SI-BONE, Inc.
- Open
- 16.57
- Day high
- 17.12
- Day low
- 16.52
- Prev close
- 16.32
- Volume
- 263K
- Mkt cap
- $746M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 4.2
- P/S
- 3.6
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$589K over the last 3 months (0 open-market buys, 18 sales)
- 🏛Institutions mixed (13F)
SI-BONE, Inc. (SIBN) is a Healthcare company listed on NASDAQ. The stock is down 11% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 18 sales (SEC Form 4).
SI-BONE, Inc. (SIBN) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 3 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
SIBN earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 11, 2026 | $-0.17 | $-0.10 | +41.2% | $53M | +2.8% |
| Feb 23, 2026 | $-0.13 | $-0.04 | +69.2% | $56M | +7.0% |
| May 1, 2023 | $-0.41 | $-0.32 | +22.0% | $33M | +5.4% |
| Feb 27, 2023 | $-0.42 | $-0.32 | +23.8% | $32M | +1.4% |
| Feb 28, 2022 | $-0.37 | $-0.43 | -16.2% | $25M | +2.1% |
| May 3, 2021 | $-0.38 | $-0.37 | +2.6% | $20M | -7.0% |
| Mar 8, 2021 | $-0.30 | $-0.28 | +6.7% | $22M | — |
| Nov 2, 2020 | $-0.38 | $-0.33 | +13.2% | $20M | -15.4% |
| May 4, 2020 | $-0.36 | $-0.47 | -30.6% | $17M | +23.7% |
| Mar 9, 2020 | $-0.34 | $-0.36 | -5.9% | $20M | +2.9% |
| May 8, 2019 | $-0.25 | $-0.38 | -52.0% | $15M | +52.0% |
| Mar 7, 2019 | $-0.20 | $-0.22 | -10.0% | $16M | +23.8% |
SIBN insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 9, 2026 | HILLEMAN JERYL Ldirector | Grant | 10,957 | — |
| Jun 8, 2026 | DUNN JEFFREY Wdirector | Sell | 3,575 | $15.25 |
| Jun 8, 2026 | Davis Timothy E JRdirector | Grant | 10,957 | — |
| Jun 8, 2026 | DUNN JEFFREY Wdirector | Grant | 10,957 | — |
| Jun 8, 2026 | Freund John Gordondirector | Grant | 10,957 | — |
| Jun 8, 2026 | Nishimura Mikadirector | Grant | 10,957 | — |
| Jun 8, 2026 | West Thomas A.director | Grant | 10,957 | — |
| Jun 1, 2026 | Davis Timothy E JRdirector | Sell | 3,500 | $14.14 |
| Jun 1, 2026 | Davis Timothy E JRdirector | Sell | 3,780 | $14.47 |
| Jun 1, 2026 | Davis Timothy E JRdirector | Option | 12,064 | $4.32 |
| May 20, 2026 | PISETSKY MICHAEL A.officer: SVP, Ops & Adm/Chief Legal Ofr | Sell | 1,872 | $14.63 |
| May 20, 2026 | FRANCIS LAURAdirector, officer: Chief Executive Officer | Sell | 2,236 | $14.67 |
| May 20, 2026 | PISETSKY MICHAEL A.officer: SVP, Ops & Adm/Chief Legal Ofr | Sell | 1,854 | $14.64 |
| May 20, 2026 | Maheshwari Anshulofficer: Chief Financial Officer | Sell | 2,189 | $14.65 |
| May 20, 2026 | FRANCIS LAURAdirector, officer: Chief Executive Officer | Sell | 3,652 | $14.75 |
Source: SIBN SEC Form 4 filings, latest Jun 9, 2026. For informational purposes only — not investment advice.
See the full SIBN insider & 13F page →SI-BONE, Inc. company profile
Overview
SI-BONE, Inc. (NASDAQ:SIBN) is a medical device company founded in 2008 and headquartered in Santa Clara, California. The company went public in October 2018 and specializes in developing and commercializing implantable devices that address musculoskeletal disorders of the sacropelvic anatomy. What began as a single-product company focused on sacroiliac joint dysfunction has evolved into a multi-modality medical device platform targeting various conditions affecting the sacropelvic region, including adult spinal deformity, pelvic trauma, and related orthopedic conditions.
Business
SI-BONE operates in the orthopedic medical device industry, specifically focusing on the sacropelvic anatomy - the area where the spine meets the pelvis. The company's core innovation centers around minimally invasive surgical solutions for conditions that were historically difficult to treat effectively. The company's flagship product is the iFuse Implant System, a minimally invasive surgical solution designed to treat sacroiliac joint dysfunction and degeneration. The sacroiliac joint connects the spine to the pelvis, and when this joint becomes dysfunctional due to injury, arthritis, or other conditions, it can cause significant lower back and pelvic pain. Traditional treatment options were limited and often ineffective, making SI-BONE's targeted approach a significant advancement. The company has expanded its portfolio to include several product lines: 1. iFuse-3D represents the latest generation of SI joint fusion technology, featuring a titanium implant with a proprietary 3D-printed porous surface and fenestrated design that promotes bone growth and integration. 2. iFuse-TORQ consists of 3D-printed threaded implants designed for both SI joint fusion and pelvic fracture treatment, expanding the company's addressable market into trauma applications. 3. Granite product line targets adult spinal deformity procedures and pelvic fixation, representing approximately a $250 million addressable market. The Granite 9.5mm variant is designed for shorter construct lumbar fusion procedures. 4. TNT (TORQ Next Technology) is the company's newest trauma-focused product launched in Q4 2024, targeting the estimated $300 million pelvic trauma market. 5. INTRA allograft product caters to interventional spine physicians, expanding the company's reach beyond traditional orthopedic surgeons. The company estimates its total addressable market has expanded to approximately 500,000 annual procedures across these various applications, roughly double its previous single-product focus.
