SI-Bone (SIBN) AI Stock Analysis

• Market Cap: $693.39M
• Dividend Yield: N/A
• Average Volume (3M): 648.60K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.72
• Revenue Growth: 23.27%
• EPS Growth: 43.90%
• Country: US
• Employees: 349
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): -0.04
• Shares Outstanding: 44,165,287
• 10 Day Avg. Volume: 524,959
• 30 Day Avg. Volume: 648,599
• PEG Ratio: 1.10
• Price to Book (P/B): 4.83
• Price to Sales (P/S): 4.27
• P/FCF Ratio: -94.40
• Enterprise Value/Market Cap: 0.90
• Enterprise Value/Revenue: 3.11
• Enterprise Value/Gross Profit: 3.91
• Enterprise Value/Ebitda: -73.84
• 1Y Price Target: $25.17
• Price Target Upside: 60.32% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 6
• EPS Forecast (FY): -0.49
• Revenue Forecast (FY): $229.86M

• Rating: 56 Neutral
• Price Target: $16.00 ▲(1.91% Upside)
• Action: Reiterated Date: 02/24/26
• Date: Action: Reiterated 02/24/26

The score is driven primarily by improving fundamentals (strong growth, high gross margins, narrowing losses and better cash consumption) and a constructive earnings update with continued growth/profitability progress. This is tempered by weak technicals (below key moving averages with negative MACD) and valuation limitations due to ongoing net losses and no dividend yield support.

Positive Factors

Strong revenue growth & high gross margins

Durable top-line momentum with very high gross margins signals attractive unit economics and pricing power in a niche medical-device market. Sustained revenue growth plus margin expansion underpin scalable per-procedure profitability and improve the runway to sustained GAAP profitability over months.

Expanding physician base & procedure volume

Growing active physician adoption and rising procedure counts create recurring implant demand and durable commercial moat. A broader trained surgeon base raises switching costs, increases referral flow, and supports territory-level productivity improvements that compound revenue over several quarters.

Strategic distribution deal expands addressable market

A structural commercial alliance broadens market access into high-acuity trauma centers without proportionate direct-sales buildout. This can accelerate adoption of specific product lines, improve capital efficiency of sales expansion, and allow SI-BONE to redeploy direct reps to spine and interventional markets long-term.

Negative Factors

Ongoing full-year net loss

Despite meaningful margin and EBITDA progress, sustained GAAP losses indicate the company has not fully converted operational gains into net profitability. Continued losses can erode equity over time, constrain strategic optionality, and require careful cash planning if revenue or margin trends decelerate.

Negative operating and free cash flow history

Persistent negative operating and free cash flow, despite improvement in 2025, raises structural funding risk. If the company cannot reliably convert earnings into cash, it may need external financing for growth investments, limiting flexibility and increasing sensitivity to market or reimbursement shocks.

Geographic concentration and reimbursement reliance

A highly U.S.-centric footprint concentrates regulatory, payer and competitive risk. Material upside tied to reimbursement decisions and the economics of partnerships can create structural sensitivity: adverse policy shifts or slower-than-expected reimbursement/partnership ramps would disproportionately affect growth and margins.

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

Strong and accelerating revenue growth with consistently high gross margins, plus materially narrowing losses and improved cash consumption in 2025. Offsetting this, operating cash flow and free cash flow remain negative over the full period shown, keeping self-funding and liquidity risk elevated despite a supportive, low-leverage balance sheet.

Income Statement

Revenue growth remains strong and accelerating (about 9% in 2020 to ~30% in 2023, ~20% in 2024, and ~380% in 2025), and gross margin is consistently very high (~79–88%), indicating attractive unit economics. However, profitability is still negative with operating losses across all years, though losses have narrowed materially (net margin improved from roughly -63% in 2021 to about -9% in 2025). Overall: strong top-line momentum and gross profitability, but the business has not yet reached sustainable earnings.

Balance Sheet

The balance sheet appears conservatively levered, highlighted by very low debt in 2025 (debt-to-equity near zero) versus moderate leverage earlier (debt-to-equity roughly ~0.22–0.40 in 2022–2024). Equity is sizable relative to assets, providing a cushion while the company works toward profitability. The key weakness is that losses have driven negative returns on equity in prior years (where provided), which can pressure capital over time if profitability does not improve.

