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SI-Bone
(NASDAQ:SIBN)
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Rating:63Neutral
Price Target:
$19.50
▲(17.33% Upside)
Action:Reiterated
Date:08/05/26
The score is driven primarily by improving fundamentals (strong multi-year revenue growth, narrowing losses, and a conservatively levered balance sheet) and supportive technical uptrend signals. These positives are tempered by valuation risk tied to ongoing GAAP unprofitability and still-negative free cash flow, while the latest earnings call was broadly constructive with improved guidance and profitability momentum but noted timing/seasonality and near-term cash flow variability.
Positive Factors
Sustained Revenue & Physician Adoption
Multi-year revenue scaling and expanding physician adoption indicate durable market penetration for SI-Bone’s iFuse implants. The recurring, per-procedure consumable model and growing unique physician base support predictable procedure-driven revenue and long-term topline durability as adoption widens across territories.
Negative Factors
Ongoing GAAP Unprofitability
Despite material improvement, persistent GAAP losses mean returns on equity remain negative and indicate the company has not fully converted operating momentum into sustainable net profitability. Continued unprofitability can constrain strategic optionality and put pressure on long-term investor expectations if not closed.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained Revenue & Physician Adoption
Multi-year revenue scaling and expanding physician adoption indicate durable market penetration for SI-Bone’s iFuse implants. The recurring, per-procedure consumable model and growing unique physician base support predictable procedure-driven revenue and long-term topline durability as adoption widens across territories.
Read all positive factors
SI-Bone (SIBN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$851.55M
Dividend YieldN/A
Average Volume (3M)648.60K
Price to Earnings (P/E)―
Beta (1Y)0.83
Revenue Growth15.30%
EPS Growth40.66%
CountryUS
Employees376
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.34
Shares Outstanding44,818,577
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$24.50Price Target Upside47.41% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)-0.4
Revenue Forecast (FY)$231.82M
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:Aug 03, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 09, 2026
Earnings Call Sentiment Positive
The earnings call highlighted strong top-line growth, expanding physician adoption, robust gross margins, and meaningful improvement in adjusted EBITDA and cash balances. Management filed a 510(k) for a third breakthrough device, expects phased commercial launch in Q4, and benefited from favorable reimbursement actions (new DRGs and proposed SI joint increases). At the same time, the company remains modestly unprofitable on a GAAP basis, is investing in capacity and R&D which will cause near-term variability in cash flow and depreciation, and is taking a conservative view on near-term guidance due to seasonality and timing of catalysts. Overall, positives (growth, margin strength, reimbursement tailwinds, product pipeline and liquidity) outweigh near-term execution and timing risks.Positive Updates
Revenue Growth - Worldwide and U.S.
Worldwide revenue of $56.0M, up 15.2% year-over-year; U.S. revenue of $53.2M, up 14.7% year-over-year.
Negative Updates
Modest GAAP Profitability Remains
Company remains slightly unprofitable on a GAAP basis with net loss of $4.1M in Q2 despite improvements; adjusted EBITDA, while up materially, is still a modest $2.8M for the quarter.
Read all updates
Q2-2026 Updates
Positive
Negative
Revenue Growth - Worldwide and U.S.
Worldwide revenue of $56.0M, up 15.2% year-over-year; U.S. revenue of $53.2M, up 14.7% year-over-year.
Read all positive updates
Company Guidance
SI‑BONE raised the low end of its 2026 revenue guide to $231–$233 million (about 15–16% growth versus prior $230–$233M or ~14–16%), kept full‑year gross margin guidance at 79%, and expects operating expenses at the midpoint to increase roughly 12%; management emphasized a measured stance given timing of a potential 510(k) clearance and a phased commercial launch (possible October) and embedded seasonality (a 1–2% sequential Q3 decline) and a low‑single‑digit ASP headwind into the outlook. They noted cash of $145.9 million, near‑term cash‑flow variability driven by a HQ build‑out and surgical capacity investments, plan to exit 2026 with nearly 100 quota‑carrying territories, and highlighted recent profitability momentum (Q2 adjusted EBITDA $2.8M, ~5.1% margin; trailing‑12‑month adjusted EBITDA ~$12.8M) and potential reimbursement tailwinds (new Granite DRGs that could raise hospital payments up to ~$50K per procedure and proposed outpatient/ASC/OBL increases for SI fusion).SI-Bone Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
78
Positive
Cash Flow
46
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 213.60M | 200.93M | 167.18M | 138.89M | 106.41M | 90.15M |
| Gross Profit | 169.87M | 159.88M | 132.12M | 109.42M | 90.70M | 79.72M |
| EBITDA | -5.00M | -10.91M | -23.09M | -34.45M | -54.98M | -50.97M |
| Net Income | -14.64M | -18.91M | -30.91M | -43.34M | -61.26M | -56.57M |
Balance Sheet | ||||||
| Total Assets | 248.76M | 238.56M | 230.44M | 230.43M | 157.55M | 190.51M |
| Cash, Cash Equivalents and Short-Term Investments | 145.94M | 147.82M | 150.04M | 166.02M | 97.29M | 146.98M |
| Total Debt | 7.17M | 1.12M | 37.48M | 38.99M | 39.43M | 40.48M |
| Total Liabilities | 66.41M | 61.02M | 63.47M | 61.05M | 59.25M | 56.09M |
| Stockholders Equity | 182.35M | 177.53M | 166.96M | 169.38M | 98.30M | 134.42M |
Cash Flow | ||||||
| Free Cash Flow | -4.39M | -9.09M | -22.92M | -26.51M | -51.16M | -45.92M |
| Operating Cash Flow | 2.48M | -675.00K | -12.43M | -18.71M | -41.66M | -39.53M |
| Investing Cash Flow | -5.97M | 4.16M | 12.62M | -59.80M | -2.81M | 51.58M |
| Financing Cash Flow | 2.70M | 3.38M | 1.96M | 90.93M | 2.20M | -1.71M |
SI-Bone Technical Analysis
Positive
16.62
Price Trends
16.91
Positive
15.23
Positive
16.15
Positive
Market Momentum
0.58
Negative
64.39
Neutral
75.98
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 16.62 is below the 20-day moving average (MA) of 17.89, below the 50-day MA of 16.91, and above the 200-day MA of 16.15, indicating a bullish trend. The MACD of 0.58 indicates Negative momentum. The RSI at 64.39 is Neutral, neither overbought nor oversold. The STOCH value of 75.98 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 |
|---|---|---|---|---|---|---|---|
71 Outperform | $1.17B | 17.29 | 28.39% | ― | 3.14% | ― | |
65 Neutral | $649.09M | -14.89 | -11.53% | ― | 14.49% | 6.68% | |
63 Neutral | $851.55M | -55.77 | -8.23% | ― | 15.30% | 40.66% | |
55 Neutral | $423.62M | -6.63 | -14.05% | ― | 2.99% | 51.77% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $463.05M | -13.07 | -188.09% | ― | 25.86% | -47.31% |
* Healthcare Sector Average
SIBN
SI-Bone
18.95
3.65
23.86%
OFIX
Orthofix Medical
10.18
-3.84
-27.39%
CLPT
ClearPoint Neuro
15.42
3.74
32.02%
KIDS
OrthoPediatrics
25.01
5.88
30.74%
BVS
Bioventus
13.89
6.55
89.24%
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.