Revenue model
SI-BONE generates revenue primarily through direct product sales of its implantable devices and associated surgical instruments. The company operates under a traditional medical device business model where hospitals, ambulatory surgery centers, and other healthcare facilities purchase the implants for use in patient procedures. The company's revenue streams include: 1. Implant sales constitute the primary revenue source, with the company selling titanium implants ranging from approximately $3,000 to $8,000 per procedure depending on the specific product and number of implants used. 2. Instrument and surgical tool sales provide additional revenue, as the procedures require specialized surgical instruments and guides. 3. Training and education services generate ancillary revenue through surgeon training programs and educational initiatives. The company's customers are primarily hospitals and ambulatory surgery centers, with procedures performed by orthopedic surgeons, neurosurgeons, interventional spine physicians, and trauma surgeons. SI-BONE has built relationships with approximately 1,400 active physicians across 85 U.S. territories as of Q1 2025. Several factors influence the company's margins and profitability. Positive margin drivers include the company's premium pricing position due to limited direct competition, favorable reimbursement trends with Medicare facility fees increasing significantly, economies of scale as production volumes grow, and procedure mix optimization as higher-value products like Granite gain adoption. The company has achieved gross margins consistently around 79-80%. Negative margin pressures include the substantial upfront investment required for new product launches including instrument tray manufacturing and depreciation, competitive pricing pressure as larger orthopedic companies develop competing solutions, potential reimbursement headwinds if payers become more restrictive, and the high fixed costs associated with direct sales force expansion and clinical research requirements for FDA approvals and publications.
Competitive moat
SI-BONE's competitive moat appears moderately strong but faces emerging challenges. The company's primary moat stems from its first-mover advantage and clinical leadership in sacroiliac joint fusion, a market it essentially created and has dominated for over a decade. The company has built substantial clinical evidence through multiple studies and has established strong relationships with key opinion leaders in the orthopedic community. The company's intellectual property portfolio provides some protection, with key patents extending through 2035 for its iFuse-3D technology. However, patents in the medical device industry can be circumvented through design-around innovations, and the company faces potential competition from larger, well-resourced orthopedic companies. Regulatory barriers create additional moat strength, as new entrants must navigate FDA approval processes and build clinical evidence to gain physician adoption. SI-BONE's established clinical data and surgeon relationships create switching costs for healthcare providers. The company's moat faces several challenges. Large orthopedic companies like Medtronic, Stryker, and others have significantly greater resources and established relationships with hospitals and surgeons. The 2024 acquisition of Nevro by Globus Medical demonstrates increased industry interest in the sacropelvic space. Additionally, as the market grows and proves its value, it becomes more attractive to competitors who can leverage existing sales forces and distribution networks. The company's expansion into adjacent markets like trauma and adult deformity, while providing growth opportunities, also puts it in direct competition with established players in those larger, more competitive markets. The company's relatively small size and limited resources compared to industry giants represent potential vulnerabilities in defending its market position.
Risks & safety
SI-BONE presents a moderate margin of safety profile with mixed financial health indicators. Liquidity and Solvency: - Strong current ratio of 8.5x and quick ratio of 7.3x indicate excellent short-term liquidity - Cash and short-term investments of $41.2 million provide operational runway - Total debt-to-equity ratio of 0.22x represents manageable leverage - Free cash flow remains negative at -$7.0 million in Q1 2025, though improving from previous periods Valuation Metrics: - Price-to-book ratio of 3.6x suggests moderate valuation premium - Negative EBITDA makes traditional valuation metrics challenging - Graham net-net ratio of 2.8x indicates trading above conservative asset values - Enterprise value reflects growth expectations rather than current profitability Other Considerations: - Company approaching EBITDA breakeven with positive adjusted EBITDA achieved in Q4 2024 - Revenue growth of 25% in Q1 2025 demonstrates strong business momentum - Gross margins consistently around 80% indicate healthy unit economics - Dependency on continued growth to justify valuation multiples
Recent development
Over the past few years, SI-BONE has executed a strategic transformation from a single-product company to a comprehensive sacropelvic solutions platform. The most significant development has been the expansion beyond SI joint fusion into adjacent markets including adult spinal deformity, pelvic trauma, and interventional procedures. Key product launches have driven this diversification. The company introduced Granite 9.5 for shorter construct lumbar fusion procedures, TNT for pelvic trauma applications, and INTRA allograft products targeting interventional spine physicians. These launches have effectively doubled the company's total addressable market to approximately 500,000 annual procedures. The company has significantly expanded its physician engagement strategy, growing from approximately 920 active physicians in 2022 to 1,400 in Q1 2025. Notably, 43% of physicians now perform multiple procedure types using SI-BONE's portfolio, indicating successful cross-selling execution. Commercial expansion has been another focus area, with the company growing from 82 territory managers in 2023 to 85 territories currently, with plans to reach 100 territories within 12-18 months. Territory productivity has nearly doubled to $2 million annually, demonstrating improved sales efficiency. The company has made substantial progress toward profitability, achieving positive adjusted EBITDA in Q4 2024 and Q1 2025 after years of losses. Management expects to achieve positive free cash flow by 2026, marking a significant financial milestone. Innovation pipeline remains robust, with the company receiving Breakthrough Device Designation for a new, undisclosed implant system and developing a third breakthrough device targeting spine surgery applications, both expected to launch in 2026.
SIBN company profile · for informational purposes only — not investment advice.
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