Cash Flow

Cash generation remains the main pressure point: operating cash flow is negative in every year shown, though the cash burn improved dramatically in 2025 (near breakeven operating cash flow versus large outflows in 2020–2024). Free cash flow is also negative throughout, and it deteriorated in 2025 versus 2024. While earnings losses are narrowing, the company still has not consistently converted improving results into positive cash flow, keeping funding and liquidity risk elevated.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	200.93M	167.18M	138.89M	106.41M	90.15M
Gross Profit	159.88M	132.12M	109.42M	90.70M	79.72M
EBITDA	-10.91M	-23.09M	-34.45M	-54.98M	-50.97M
Net Income	-18.91M	-30.91M	-43.34M	-61.26M	-56.57M
Balance Sheet
Total Assets	238.56M	230.44M	230.43M	157.55M	190.51M
Cash, Cash Equivalents and Short-Term Investments	147.82M	150.04M	166.02M	97.29M	146.98M
Total Debt	1.12M	37.48M	38.99M	39.43M	40.48M
Total Liabilities	61.02M	63.47M	61.05M	59.25M	56.09M
Stockholders Equity	177.53M	166.96M	169.38M	98.30M	134.42M
Cash Flow
Free Cash Flow	-9.09M	-22.92M	-26.51M	-51.16M	-45.92M
Operating Cash Flow	-675.00K	-12.43M	-18.71M	-41.66M	-39.53M
Investing Cash Flow	4.16M	12.62M	-59.80M	-2.81M	51.58M
Financing Cash Flow	3.38M	1.96M	90.93M	2.20M	-1.71M

SI-Bone Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 15.70
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

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 above the 20-day moving average (MA) of 15.61, below the 50-day MA of 17.52, and below the 200-day MA of 17.11, indicating a neutral trend. The MACD of -0.42 indicates Negative momentum. The RSI at 44.28 is Neutral, neither overbought nor oversold. The STOCH value of 42.83 is Neutral, 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
BVS	64 Neutral	$725.83M	78.09	4.97%	―	1.58%	―
SIBN	56 Neutral	$693.39M	-35.53	-12.91%	―	23.27%	43.90%
KIDS	55 Neutral	$481.99M	-11.37	-12.67%	―	19.90%	-57.90%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
CLPT	51 Neutral	$291.53M	-11.86	-103.13%	―	12.83%	-19.53%
OFIX	50 Neutral	$536.73M	-5.71	-24.60%	―	4.31%	3.26%

SI-Bone Corporate Events

SI-BONE Posts Record 2025 Results and Strong 2026 Outlook

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 power-upgrade allowances, and it also gained an option on adjacent space that could further increase its footprint. On February 22, 2026, the company expanded the remit of Chief Financial Officer Anshul Maheshwari to include Chief Operating Officer, and on February 23, 2026 it reported record 2025 results with worldwide revenue up 20.2% to $200.9 million, improved margins, positive adjusted EBITDA and free cash flow in the fourth quarter, alongside 2026 guidance calling for mid-teens revenue growth and higher profitability that underscores strengthening operating leverage and a more entrenched position in its niche orthopedic market.

The most recent analyst rating on (SIBN) stock is a Buy with a $21.00 price target. To see the full list of analyst forecasts on SI-Bone stock, see the SIBN Stock Forecast page.

SI-BONE Reports Strong Preliminary Q4 and 2025 Revenue Growth

On January 12, 2026, SI-BONE announced preliminary, unaudited results indicating fourth-quarter 2025 worldwide revenue of $56.2–$56.3 million, up about 15% year on year, driven largely by U.S. revenue of $53.3–$53.4 million and an 18% increase in active U.S. physicians to roughly 1,640. For full-year 2025, worldwide revenue is expected to reach $200.8–$200.9 million, representing approximately 20% growth, with U.S. revenue of $190.9–$191.0 million growing about 21%, while cash and equivalents of roughly $147.7 million imply modest positive cash generation in the fourth quarter, underscoring solid top-line expansion and financial stability ahead of the company’s detailed earnings release expected in late February 2026.

The most recent analyst rating on (SIBN) stock is a Buy with a $28.00 price target. To see the full list of analyst forecasts on SI-Bone stock, see the SIBN Stock Forecast page.