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Si-Bone (SIBN)
:SIBN
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SI-Bone
(NASDAQ:SIBN)
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Rating:63Neutral
Price Target:
$16.50
▲(16.03% Upside)
SI-Bone's overall stock score is driven by strong earnings call performance, highlighting significant revenue growth and profitability improvements. However, financial performance and valuation challenges, along with bearish technical indicators, weigh down the score.
Positive Factors
Revenue Growth
Strong revenue growth indicates expanding market presence and successful product adoption, supporting long-term business sustainability.
Gross Margin Expansion
Improved gross margins reflect operational efficiency and cost management, enhancing profitability and competitive positioning.
Market Expansion
International market expansion through new product launches can drive future growth and diversify revenue streams.
Negative Factors
Net Losses
Ongoing net losses highlight challenges in achieving profitability, which could impact financial stability and investor confidence.
Negative Free Cash Flow
Negative free cash flow suggests difficulties in funding operations and growth initiatives without external financing.
Regulatory Delays
Regulatory delays can hinder market entry and growth, affecting revenue potential and strategic timelines.
SI-Bone (SIBN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$613.46M
Dividend YieldN/A
Average Volume (3M)380.21K
Price to Earnings (P/E)―
Beta (1Y)0.82
Revenue Growth22.93%
EPS Growth43.83%
CountryUS
Employees349
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.14
Shares Outstanding43,140,938
10 Day Avg. Volume472,713
30 Day Avg. Volume380,214
Financial Highlights & Ratios
PEG Ratio0.56
Price to Book (P/B)3.48
Price to Sales (P/S)3.48
P/FCF Ratio-25.36
Enterprise Value/Market Cap1.14
Enterprise Value/Revenue3.94
Enterprise Value/Gross Profit4.98
Enterprise Value/Ebitda-37.13
Forecast
1Y Price Target
$23.25Price Target Upside63.50% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
SI-Bone Business Overview & Revenue Model
Company DescriptionSI-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 MoneySI-Bone generates revenue primarily through the sale of its medical devices, specifically the iFuse Implant System, which is marketed to hospitals and surgical centers. The company employs a direct sales force and also collaborates with independent distributors to reach a wider customer base. Key revenue streams include the sale of surgical implants, instruments, and related consumables used in procedures. Additionally, SI-Bone may benefit from partnerships with healthcare providers and payers that facilitate the adoption of its products, as well as from ongoing training and support services provided to surgeons and medical staff. The company may also explore opportunities for reimbursement from insurance providers, which can enhance its revenue potential.
SI-Bone Earnings Call Summary
Earnings Call Date:Aug 04, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Nov 10, 2025
Earnings Call Sentiment Positive
SI-BONE's earnings call highlighted strong revenue growth, improved profitability, and successful market expansion, despite some regulatory delays in Europe and continued net losses. The positive performance significantly outweighs the challenges faced.Q2-2025 Updates
Positive Updates
Record-Breaking Revenue Growth
SI-BONE delivered worldwide revenue growth of approximately 22% in Q2 2025. U.S. revenue, which accounts for 95% of the business, grew approximately 23%, supported by a 25% increase in procedure volumes.
Positive Profitability Milestones
The company achieved its third consecutive quarter of positive adjusted EBITDA and reached cash flow breakeven well ahead of the original timeline.
Surge in Physician Engagement
A record 1,440 U.S. physicians performed procedures using SI-BONE products in Q2 2025, representing an increase of 25% over the prior year period.
Expansion of International Markets
Successful launch of iFuse TORQ in Europe, with expectations of accelerated adoption and growth across international markets.
Strong Gross Margin Performance
Gross margin was 79.8%, expanding by 80 basis points year-over-year, driven by actions to improve manufacturing and supply chain efficiencies.
Negative Updates
Regulatory Delays in Europe
Revenue growth in Europe was impacted by later-than-expected regulatory clearance for TORQ, delaying the launch impact.
Continued Net Loss
Despite narrowing, the company reported a net loss of $6.2 million in Q2 2025, compared to a net loss of $8.9 million in the prior year.
