SI-Bone Inc (SIBN)
NASDAQ:SIBN
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SI-Bone
(NASDAQ:SIBN)
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Rating:62Neutral
Price Target:
$16.00
▲(13.56% Upside)
Action:Reiterated
Date:06/09/26
The score is driven mainly by improving fundamentals with very strong gross margins and a low-leverage balance sheet, supported by constructive price momentum. The earnings call added upside from raised guidance and improving profitability, while the biggest constraints are ongoing GAAP losses, negative free cash flow, and an unfavorable earnings-based valuation (negative P/E).
Positive Factors
High gross margins
Consistent ~79–80% gross margins deliver durable unit economics, allowing SI‑Bone to absorb modest ASP/mix shifts while funding commercialization and R&D. High margins give operating leverage as procedure volumes expand, materially improving the path to sustained profitability over quarters.
Negative Factors
GAAP losses and negative free cash flow
Ongoing GAAP losses and negative FCF mean the business still consumes cash despite improving margins and EBITDA. Until free cash flow turns sustainably positive, the company may need to manage spending, draw on liquidity, or raise capital — constraining optionality and increasing funding risk over coming quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
High gross margins
Consistent ~79–80% gross margins deliver durable unit economics, allowing SI‑Bone to absorb modest ASP/mix shifts while funding commercialization and R&D. High margins give operating leverage as procedure volumes expand, materially improving the path to sustained profitability over quarters.
Read all positive factors
SI-Bone (SIBN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$702.49M
Dividend YieldN/A
Average Volume (3M)648.60K
Price to Earnings (P/E)―
Beta (1Y)0.86
Revenue Growth16.77%
EPS Growth39.26%
CountryUS
Employees349
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.39
Shares Outstanding44,349,280
10 Day Avg. Volume524,959
30 Day Avg. Volume648,599
Financial Highlights & Ratios
PEG Ratio1.08
Price to Book (P/B)4.83
Price to Sales (P/S)4.27
P/FCF Ratio-94.40
Enterprise Value/Market Cap0.92
Enterprise Value/Revenue3.14
Enterprise Value/Gross Profit3.95
Enterprise Value/Ebitda-108.26
Forecast
1Y Price Target
$23.00Price Target Upside63.24% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)-0.51
Revenue Forecast (FY)$230.50M
SI-Bone Business Overview & Revenue Model
Company Description
SI-BONE, Inc. is a medical technology company that develops and markets specialized implantable solutions for musculoskeletal conditions affecting the sacropelvic region. These devices are utilized across the United States and internationally. Its...
How the Company Makes Money
SI-Bone primarily makes money by selling proprietary SI joint fusion implants and the associated surgical tools/instrumentation used to perform SI joint procedures. Revenue is generated when providers (typically hospitals and ambulatory surgery ce...
SI-Bone Earnings Call Summary
Earnings Call Date:May 11, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 10, 2026
Earnings Call Sentiment Positive
The call conveyed strong commercial and financial momentum: double-digit top-line growth, industry-leading gross margins (~79.8%), improving profitability (Adjusted EBITDA up >440%), record physician engagement, multiple product launches, and a meaningful potential reimbursement tailwind from proposed CMS DRG changes. These positives are balanced by remaining GAAP net losses, negative free cash flow (though improved), near-term cash flow variability from HQ buildout and CapEx, and execution/timing risks around partner rollouts and ASP mix pressure. On balance, the strength in growth, margins, guidance raise, product pipeline, and reimbursement outlook outweigh the execution and timing headwinds.Positive Updates
Revenue Growth (Q1 2026)
Worldwide revenue of $52.6M, up 11.2% year-over-year; U.S. revenue $49.3M, up ~10%; international revenue $3.3M, up 33.9%.
Negative Updates
Net Loss and Negative Free Cash Flow Persist
Company remains unprofitable on a GAAP basis with net loss of $4.3M in Q1 and free cash flow negative $3.4M, although both improved versus prior year.
Read all updates
Q1-2026 Updates
Positive
Negative
Revenue Growth (Q1 2026)
Worldwide revenue of $52.6M, up 11.2% year-over-year; U.S. revenue $49.3M, up ~10%; international revenue $3.3M, up 33.9%.
