SI-Bone initiated with an Overweight at Piper Sandler

Piper Sandler analyst Matt O’Brien initiated coverage of SI-Bone with an Overweight rating and $25 price target. The firm says that the company is transforming the treatment of sacropelvic musculoskeletal disorders. SI-Bone is modestly penetrated in a nearly $3.1B opportunity, which Piper believes is a conservative estimate that could expand following upcoming additions to the company’s portfolio. SI-Bone has delivered “outstanding” double digits revenue growth over the past couple of years, as well as leverage on the bottom line, and the firm sees this trend continuing for several more years. When accounting for this level of growth, Piper views the company as attractively valued at about 2.9-times EV/2024 Sales compared to other high-growth peers, and would recommend investors own the name.