SI-Bone (SIBN) AI Stock Analysis

• Market Cap: $655.74M
• Dividend Yield: N/A
• Average Volume (3M): 404.94K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.88
• Revenue Growth: 22.93%
• EPS Growth: 43.83%
• Country: US
• Employees: 349
• Sector: Healthcare
• Sector Strength: 41
• Industry: Medical - Devices
• EPS (TTM): -0.14
• Shares Outstanding: 43,140,938
• 10 Day Avg. Volume: 658,817
• 30 Day Avg. Volume: 404,939
• PEG Ratio: 0.56
• Price to Book (P/B): 3.48
• Price to Sales (P/S): 3.48
• P/FCF Ratio: -25.36
• Enterprise Value/Market Cap: 1.06
• Enterprise Value/Revenue: 3.94
• Enterprise Value/Gross Profit: 4.98
• Enterprise Value/Ebitda: -37.13
• 1Y Price Target: $23.33
• Price Target Upside: 48.60% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 7

• Rating: 61 Neutral
• Price Target: $17.00 ▲(8.28% Upside)

SI-Bone's overall stock score reflects a combination of strong revenue growth and positive earnings call sentiment, offset by ongoing profitability challenges and bearish technical indicators. The company's robust financial structure and strategic initiatives provide a foundation for future growth, but current valuation and cash flow issues present risks.

Positive Factors

Financial Performance

SIBN's 2Q25 revenue beat consensus and management raised its 2025 revenue guidance.

Operational Efficiency

SIBN delivered an impressive Q beating top- and bottom-line expectations, including a second consecutive quarter of adj. EBITDA positivity.

Product Launches

SIBN is seeing growing engagement across its callpoints while the launches of its Granite 9.5 and more recently its TNT product continue to support momentum.

Negative Factors

Market Penetration

SIBN estimates a combined TAM of nearly $4B, yet noted given its most recent guide currently only penetrates this TAM by ~5%, emphasizing the significant growth opportunity.

Revenue Guidance

Management continues to take a prudent approach to guidance, which should allow for upside in the second half of 2025.

Seasonality

SIBN achieved adjusted EBITDA despite seasonality, suggesting operational efficiency.

SI-Bone Business Overview & Revenue Model

Company Description

SI-Bone, Inc. is a medical device company focused on transforming the treatment of sacroiliac joint disorders. The company is primarily engaged in the development and commercialization of innovative surgical implants and technologies designed to provide relief for patients suffering from chronic pain related to these disorders. SI-Bone's core products include the iFuse Implant System, which is utilized in minimally invasive surgical procedures to stabilize the sacroiliac joint, thus alleviating pain and improving functionality for patients. The company operates within the orthopedic and spinal surgery sectors, targeting both hospitals and outpatient facilities.

How the Company Makes Money

SI-Bone generates revenue primarily through the sale of its medical devices, specifically the iFuse Implant System, which is marketed to hospitals and surgical centers. The company employs a direct sales force and also collaborates with independent distributors to reach a wider customer base. Key revenue streams include the sale of surgical implants, instruments, and related consumables used in procedures. Additionally, SI-Bone may benefit from partnerships with healthcare providers and payers that facilitate the adoption of its products, as well as from ongoing training and support services provided to surgeons and medical staff. The company may also explore opportunities for reimbursement from insurance providers, which can enhance its revenue potential.

SI-Bone Financial Statement Overview

Summary

SI-Bone exhibits strong revenue growth and gross margins, indicating positive sales momentum and effective cost management. However, persistent net losses and negative cash flow highlight ongoing challenges in achieving profitability. The balance sheet is robust with low financial leverage, but negative ROE remains a concern.

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
EBITDA	-18.76M	-23.09M	-34.45M	-54.98M	-49.58M	-36.47M
Net Income	-26.55M	-30.91M	-43.34M	-62.90M	-60.13M	-48.54M
Balance Sheet
Total Assets	227.28M	230.44M	230.43M	157.55M	190.51M	223.14M
Cash, Cash Equivalents and Short-Term Investments	144.41M	150.04M	166.02M	97.29M	146.98M	196.43M
Total Debt	37.15M	37.48M	38.99M	39.43M	40.48M	39.45M
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: Negative
• Last Price: 15.70
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• 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 Negative. The current price of 15.7 is below the 20-day moving average (MA) of 16.79, below the 50-day MA of 17.53, and below the 200-day MA of 15.82, indicating a bearish trend. The MACD of -0.54 indicates Positive momentum. The RSI at 39.91 is Neutral, neither overbought nor oversold. The STOCH value of 10.03 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SIBN.

SI-Bone Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
AXGN	69 Neutral	$651.54M	―	-4.48%	―	17.17%	72.68%
SIBN	61 Neutral	$655.74M	―	-14.18%	―	22.93%	43.83%
BVS	57 Neutral	$604.38M	―	-0.10%	―	5.08%	99.38%
OFIX	55 Neutral	$545.02M	―	-24.63%	―	4.84%	0.85%
Sector *	51 Neutral	kr6.00B	8.78	-28.70%	2.24%	51.61%	19.20%
KIDS	50 Neutral	$491.69M	―	-11.49%	―	26.08%	-63.67%
SENS	46 Neutral	$385.67M	―	-102.61%	―	5.94%	25.16%

SI-Bone Corporate Events

SI-Bone Reports Strong Q2 2025 Financial Results

On August 4, 2025, SI-BONE announced the retirement of Anthony Recupero, President of Commercial Operations, effective February 15, 2026, with a transition to an advisory role starting February 16, 2025. Nikolas Kerr will succeed him as Chief Commercial Officer. The company reported strong financial results for Q2 2025, with a 21.7% increase in worldwide revenue and positive adjusted EBITDA, highlighting the success of its innovation-driven strategy and expanding physician base. SI-BONE also raised its 2025 revenue guidance, expecting growth of 17% to 18%, underscoring its robust market position and operational efficiency.

The most recent analyst rating on (SIBN) stock is a Buy with a $19.00 price target. To see the full list of analyst forecasts on SI-Bone stock, see the SIBN Stock Forecast page.

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.