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1. Company Snapshot

1.a. 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.

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1.b. Last Insights on SIBN

Recent positive drivers behind SI-BONE, Inc.'s performance include: * Strong earnings estimate revisions, indicating a potential upside of 64.7% to 83.6% as per Wall Street analysts' consensus price targets (Source: Wall Street Analysts). * Positive trend in earnings estimate revisions, which could translate into an upside in the stock (Source: Wall Street Analysts). * Management's guidance update, which may reflect the company's growth prospects (Source: SI-BONE, Inc.). * Upcoming conference call, which will provide insights into the company's performance and future outlook (Source: SI-BONE, Inc.).

1.c. Company Highlights

2. SI-BONE's Q3 2025 Earnings: A Strong Performance with Sustained Profitability

SI-BONE, Inc. reported a robust third-quarter 2025 performance, with worldwide revenue reaching $48.7 million, representing a 21% growth. The U.S. revenue grew over 21% to $46.4 million, driven by the increasing adoption of their solutions. The company achieved a gross margin of 79.5%, exceeding guidance, and reported an adjusted EBITDA of $2.3 million, translating to an adjusted EBITDA margin of approximately 5%. The company also reported an EPS of -$0.11, beating estimates of -$0.16.

Publication Date: Nov -29

📋 Highlights
  • Revenue Growth:: Q3 revenue hit $48.7M (+21% YoY), with U.S. revenue at $46.4M (+21% YoY) and international growth driven by iFuse Torque.
  • Adjusted EBITDA Profitability:: Achieved $2.3M positive adjusted EBITDA (5% margin), with net cash flow breakeven and $1.2M positive cash flow from operations.
  • Physician Expansion:: Added 330 physicians (record quarterly increase), boosting active physician base by 27%, with growth across private practice, academic, and fellowship-trained surgeons.
  • Product Pipeline & Guidance:: Raised 2025 revenue guidance to $198–200M (+18–20% YoY), with two new products launching in 2026 and gross margin stabilization at 78–78.5% mid-term.
  • Reimbursement Tailwinds:: New NTAP of $4,100 (30% Medicare reimbursement boost for pelvic ring fractures) and 17% payment increase for SI joint fusion in office settings.

Revenue Growth and Physician Adoption

The company's revenue growth was driven by a significant increase in physician adoption, with 330 additional physicians added in the quarter, marking the largest quarterly increase in its history. The growth was broad-based, with significant physician momentum persisting, and a strong October and November. The company's expanding platform and growing adoption of its solutions are expected to continue driving growth.

Operational Excellence and Margin Expansion

The company achieved sustained adjusted EBITDA profitability and maintained its annual operating expense growth guidance at 10% at the midpoint of the revenue range. The company expects to continue to drive growth and penetration into the market while using a hybrid approach to add territory managers judiciously. The gross margin is expected to stabilize around 78-78.5% in the medium term.

Growth Opportunities and Pipeline

The company has a significant growth opportunity with two products coming out in 2026, which are expected to expand the market TAM. The interventional pain market is a significant expansion opportunity, with 4,500 physician targets, and the company believes this is additive to their surgeon-led business. Reimbursement tailwinds, including a 17% increase in payment for SI joint fusion procedures performed in office and a new technology add-on payment for the breakthrough device launching in 2026, are expected to support growth.

Valuation and Outlook

With a P/S Ratio of 4.56 and an EV/EBITDA of -53.57, the company's valuation suggests that investors are pricing in significant growth expectations. Analysts estimate next year's revenue growth at 15.3%, which is slightly lower than this year's growth rate. The company's asset-light business model allows for P&L leverage and working capital leverage, and the focus remains on delivering revenue growth at or above demonstrated levels, with a huge TAM that's untapped and new products on the horizon.

3. NewsRoom

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Should You Buy Si-Bone (SIBN) After Golden Cross?

Dec -05

Source: zacks.com

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Intech Investment Management LLC Trims Stake in SiBone $SIBN

Dec -01

Source: defenseworld.net

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AXQ Capital LP Invests $290,000 in SiBone $SIBN

Nov -25

Source: defenseworld.net

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SI-BONE To Present at Piper Sandler 37th Annual Healthcare Conference on December 2, 2025

Nov -18

Source: globenewswire.com

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Reviewing SiBone (NASDAQ:SIBN) & Spectral Diagnostics (OTCMKTS:EDTXF)

Nov -15

Source: defenseworld.net

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Why SI-Bone Stock Was Crushing It Today

Nov -11

Source: fool.com

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SI-BONE, Inc. (SIBN) Q3 2025 Earnings Call Transcript

Nov -11

Source: seekingalpha.com

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Si-Bone (SIBN) Reports Q3 Loss, Beats Revenue Estimates

Nov -11

Source: zacks.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (9.27%)

6. Segments

Surgical Implant System

Expected Growth: 9.27%

Strong demand for minimally invasive spine procedures, increasing adoption of SI-BONE's iFuse Implant System, expansion into new markets, and growing awareness of sacroiliac joint dysfunction treatment options drive the 9.27% growth. Additionally, investments in sales and marketing efforts, and strategic partnerships contribute to the company's rapid expansion.

7. Detailed Products

iFuse Implant System

A minimally invasive surgical system for sacroiliac joint fusion

iFuse Bedrock Granite System

A minimally invasive surgical system for sacroiliac joint fusion in patients with advanced osteoporosis or bone fragility

iFuse-3D Implant System

A 3D-printed, porous titanium implant for sacroiliac joint fusion

8. SI-BONE, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

SI-BONE, Inc. has a unique product portfolio, and the threat of substitutes is low due to the lack of similar products in the market.

Bargaining Power Of Customers

SI-BONE, Inc. has a diverse customer base, and the bargaining power of customers is medium due to the availability of alternative products.

Bargaining Power Of Suppliers

SI-BONE, Inc. has a strong supply chain management system, and the bargaining power of suppliers is low due to the company's ability to negotiate prices.

Threat Of New Entrants

The medical device industry is highly competitive, and the threat of new entrants is high due to the potential for new companies to enter the market.

Intensity Of Rivalry

The medical device industry is highly competitive, and the intensity of rivalry is high due to the presence of established companies and new entrants.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 18.12%
Debt Cost 8.88%
Equity Weight 81.88%
Equity Cost 10.15%
WACC 9.92%
Leverage 22.13%

11. Quality Control: SI-BONE, Inc. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
SI-BONE

A-Score: 4.7/10

Value: 7.0

Growth: 5.8

Quality: 5.6

Yield: 0.0

Momentum: 6.0

Volatility: 4.0

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908 Devices

A-Score: 4.3/10

Value: 7.2

Growth: 2.9

Quality: 4.8

Yield: 0.0

Momentum: 10.0

Volatility: 0.7

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Silk Road Medical

A-Score: 3.8/10

Value: 6.2

Growth: 5.6

Quality: 5.0

Yield: 0.0

Momentum: 5.0

Volatility: 1.0

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Avanos Medical

A-Score: 3.6/10

Value: 8.9

Growth: 2.3

Quality: 4.5

Yield: 0.0

Momentum: 0.5

Volatility: 5.7

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TELA Bio

A-Score: 3.3/10

Value: 7.8

Growth: 5.8

Quality: 3.6

Yield: 0.0

Momentum: 1.0

Volatility: 1.3

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Orthofix Medical

A-Score: 2.8/10

Value: 4.8

Growth: 1.3

Quality: 2.5

Yield: 0.0

Momentum: 3.0

Volatility: 5.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

19.68$

Current Price

19.68$

Potential

-0.00%

Expected Cash-Flows