Read all positive updates
Company Guidance
SI-BONE raised full‑year revenue guidance to $230–$233 million (implying ~14–16% YoY growth), lifting the lower end by $1.5M and the upper end by $0.5M (midpoint +$1M), and said it expects quarterly revenue growth to accelerate through the year with meaningful contribution from the Smith & Nephew trauma partnership beginning in Q3 and building into Q4; annual gross margin guidance was increased by 100 bps to ~79% (Q1 gross margin was 79.8% on $41.9M gross profit), while full‑year operating expenses are expected to grow ~12.5% at the midpoint. The guidance reflects Q1 results of $52.6M revenue (+11.2% worldwide; U.S. $49.3M, +10%; international $3.3M, +33.9%), adjusted EBITDA of $2.5M (up >440%), a narrowed net loss of $4.3M ($0.10/sh), cash and marketable securities of $144.7M, and improved free cash flow (Q1 FCF -$3.4M, a 50.7% improvement). Management flagged potential upside from a proposed new DRG effective Oct 1, 2026 (which could raise average hospital payment by up to ~$50k per relevant procedure), a planned 510(k) filing in early Q3 with a targeted Q4 launch for a third Breakthrough Device, a push toward ~100 territories in 12 months, ongoing R&D and launch‑related CapEx (instrument/tray run rate ~$9–10M/yr plus ~$4M+ for new HQ), and an ASP assumption moving from mid‑single‑digit decline to low‑single‑digit degradation in the updated outlook.SI-Bone Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
74
Positive
Cash Flow
43
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 206.22M | 200.93M | 167.18M | 138.89M | 106.41M | 90.15M |
| Gross Profit | 164.13M | 159.88M | 132.12M | 109.42M | 90.70M | 79.72M |
| EBITDA | -5.99M | -10.91M | -23.09M | -34.45M | -54.98M | -50.97M |
| Net Income | -16.70M | -18.91M | -30.91M | -43.34M | -61.26M | -56.57M |
Balance Sheet | ||||||
| Total Assets | 242.72M | 238.56M | 230.44M | 230.43M | 157.55M | 190.51M |
| Cash, Cash Equivalents and Short-Term Investments | 144.68M | 147.82M | 150.04M | 166.02M | 97.29M | 146.98M |
| Total Debt | 7.35M | 1.12M | 37.48M | 38.99M | 39.43M | 40.48M |
| Total Liabilities | 63.78M | 61.02M | 63.47M | 61.05M | 59.25M | 56.09M |
| Stockholders Equity | 178.94M | 177.53M | 166.96M | 169.38M | 98.30M | 134.42M |
Cash Flow | ||||||
| Free Cash Flow | -5.54M | -9.09M | -22.92M | -26.51M | -51.16M | -45.92M |
| Operating Cash Flow | 1.87M | -675.00K | -12.43M | -18.71M | -41.66M | -39.53M |
| Investing Cash Flow | -12.70M | 4.16M | 12.62M | -59.80M | -2.81M | 51.58M |
| Financing Cash Flow | 3.31M | 3.38M | 1.96M | 90.93M | 2.20M | -1.71M |
SI-Bone Technical Analysis
Positive
14.09
Price Trends
14.08
Positive
14.30
Positive
15.70
Positive
Market Momentum
0.42
Negative
63.02
Neutral
63.41
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SIBN, the sentiment is Positive. The current price of 14.09 is below the 20-day moving average (MA) of 14.85, above the 50-day MA of 14.08, and below the 200-day MA of 15.70, indicating a bullish trend. The MACD of 0.42 indicates Negative momentum. The RSI at 63.02 is Neutral, neither overbought nor oversold. The STOCH value of 63.41 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
67 Neutral | $727.59M | 20.58 | 16.27% | ― | 1.52% | ― | |
62 Neutral | $702.49M | -41.70 | -9.56% | ― | 16.77% | 39.26% | |
57 Neutral | $484.68M | -11.26 | -11.42% | ― | 14.52% | 4.11% | |
56 Neutral | $532.91M | -18.06 | -140.96% | ― | 25.99% | -33.84% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
48 Neutral | $381.98M | -6.37 | -13.44% | ― | 2.59% | 59.39% |
* Healthcare Sector Average
SIBN
SI-Bone
15.84
-0.68
-4.12%
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KIDS
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BVS
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8.71
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SI-Bone Corporate Events
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
SI-BONE Shareholders Endorse Governance and Lease Amendment
Positive
Jun 8, 2026
At SI-BONE’s annual meeting of stockholders held in 2026, shareholders representing about 88% of the company’s outstanding common stock participated, underscoring strong investor engagement. Stockholders elected directors Jeffrey W. Du...
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.