SI-Bone (SIBN) AI Stock Analysis

• Market Cap: $778.14M
• Dividend Yield: N/A
• Average Volume (3M): 531.53K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.85
• Revenue Growth: 22.60%
• EPS Growth: 41.26%
• Country: US
• Employees: 349
• Sector: Healthcare
• Sector Strength: 59
• Industry: Medical - Devices
• EPS (TTM): -0.15
• Shares Outstanding: 42,614,513
• 10 Day Avg. Volume: 430,291
• 30 Day Avg. Volume: 531,527
• PEG Ratio: -4.46
• Price to Book (P/B): 4.73
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -9.09
• Enterprise Value/Market Cap: 0.62
• Enterprise Value/Revenue: 0.74
• Enterprise Value/Gross Profit: 3.46
• Enterprise Value/Ebitda: -4.69
• 1Y Price Target: $24.29
• Price Target Upside: 39.44% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 7

• Rating: 72 Outperform
• Price Target: $20.50 ▲(17.68%Upside)

SI-Bone exhibits strong revenue growth and technical performance with bullish indicators, complemented by positive earnings call updates. However, profitability challenges, particularly ongoing net losses, and valuation concerns due to a negative P/E ratio present significant risks. The overall sentiment is cautiously optimistic with a focus on growth potential, but investors should remain mindful of profitability and cash flow issues.

Positive Factors

Earnings

SIBN delivered strong top- and bottom-line results, including impressive year-over-year growth in active surgeons and surgeons performing more than one procedure type.

Product Launch

The launches of its Granite 9.5 and TNT product have exceeded expectations, showing promising engagement with interventional spine doctors.

Regulatory Approval

SIBN has received FDA Breakthrough Device Designation for its new Pelvic Fracture Fixation System, exceeding launch expectations and making SIBN the only public company in its industry granted three BDDs.

Negative Factors

Market Pressures

Despite market pressures, SIBN is considered to be in good standing, with a target multiple maintained at ~3x (EV/26E revenue) implying a price target of $19.

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 address sacroiliac joint dysfunction and degeneration, adult deformity, and pelvic ring traumatic fractures. The company also provides iFuse-3D, a titanium implant that combines the triangular cross-section of the iFuse implant with the proprietary 3D-printed porous surface and fenestrated design; and iFuse-TORQ, a set of 3D-printed threaded implants designed to treat fractures of the pelvis and for minimally invasive sacroiliac joint fusion. It markets its products primarily with a direct sales force, as well as through distributors. The company was incorporated in 2008 and is headquartered in Santa Clara, California.

How the Company Makes Money

SI-Bone generates revenue primarily through the sale of its iFuse Implant System, which is used by orthopedic surgeons and neurosurgeons in minimally invasive procedures to treat sacroiliac joint dysfunction. The company's revenue model is centered around direct sales to hospitals and surgical centers, as well as through partnerships with distributors in various regions. Key revenue streams include the sale of the iFuse Implant System and any associated instrumentation or accessories required for the surgical procedure. Additionally, SI-Bone invests in clinical research and development to expand the applications of its technology, which can contribute to revenue growth by broadening the market for its products. Strategic partnerships and collaborations with healthcare providers and institutions also play a role in enhancing the adoption and utilization of their solutions, further driving revenue.

SI-Bone Financial Statement Overview

Summary

SI-Bone's financial statements reflect a mixed performance. Strong revenue growth and gross margins are positive indicators, but ongoing losses affect profitability. The balance sheet is robust with low leverage, yet the negative ROE reflects profitability issues. Cash flow remains a concern due to negative free cash flow, indicating the need for improved cash management. Overall, while the company shows growth potential, it faces challenges in achieving profitability and positive cash flow.

Income Statement

The company shows a strong gross profit margin of 79% in TTM, indicating effective cost management. However, the net profit margin remains negative due to substantial net losses, reflecting ongoing profitability challenges. Revenue growth is robust, with a 6.8% increase from the previous year to TTM, signaling positive sales momentum. Despite this, negative EBIT and EBITDA margins highlight persistent operational inefficiencies.

