SI-Bone Inc (SIBN)
NASDAQ:SIBN
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SI-Bone
(NASDAQ:SIBN)
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Rating:61Neutral
Price Target:
$15.00
▲(6.46% Upside)
Action:Reiterated
Date:05/14/26
The score is driven primarily by improving fundamentals (high, stable gross margins and narrowing losses with low leverage) and a strong earnings-call outlook (raised guidance and improving profitability). Offsetting factors are still-negative free cash flow and an unsupportive valuation profile due to unprofitability, while technicals remain mixed with only modest momentum.
Positive Factors
High gross margins
Sustained ~79–80% gross margins indicate durable unit economics for SI-Bone's implant systems. High product-level margins provide pricing flexibility, support reinvestment in R&D and commercial expansion, and allow incremental revenue to flow to operating leverage as volumes scale.
Negative Factors
Negative free cash flow
Although operating cash flow turned positive, persistent negative free cash flow reflects ongoing investment and working-capital needs. Continued cash consumption delays self-funded growth and may require sustained cash reserves or financing until break-even free cash flow is achieved.
Read all positive and negative factors
Positive Factors
Negative Factors
High gross margins
Sustained ~79–80% gross margins indicate durable unit economics for SI-Bone's implant systems. High product-level margins provide pricing flexibility, support reinvestment in R&D and commercial expansion, and allow incremental revenue to flow to operating leverage as volumes scale.
Read all positive factors
SI-Bone (SIBN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$625.32M
Dividend YieldN/A
Average Volume (3M)648.60K
Price to Earnings (P/E)―
Beta (1Y)0.88
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 Ratio1.10
Price to Book (P/B)4.83
Price to Sales (P/S)4.27
P/FCF Ratio-94.40
Enterprise Value/Market Cap0.96
Enterprise Value/Revenue2.91
Enterprise Value/Gross Profit3.65
Enterprise Value/Ebitda-81.63
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., 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: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 | -7.34M | -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
Neutral
14.09
Price Trends
13.51
Positive
14.75
Negative
15.77
Negative
Market Momentum
0.30
Negative
51.35
Neutral
40.71
Neutral
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 14.09 is above the 20-day moving average (MA) of 13.92, above the 50-day MA of 13.51, and below the 200-day MA of 15.77, indicating a neutral trend. The MACD of 0.30 indicates Negative momentum. The RSI at 51.35 is Neutral, neither overbought nor oversold. The STOCH value of 40.71 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
69 Neutral | $710.88M | 20.11 | 16.27% | ― | 1.52% | ― | |
61 Neutral | $625.32M | -37.12 | -9.56% | ― | 16.77% | 39.26% | |
52 Neutral | $441.01M | -10.25 | -11.42% | ― | 14.52% | 4.11% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $379.97M | -12.88 | -140.96% | ― | 25.99% | -33.84% | |
47 Neutral | $374.71M | -6.25 | -13.44% | ― | 2.59% | 59.39% |
* Healthcare Sector Average
SIBN
SI-Bone
14.10
-4.76
-25.24%
OFIX
Orthofix Medical
9.27
-1.57
-14.48%
CLPT
ClearPoint Neuro
12.67
0.88
7.46%
KIDS
OrthoPediatrics
17.17
-2.79
-13.98%
BVS
Bioventus
8.51
2.07
32.14%
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...
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.