SI-Bone (SIBN) AI Stock Analysis

• Market Cap: $842.66M
• Dividend Yield: N/A
• Average Volume (3M): 650.25K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.65
• Revenue Growth: 23.27%
• EPS Growth: 43.90%
• Country: US
• Employees: 349
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): -0.11
• Shares Outstanding: 43,391,254
• 10 Day Avg. Volume: 565,292
• 30 Day Avg. Volume: 650,248
• 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: 0.63
• Enterprise Value/Revenue: 2.72
• Enterprise Value/Gross Profit: 3.42
• Enterprise Value/Ebitda: -38.68
• 1Y Price Target: $24.00
• Price Target Upside: 30.36% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 5
• EPS Forecast (FY): -0.6
• Revenue Forecast (FY): $196.59M

• Rating: 58 Neutral
• Price Target: $20.00 ▲(8.64% Upside)

SI-Bone's strong revenue growth and positive earnings call outlook are significant positives, but ongoing profitability and cash flow challenges weigh on the overall score. The technical analysis supports a bullish trend, while valuation remains a concern due to negative earnings.

Positive Factors

Revenue Growth

Strong revenue growth indicates increasing market adoption of SI-Bone's products, supporting long-term business expansion and market share gains.

Product Innovation

Ongoing product innovation enhances SI-Bone's competitive edge and positions it for sustained growth in the medical device industry.

Positive Cash Flow Milestones

Achieving positive cash flow from operations strengthens financial stability and supports future investments in growth and innovation.

Negative Factors

Profitability Challenges

Ongoing net losses highlight challenges in achieving profitability, which could impact long-term financial health and investment capacity.

Operating Expenses Increase

Rising operating expenses may pressure margins and delay profitability, potentially affecting the company's ability to invest in future growth.

Limited International Revenue

Limited international revenue contribution suggests dependency on the U.S. market, which may restrict global growth opportunities and diversification.

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 medical devices, particularly the iFuse Implant System, to hospitals and surgical centers. The company has established a network of distribution partners and sales representatives to promote its products, which are typically sold directly to healthcare institutions. Revenue is further boosted by ongoing sales of ancillary products, including surgical instruments and accessories necessary for the implantation procedure. Significant partnerships with healthcare providers and agreements with insurance companies also facilitate reimbursement for surgical procedures, which enhances adoption and drives sales. The company invests in clinical studies to validate the efficacy of its products, thereby supporting its marketing efforts and potentially increasing its market share.

SI-Bone Financial Statement Overview

Summary

SI-Bone shows positive revenue growth but struggles with profitability, as indicated by negative net profit and EBIT margins. The balance sheet is stable with moderate leverage, but cash flow challenges persist with negative operating and free cash flows.

Income Statement

SI-Bone's revenue growth is positive, with a 4.49% increase in TTM, indicating a steady upward trajectory. However, the company is struggling with profitability, as evidenced by negative net profit and EBIT margins. The gross profit margin remains strong at 79.45%, but the persistent net losses and negative EBIT margins highlight ongoing challenges in achieving operational efficiency.

Balance Sheet

The company's balance sheet shows moderate leverage with a debt-to-equity ratio of 0.22, indicating a manageable level of debt. However, the return on equity is negative, reflecting the company's inability to generate profits from shareholders' equity. The equity ratio is relatively stable, suggesting a solid capital structure despite profitability issues.

Cash Flow

SI-Bone's cash flow situation is concerning, with negative operating and free cash flows. The free cash flow growth rate is negative, and the operating cash flow to net income ratio is unfavorable, indicating cash flow challenges. However, the free cash flow to net income ratio suggests some ability to cover net losses with free cash flow, albeit limited.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	193.58M	167.18M	138.89M	106.41M	90.15M	73.39M
Gross Profit	154.13M	132.12M	109.42M	90.70M	79.72M	64.48M
EBITDA	-13.62M	-23.09M	-34.45M	-54.98M	-50.97M	-36.47M
Net Income	-21.75M	-30.91M	-43.34M	-61.26M	-56.57M	-43.70M
Balance Sheet
Total Assets	234.27M	230.44M	230.43M	157.55M	190.51M	223.14M
Cash, Cash Equivalents and Short-Term Investments	145.74M	150.04M	166.02M	97.29M	146.98M	196.43M
Total Debt	36.84M	37.48M	38.99M	39.43M	40.48M	39.45M
Total Liabilities	62.15M	63.47M	61.05M	59.25M	56.09M	53.78M
Stockholders Equity	172.13M	166.96M	169.38M	98.30M	134.42M	169.36M
Cash Flow
Free Cash Flow	-10.62M	-22.92M	-26.51M	-51.16M	-45.92M	-33.22M
Operating Cash Flow	-1.23M	-12.43M	-18.71M	-41.66M	-39.53M	-30.66M
Investing Cash Flow	-4.53M	12.62M	-59.80M	-2.81M	51.58M	-62.92M
Financing Cash Flow	2.27M	1.96M	90.93M	2.20M	-1.71M	136.40M

SI-Bone Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 18.41
• 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 18.41 is below the 20-day moving average (MA) of 19.01, above the 50-day MA of 16.96, and above the 200-day MA of 16.42, indicating a neutral trend. The MACD of 0.49 indicates Positive momentum. The RSI at 51.57 is Neutral, neither overbought nor oversold. The STOCH value of 15.13 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
BVS	64 Neutral	$622.38M	66.96	4.97%	―	1.58%	―
CLPT	59 Neutral	$411.12M	-16.73	-103.13%	―	12.83%	-19.53%
SIBN	58 Neutral	$842.66M	-38.00	-12.91%	―	23.27%	43.90%
OFIX	55 Neutral	$615.77M	-5.12	-24.60%	―	4.31%	3.26%
KIDS	52 Neutral	$449.13M	-9.16	-12.67%	―	19.90%	-57.90%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
ZIMV	48 Neutral	―	―	-4.76%	―	-19.52%	94.65%

SI-Bone Corporate Events

SI-Bone Board Changes and Financial Growth Update

On November 6, 2025, Daniel Wolf resigned from SI-BONE’s Board of Directors, and Thomas A. West was appointed to the Board’s Audit Committee. Despite his resignation, Mr. Wolf will continue to support the company through a consulting agreement focusing on marketing, strategy, and business development. In the third quarter of 2025, SI-BONE reported a 20.6% increase in worldwide revenue to $48.7 million, with a positive adjusted EBITDA of $2.3 million. The company also raised its 2025 revenue guidance, reflecting strong demand for its differentiated platform and a robust increase in the number of active physicians. This financial performance underscores SI-BONE’s strong industry positioning and its ability to self-fund innovation and growth.