SI-Bone Inc (SIBN)
NASDAQ:SIBN
Top Page
SI-Bone
(NASDAQ:SIBN)
Select Model
Select Model
Rating:56Neutral
Price Target:
$13.50
▲(4.57% Upside)
Action:ReiteratedDate:02/24/26
The score is driven primarily by improving fundamentals (strong growth, high gross margins, narrowing losses and better cash consumption) and a constructive earnings update with continued growth/profitability progress. This is tempered by weak technicals (below key moving averages with negative MACD) and valuation limitations due to ongoing net losses and no dividend yield support.
Positive Factors
Revenue & Procedure Growth
Sustained high-single to double-digit top-line growth driven by expanding procedure volume and rising active physicians indicates durable market adoption. Growing procedure count and territory productivity support predictable implant demand and revenue scalability over the next 2–6 months.
Negative Factors
Negative Operating Cash Flow
Persistent negative operating cash flow, despite recent improvement, signals the company still relies on external funding or cash reserves to sustain operations. This constrains self-funding of growth initiatives and elevates liquidity sensitivity if revenue or reimbursement trends slow.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue & Procedure Growth
Sustained high-single to double-digit top-line growth driven by expanding procedure volume and rising active physicians indicates durable market adoption. Growing procedure count and territory productivity support predictable implant demand and revenue scalability over the next 2–6 months.
Read all positive factors
SI-Bone (SIBN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$570.17M
Dividend YieldN/A
Average Volume (3M)648.60K
Price to Earnings (P/E)―
Beta (1Y)0.84
Revenue Growth23.27%
EPS Growth43.90%
CountryUS
Employees349
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.04
Shares Outstanding44,165,287
10 Day Avg. Volume524,959
30 Day Avg. Volume648,599
Financial Highlights & Ratios
PEG Ratio1.10
Price to Book (P/B)4.83
Price to Sales (P/S)4.27
P/FCF Ratio-94.40
Enterprise Value/Market Cap0.93
Enterprise Value/Revenue2.63
Enterprise Value/Gross Profit3.31
Enterprise Value/Ebitda-62.49
Forecast
1Y Price Target
$25.14Price Target Upside94.73% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)-0.52
Revenue Forecast (FY)$230.44M
SI-Bone Business Overview & Revenue Model
Company Description
SI-BONE, Inc., a medical device company, develops implantable devices used to solve musculoskeletal disorders of the sacropelvic anatomy in the United States and internationally. It offers iFuse, a minimally invasive surgical implant system to add...
How the Company Makes Money
SI-Bone primarily makes money by selling its proprietary SI joint implant systems and related surgical tools to hospitals and ambulatory surgery centers for use in minimally invasive SI joint procedures. Revenue is generated on a per-procedure bas...
SI-Bone Earnings Call Summary
Earnings Call Date:Feb 23, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 11, 2026
Earnings Call Sentiment Positive
The call presented a strong operational and financial performance with record revenue, meaningful physician adoption gains, first full-year positive adjusted EBITDA, positive free cash flow in Q4, multiple reimbursement wins, product launches and a strategic distribution partnership. Remaining challenges include a still-present full-year net loss, conservative 2026 guidance reflecting product and partnership ramp timing, expected modest gross margin compression due to capacity investments, and limited international scale. On balance, the positives (high growth, improving profitability, cash generation, reimbursement wins and product pipeline momentum) significantly outweigh the risks and execution/timing uncertainties.Positive Updates
Record Annual Revenue and Strong Growth
Worldwide revenue for 2025 was $200.9 million, a 20.2% year-over-year increase, with fourth quarter revenue of $56.3 million up 15%.
Negative Updates
Full-Year Net Loss and Modest Profitability
Although improved, the company still reported a full-year net loss of $18.9 million in 2025; positive adjusted EBITDA ($8.9M) is small relative to revenue scale and 2026 EBITDA guidance was not quantified specifically.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Annual Revenue and Strong Growth
Worldwide revenue for 2025 was $200.9 million, a 20.2% year-over-year increase, with fourth quarter revenue of $56.3 million up 15%.