Balance Sheet

SI-Bone's balance sheet reveals a healthy equity position, with a debt-to-equity ratio of 0.22, suggesting low financial leverage. The return on equity remains negative due to consistent net losses, indicating a drag on shareholder returns. The equity ratio of 73.6% is strong, reflecting a solid financial structure with significant equity backing assets.

Cash Flow

Cash flow analysis shows improvement in operating cash flow, but free cash flow remains negative, indicating challenges in generating cash after capital expenditures. The operating cash flow to net income ratio is positive, suggesting some efficiency in converting earnings to cash. However, the free cash flow to net income ratio remains negative, reflecting cash constraints.

Breakdown
TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement		Total Revenue
176.60M	167.18M	138.89M	106.41M	90.15M	73.39M
	Gross Profit
139.95M	132.12M	109.42M	90.70M	79.72M	64.48M
	EBIT
-30.68M	-35.25M	-46.93M	-59.61M	-51.67M	-38.57M
	EBITDA
-18.76M	-23.09M	-34.45M	-54.98M	-49.58M	-36.47M
	Net Income Common Stockholders
-26.55M	-30.91M	-43.34M	-62.90M	-60.13M	-48.54M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
144.41M	150.04M	166.02M	97.29M	146.98M	196.43M
	Total Assets
227.28M	230.44M	230.43M	157.55M	190.51M	223.14M
	Total Debt
37.15M	37.48M	38.99M	39.43M	40.48M	39.45M
	Net Debt
-4.03M	2.54M	5.72M	18.71M	-22.94M	-14.13M
	Total Liabilities
60.02M	63.47M	61.05M	59.25M	56.09M	53.78M
	Stockholders Equity
167.26M	166.96M	169.38M	98.30M	134.42M	169.36M
Cash Flow		Free Cash Flow
-20.25M	-22.92M	-26.51M	-51.16M	-45.92M	-33.22M
	Operating Cash Flow
-9.77M	-12.43M	-18.71M	-41.66M	-39.53M	-30.66M
	Investing Cash Flow
16.91M	12.62M	-59.80M	-2.81M	51.58M	-62.92M
	Financing Cash Flow
1.96M	1.96M	90.93M	2.20M	-1.71M	136.40M

SI-Bone Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 17.42
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SIBN, the sentiment is Neutral. The current price of 17.42 is below the 20-day moving average (MA) of 18.82, above the 50-day MA of 16.48, and above the 200-day MA of 15.25, indicating a neutral trend. The MACD of 0.39 indicates Positive momentum. The RSI at 42.86 is Neutral, neither overbought nor oversold. The STOCH value of 17.66 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SIBN.

SI-Bone Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SIBN	72 Outperform	$778.14M	―	-15.96%	―	22.60%	41.26%
KIDS	62 Neutral	$524.11M	―	-11.33%	―	31.28%	-81.86%
AXGN	56 Neutral	$457.26M	―	-7.22%	―	18.81%	67.41%
Sector *	54 Neutral	$5.38B	3.27	-45.10%	3.30%	16.81%	0.02%
OFIX	49 Neutral	$437.26M	―	-27.82%	―	5.85%	-8.92%
SENS	49 Neutral	$392.23M	―	-161.19%	―	1.64%	16.02%
BVS	47 Neutral	$551.19M	―	-19.79%	―	8.60%	-42.76%

SI-Bone Corporate Events

SI-Bone Concludes Annual Meeting with Key Approvals

On April 7, 2025, SI-Bone held its Annual Meeting with 89% of its common stock represented. The meeting included votes on three key proposals: the election of directors, the ratification of PricewaterhouseCoopers LLP as the independent accounting firm for 2025, and the approval of executive compensation. All proposed directors were elected, the accounting firm appointment was ratified, and executive compensation was approved.

The most recent analyst rating on (SIBN) stock is a Buy with a $20.00 price target. To see the full list of analyst forecasts on SI-Bone stock, see the SIBN Stock Forecast page.