FDA Breakthrough Device Designation for multiple products, indicating a strong pipeline of innovative solutions.
Product Launches
The launch of the Granite 9.5 product and the TNT product exceeded expectations, showcasing strong market engagement.
Negative Factors
Revenue Guidance
There could be upside to SIBN's revenue guidance which likely drops through to profitability.
SI-Bone (SIBN) vs. S&P 500 (SPY)
Market Cap
$654.84M
Dividend YieldN/A
Average Volume (3M)427.47K
Price to Earnings (P/E)―
Beta (1Y)1.06
Revenue Growth20.37%
EPS Growth34.10%
CountryUS
Employees344
SectorHealthcare
Sector Strength78
IndustryMedical Equipment & Supplies
Share Statistics
EPS (TTM)-0.75
Shares Outstanding42,453,117
10 Day Avg. Volume466,993
30 Day Avg. Volume427,473
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)3.92
Price to Cash Flow (P/CF)139.00
P/FCF Ratio139.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$24.57Price Target Upside59.75% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
SI-Bone Business Overview & Revenue Model
Company DescriptionSI-BONE, Inc. is a medical device company, which engages in the research and development of minimally invasive surgical implant system. Its product, iFuse, seeks to fuse the sacroiliac joint to treat sacroiliac joint dysfunction that often causes severe lower back pain. The company was founded by Mark A. Reiley and Jeffrey W. Dunn on March 18, 2008 and is headquartered in San Jose, CA.
How the Company Makes MoneySI-Bone, Inc. generates revenue primarily through the sale of its iFuse Implant System, which is utilized by healthcare providers, including hospitals and surgical centers, to treat SI joint dysfunction. The company earns money by selling these implants and related surgical instruments to healthcare providers. SI-Bone's revenue model is strongly dependent on the adoption of its technology by orthopedic surgeons and the increasing recognition of SI joint dysfunction as a treatable condition. The company's earnings are further supported by its efforts in expanding insurance coverage for SI joint fusion procedures and providing training and educational programs for surgeons to effectively use its products. SI-Bone also engages in strategic partnerships and collaborations with healthcare institutions to promote the use of its iFuse Implant System, thereby enhancing its market presence and revenue potential.
SI-Bone Financial Statement Overview
Summary
SI-Bone demonstrates strong revenue growth and a solid balance sheet with minimal debt, which are key strengths. However, ongoing operational losses and negative cash flow highlight the need for strategic improvements to achieve profitability. The company is on a positive trajectory but requires focused efforts on operational efficiency and cost control to strengthen its financial position fully.Income Statement
SI-Bone has shown consistent revenue growth, with a notable increase from $67.3M in 2019 to $167.2M in 2024, indicating a positive growth trajectory. However, profitability remains a challenge as evidenced by negative net income and EBIT margins over the years, with a net loss of $30.9M in 2024. The gross profit margin is strong, suggesting efficient cost management in production. The company needs to address its operational losses to enhance its profitability metrics.65
Positive
Balance Sheet
The balance sheet reflects a robust equity position with stockholders' equity at $166.9M in 2024, indicating financial stability. The debt-to-equity ratio is low, suggesting prudent leverage management. The equity ratio is healthy, implying a strong asset base backed by equity. However, maintaining liquidity will be critical given the persistent net losses.70
Positive
Cash Flow
Free cash flow has been negative, although there is a slight improvement in operating cash flow from previous years. The company effectively manages capital expenditures but needs to transition to positive cash flow generation. The operating cash flow to net income ratio indicates room for improving operational efficiency. Overall, the cash position is strong, but sustainability will depend on enhancing free cash flow.60
Neutral
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 167.18M | 138.89M | 106.41M | 90.15M | 73.39M | Gross Profit |
| 132.12M | 109.42M | 90.70M | 79.72M | 64.48M | EBIT |
| -35.25M | -46.93M | -59.61M | -51.67M | -38.57M | EBITDA |
| -23.09M | -34.45M | -54.98M | -49.58M | -36.47M | Net Income Common Stockholders |
| -30.91M | -43.34M | -62.90M | -60.13M | -48.54M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 150.04M | 166.02M | 97.29M | 146.98M | 196.43M | Total Assets |
| 230.44M | 230.43M | 157.55M | 190.51M | 223.14M | Total Debt |
| 2.03M | 38.99M | 39.43M | 40.48M | 39.45M | Net Debt |
| -32.92M | 5.72M | 18.71M | -22.94M | -14.13M | Total Liabilities |
| 63.47M | 61.05M | 59.25M | 56.09M | 53.78M | Stockholders Equity |
| 166.96M | 169.38M | 98.30M | 134.42M | 169.36M |
| Cash Flow | Free Cash Flow | |||
| -22.92M | -26.51M | -51.16M | -45.92M | -33.22M | Operating Cash Flow |
| -12.43M | -18.71M | -41.66M | -39.53M | -30.66M | Investing Cash Flow |
| 12.62M | -59.80M | -2.81M | 51.58M | -62.92M | Financing Cash Flow |
| 1.96M | 90.93M | 2.20M | -1.71M | 136.40M |
SI-Bone Technical Analysis
Negative
15.38
Price Trends
16.38
Negative
14.90
Positive
14.64
Positive
Market Momentum
-0.16
Positive
36.41
Neutral
8.35
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SIBN, the sentiment is Negative. The current price of 15.38 is below the 20-day moving average (MA) of 17.11, below the 50-day MA of 16.38, and above the 200-day MA of 14.64, indicating a neutral trend. The MACD of -0.16 indicates Positive momentum. The RSI at 36.41 is Neutral, neither overbought nor oversold. The STOCH value of 8.35 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SIBN.