Read all positive updates
Company Guidance
SI‑BONE guided 2026 worldwide revenue of $228.5–$232.5 million (14%–16% growth year‑over‑year), driven by high‑teens U.S. procedure volume growth and with revenue expected to be weighted to the second half of the year; management expects annual gross margin of ~78%, operating expenses to grow ~12.5% at the midpoint to fund new product launches, a 10‑territory sales expansion and R&D, an increase in adjusted EBITDA versus 2025 (2025 adjusted EBITDA was $8.9M with a 9.1% Q4 margin), and to remain on track to deliver improved free cash flow (Q4 2025 free cash flow ≈ $0.5M) while exiting 2025 with $147.8M in cash.SI-Bone Financial Statement Overview
Summary
Income Statement
48
Neutral
Balance Sheet
72
Positive
Cash Flow
32
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 200.93M | 167.18M | 138.89M | 106.41M | 90.15M |
| Gross Profit | 159.88M | 132.12M | 109.42M | 90.70M | 79.72M |
| EBITDA | -10.91M | -23.09M | -34.45M | -54.98M | -50.97M |
| Net Income | -18.91M | -30.91M | -43.34M | -61.26M | -56.57M |
Balance Sheet | |||||
| Total Assets | 238.56M | 230.44M | 230.43M | 157.55M | 190.51M |
| Cash, Cash Equivalents and Short-Term Investments | 147.82M | 150.04M | 166.02M | 97.29M | 146.98M |
| Total Debt | 1.12M | 37.48M | 38.99M | 39.43M | 40.48M |
| Total Liabilities | 61.02M | 63.47M | 61.05M | 59.25M | 56.09M |
| Stockholders Equity | 177.53M | 166.96M | 169.38M | 98.30M | 134.42M |
Cash Flow | |||||
| Free Cash Flow | -9.09M | -22.92M | -26.51M | -51.16M | -45.92M |
| Operating Cash Flow | -675.00K | -12.43M | -18.71M | -41.66M | -39.53M |
| Investing Cash Flow | 4.16M | 12.62M | -59.80M | -2.81M | 51.58M |
| Financing Cash Flow | 3.38M | 1.96M | 90.93M | 2.20M | -1.71M |
SI-Bone Technical Analysis
Negative
12.91
Price Trends
15.27
Negative
16.99
Negative
16.65
Negative
Market Momentum
-0.78
Negative
31.15
Neutral
30.28
Neutral
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 12.91 is below the 20-day moving average (MA) of 13.87, below the 50-day MA of 15.27, and below the 200-day MA of 16.65, indicating a bearish trend. The MACD of -0.78 indicates Negative momentum. The RSI at 31.15 is Neutral, neither overbought nor oversold. The STOCH value of 30.28 is Neutral, 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 61 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
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $761.70M | 21.81 | 4.97% | ― | 1.58% | ― | |
56 Neutral | $570.17M | -45.38 | -12.91% | ― | 23.27% | 43.90% | |
55 Neutral | $410.27M | -10.51 | -12.67% | ― | 19.90% | -57.90% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $478.92M | -6.56 | -20.38% | ― | 4.31% | 3.26% | |
47 Neutral | $281.51M | -15.17 | -122.17% | ― | 12.83% | -19.53% |
* Healthcare Sector Average
SIBN
SI-Bone
12.91
-1.13
-8.02%
OFIX
Orthofix Medical
11.93
-4.36
-26.74%
CLPT
ClearPoint Neuro
9.49
-2.97
-23.84%
KIDS
OrthoPediatrics
16.23
-8.18
-33.51%
BVS
Bioventus
9.16
0.04
0.44%
SI-Bone Corporate Events
Business Operations and StrategyExecutive/Board ChangesFinancial Disclosures
SI-BONE Posts Record 2025 Results and Strong 2026 Outlook
Positive
Feb 23, 2026
On February 20, 2026, SI-BONE signed a long-term lease for roughly 50,485 square feet of space in San Jose, California, securing expansion capacity with tenant incentives that include six months of rent abatement and substantial improvement and po...
Financial Disclosures
SI-BONE Reports Strong Preliminary Q4 and 2025 Revenue Growth
Positive
Jan 12, 2026
On January 12, 2026, SI-BONE announced preliminary, unaudited results indicating fourth-quarter 2025 worldwide revenue of $56.2–$56.3 million, up about 15% year on year, driven largely by U.S. revenue of $53.3–$53.4 million and an 18% ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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.