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SIBN

SI-BONE, Inc.

SIBN

SI-BONE, Inc. • NASDAQ
$19.46 ▼ -0.10% (-0.02)
Market Cap $844.35 M
52w High $20.05
52w Low $12.50
Dividend Yield 0%
P/E -38.16
Volume 208.33K
Outstanding Shares 43.39M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $48.656M ▲ $44.229M ▼ $-4.566M ▲ -9.384% ▲ $-0.11 ▲ $-2.41M ▲
Q2-2025 $48.63M ▲ $45.811M ▲ $-6.152M ▲ -12.651% ▲ $-0.14 ▲ $-4.118M ▲
Q1-2025 $47.29M ▼ $45.175M ▲ $-6.542M ▼ -13.834% ▼ $-0.15 ▼ $-4.602M ▼
Q4-2024 $49.002M ▲ $44.271M ▲ $-4.495M ▲ -9.173% ▲ $-0.11 ▲ $-2.489M ▲
Q3-2024 $40.34M $39.536M $-6.575M -16.299% $-0.16 $-4.606M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $145.744M ▲ $234.273M ▲ $62.147M ▲ $172.126M ▲
Q2-2025 $145.544M ▲ $230.921M ▲ $60.578M ▲ $170.343M ▲
Q1-2025 $144.414M ▼ $227.28M ▼ $60.016M ▼ $167.264M ▲
Q4-2024 $150.042M ▼ $230.437M ▲ $63.473M ▲ $166.964M ▲
Q3-2024 $150.818M $226.998M $62.024M $164.974M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-4.566M ▲ $2.335M ▲ $-10.025M ▼ $11K ▼ $-7.663M ▼ $-620K ▲
Q2-2025 $-6.152M ▲ $173K ▲ $-9.471M ▼ $2.233M ▲ $-7.037M ▼ $-1.926M ▲
Q1-2025 $-6.542M ▼ $-4.911M ▼ $10.63M ▲ $103K ▲ $6.239M ▲ $-6.983M ▼
Q4-2024 $-4.495M ▲ $1.178M ▲ $4.337M ▲ $-78K ▼ $4.723M ▲ $-1.088M ▲
Q3-2024 $-6.575M $302K $3.769M $155K $4.648M $-2.734M

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past five years, showing that demand for SI-BONE’s products is rising. Gross margins are high, which suggests strong pricing power and a differentiated product set. However, operating expenses, especially in sales and marketing and R&D, remain heavy, so the company is still reporting accounting losses. Those losses have been narrowing over time, which points to improving scale, but the business has not yet reached consistent, fully stated profitability.

Balance Sheet

Balance Sheet The balance sheet looks relatively solid for a mid-sized medical device company. Assets and shareholders’ equity have stayed broadly stable, indicating no major financial shocks. Debt is present but not excessive, suggesting some leverage but not an overly risky capital structure. Cash is meaningful but not large compared with ongoing losses, which means the company needs to keep carefully managing spending and growth investments over time.

Cash Flow

Cash Flow The company has been using, rather than generating, cash from its core operations, though the cash burn has generally moved in the right direction. Free cash flow has been negative, reflecting both operating losses and ongoing investments in the business, while capital spending itself is modest. Narrative disclosures suggest that certain recent periods may have reached adjusted profitability and better cash dynamics, but the multi-year record still shows a business in investment mode rather than a self-funding one. Sustained, clearly positive operating cash flow remains an important future milestone.

Competitive Edge

Competitive Edge SI-BONE occupies a very focused niche in sacropelvic and SI joint solutions, where it acted as a pioneer and helped create the market. Its competitive edge rests on strong clinical data, surgeon training, and a patented implant design that differentiates it from more generic screw-based systems. The company has built a recognizable brand and a broadening product platform, which strengthens its position with surgeons and payers. At the same time, it competes against large spine and orthopedic players with broad portfolios and deep resources, so maintaining leadership will require continued innovation, education, and reimbursement support.

Innovation and R&D

Innovation and R&D Innovation is a clear centerpiece of SI-BONE’s strategy. The company has evolved from a single flagship implant to a broader sacropelvic platform, including advanced 3D-printed designs and products targeting complex spine procedures. It continues to invest heavily in clinical trials and new products, such as upcoming offerings for outpatient surgery centers and a spine device with Breakthrough Device status. This creates meaningful growth optionality but also brings the usual execution, regulatory, and adoption risks that come with a deep R&D pipeline.

Summary

Overall, SI-BONE looks like a focused, innovation-driven medical device company that has successfully grown revenue and maintained strong margins but is still transitioning toward durable profitability and positive cash generation. Its narrow anatomical focus, strong clinical evidence, and differentiated technology give it a clear niche and a defensible position. The main financial trade-off is ongoing investment and losses today in exchange for potential future scale and operating leverage. Key uncertainties include the pace of adoption, competitive responses from larger spine companies, reimbursement dynamics, and the company’s ability to turn its promising pipeline into sustained, cash-generating growth.

NEWS

November 18, 2025 · 4:09 PM UTC

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

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November 10, 2025 · 4:09 PM UTC

SI-BONE, Inc. Reports Financial Results for the Third Quarter 2025 and Raises 2025 Guidance

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October 20, 2025 · 4:09 PM UTC

SI-BONE To Report Third Quarter 2025 Financial Results on November 10, 2025

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October 3, 2025 · 12:20 PM UTC

DATA BREACH ALERT: Edelson Lechtzin LLP is Investigating Claims on Behalf of SI-Bone, Inc. Customers Whose Data May Have Been Compromised

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