SI-Bone Risk Analysis
SI-Bone disclosed 60 risk factors in its most recent earnings report. SI-Bone reported the most risks in the “Production” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
SI-Bone Peers Comparison
Overall Rating
UnderperformOutperform
Sector (49)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | $139.39B | 47.68 | 15.26% | 0.88% | 10.23% | -5.74% | |
77 Outperform | $119.64B | 28.51 | 8.42% | 2.97% | 2.72% | 4.48% | |
76 Outperform | $13.06B | 31.63 | 7.82% | 2.44% | 4.58% | 55.99% | |
72 Outperform | $21.37B | 24.96 | 7.24% | 0.87% | 3.84% | -9.29% | |
68 Neutral | $654.84M | ― | -18.38% | ― | 20.37% | 34.10% | |
68 Neutral | $12.07B | 101.37 | 2.52% | ― | 60.62% | -35.88% | |
49 Neutral | $6.90B | -0.08 | -53.01% | 2.43% | 24.84% | -3.06% |
* Healthcare Sector Average
Performance Comparison
SIBN
SI-Bone
15.38
-1.92
-11.10%
MDT
Medtronic
93.28
10.37
12.51%
SNN
Smith & Nephew Snats
29.84
2.59
9.50%
SYK
Stryker
365.29
10.18
2.87%
ZBH
Zimmer Biomet Holdings
107.34
-19.78
-15.56%
GMED
Globus Medical
73.49
18.20
32.92%
SI-Bone Earnings Call Summary
Earnings Call Date: Feb 24, 2025 | % Change Since: -11.96% | Next Earnings Date: May 12, 2025
Earnings Call Sentiment Positive
The earnings call highlighted strong revenue growth, successful product launches, and positive adjusted EBITDA, indicating robust business momentum. However, challenges such as the ongoing DOJ investigation and assumptions of ASP decline provide some areas of concern.Highlights
Record-Breaking Revenue and Growth
SI-BONE delivered a record $49 million in worldwide revenue for Q4 2024, representing growth exceeding 26%. U.S. revenue increased by 28% to $46.9 million driven by strong demand from nearly 1,400 active physicians.
Product Launch Success
Granite 9.5 and TNT launches exceeded expectations, with Granite 9.5 gaining strong momentum and TNT seeing rapid adoption. Both products are expected to be major growth drivers in 2025.
Positive Adjusted EBITDA
SI-BONE achieved positive adjusted EBITDA of $1.9 million in Q4 2024, a significant improvement from the previous year's adjusted EBITDA loss of $4.8 million.
Strong Physician Engagement
Record number of physicians trained in 2024, with nearly 2,000 U.S. physicians performing at least one procedure. Active physicians grew by 23%, with a 40% increase in physicians performing multiple procedure types.
Breakthrough Device Designations
Received breakthrough device designation from the FDA for a new novel implant system, marking SI-BONE's third BDD product, positioning the company as a leader in innovation.
Lowlights
Ongoing DOJ Investigation
SI-BONE is under investigation by the DOJ concerning field-based education events and physician remuneration, with no material updates available at this time.
ASP Decline Assumptions
Guidance for 2025 assumes a low to mid-single digit ASP decline due to procedure mix, impacting revenue expectations.
Gross Margin Projection
2025 gross margin expected to be slightly lower at 77% to 78%, compared to 79% in 2024, due to factors like product mix and increased depreciation.
Company Guidance
In the fourth quarter of 2024, SI-BONE achieved a record $49 million in worldwide revenue, marking a growth of over 26%. U.S. revenue rose by an impressive 28% to $46.9 million, driven by strong demand from nearly 1,400 active physicians. SI-BONE's strategic focus on innovation and physician engagement resulted in positive adjusted EBITDA for the quarter and is expected to continue for the full year 2025, with margins anticipated to expand. The company plans to selectively increase its direct sales force and leverage a hybrid model with third-party agents to capitalize on the strong procedural demand. SI-BONE has set key growth priorities for 2025, including targeted commercial initiatives, enhancing procedure density, and preparing for the launch of new disruptive products. The company's initiatives have also resulted in a 23% growth in active physicians and a 70% revenue increase from physicians previously trained as residents and fellows. Looking ahead, SI-BONE expects to generate worldwide revenue of $193.5 to $195.5 million in 2025, implying a year-over-year growth of approximately 16% to 17%, with the goal of achieving positive free cash flow.Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.