Company Guidance
During SI-BONE's second quarter 2025 earnings call, management highlighted several key metrics and achievements that underscore the company's robust performance and strategic direction. The company reported worldwide revenue growth of approximately 22%, with U.S. revenue, comprising 95% of the business, increasing by 23%. This growth was driven by a 25% rise in U.S. procedure volumes and was supported by double-digit percentage growth in physician base and procedure volume across all modalities. SI-BONE achieved its third consecutive quarter of positive adjusted EBITDA and reached cash flow breakeven ahead of its original timeline. The company's gross margin expanded by 80 basis points year-over-year to 79.8%, demonstrating operational excellence. SI-BONE also updated its full-year revenue guidance to a range of $195 million to $198 million, reflecting a 17% to 18% year-over-year growth, and increased its gross margin guidance to between 78.5% and 79%. The company continues to focus on innovation, physician engagement, commercial execution, and operational excellence as key priorities, with an emphasis on expanding its physician base and introducing new products to sustain growth and profitability.SI-Bone Financial Statement Overview
Summary
SI-Bone exhibits strong revenue growth and gross margins, indicating positive sales momentum and effective cost management. However, persistent net losses and negative cash flow highlight ongoing challenges in achieving profitability. The balance sheet is robust with low financial leverage, but negative ROE remains a concern.Income Statement
The company shows a strong gross profit margin of 79% in TTM, indicating effective cost management. However, the net profit margin remains negative due to substantial net losses, reflecting ongoing profitability challenges. Revenue growth is robust, with a 6.8% increase from the previous year to TTM, signaling positive sales momentum. Despite this, negative EBIT and EBITDA margins highlight persistent operational inefficiencies.72
Positive
Balance Sheet
SI-Bone's balance sheet reveals a healthy equity position, with a debt-to-equity ratio of 0.22, suggesting low financial leverage. The return on equity remains negative due to consistent net losses, indicating a drag on shareholder returns. The equity ratio of 73.6% is strong, reflecting a solid financial structure with significant equity backing assets.65
Positive
Cash Flow
Cash flow analysis shows improvement in operating cash flow, but free cash flow remains negative, indicating challenges in generating cash after capital expenditures. The operating cash flow to net income ratio is positive, suggesting some efficiency in converting earnings to cash. However, the free cash flow to net income ratio remains negative, reflecting cash constraints.58
Neutral
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 176.60M | 167.18M | 138.89M | 106.41M | 90.15M | 73.39M |
| Gross Profit | 139.95M | 132.12M | 109.42M | 90.70M | 79.72M | 64.48M |
| EBITDA | -18.76M | -23.09M | -34.45M | -54.98M | -49.58M | -36.47M |
| Net Income | -26.55M | -30.91M | -43.34M | -62.90M | -60.13M | -48.54M |
Balance Sheet | ||||||
| Total Assets | 227.28M | 230.44M | 230.43M | 157.55M | 190.51M | 223.14M |
| Cash, Cash Equivalents and Short-Term Investments | 144.41M | 150.04M | 166.02M | 97.29M | 146.98M | 196.43M |
| Total Debt | 37.15M | 37.48M | 38.99M | 39.43M | 40.48M | 39.45M |
| Total Liabilities | 60.02M | 63.47M | 61.05M | 59.25M | 56.09M | 53.78M |
| Stockholders Equity | 167.26M | 166.96M | 169.38M | 98.30M | 134.42M | 169.36M |
Cash Flow | ||||||
| Free Cash Flow | -20.25M | -22.92M | -26.51M | -51.16M | -45.92M | -33.22M |
| Operating Cash Flow | -9.77M | -12.43M | -18.71M | -41.66M | -39.53M | -30.66M |
| Investing Cash Flow | 16.91M | 12.62M | -59.80M | -2.81M | 51.58M | -62.92M |
| Financing Cash Flow | 1.96M | 1.96M | 90.93M | 2.20M | -1.71M | 136.40M |
SI-Bone Technical Analysis
Negative
14.22
Price Trends
16.21
Negative
17.14
Negative
16.14
Negative
Market Momentum
-0.47
Positive
34.61
Neutral
10.17
Positive
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 14.22 is below the 20-day moving average (MA) of 15.76, below the 50-day MA of 16.21, and below the 200-day MA of 16.14, indicating a bearish trend. The MACD of -0.47 indicates Positive momentum. The RSI at 34.61 is Neutral, neither overbought nor oversold. The STOCH value of 10.17 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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
Overall Rating
UnderperformOutperform
Sector (51)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | 800.16M | -164.52 | -4.15% | ― | 17.17% | 72.68% | |
63 Neutral | $613.46M | ― | -14.18% | ― | 22.93% | 43.83% | |
54 Neutral | 584.52M | -4.66 | -26.99% | ― | 4.84% | 0.85% | |
53 Neutral | 569.66M | -931.08 | -0.10% | ― | 5.08% | 99.38% | |
52 Neutral | 473.64M | -10.51 | -11.75% | ― | 26.08% | -63.67% | |
46 Neutral | 382.90M | -4.59 | -327.88% | ― | 5.94% | 25.16% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
Performance Comparison
SIBN
SI-Bone
14.22
0.41
2.97%
OFIX
Orthofix
14.80
-0.58
-3.77%
AXGN
AxoGen
17.39
3.59
26.01%
SENS
Senseonics Holdings
0.47
0.12
34.29%
KIDS
OrthoPediatrics
18.89
-7.27
-27.79%
BVS
Bioventus
6.89
-4.16
-37.65%
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.