SI-Bone (SIBN) AI Stock Analysis

• Market Cap: $843.34M
• Dividend Yield: N/A
• Average Volume (3M): 496.92K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.85
• Revenue Growth: 22.60%
• EPS Growth: 41.26%
• Country: US
• Employees: 349
• Sector: Healthcare
• Sector Strength: 41
• Industry: Medical - Devices
• EPS (TTM): -0.15
• Shares Outstanding: 42,614,513
• 10 Day Avg. Volume: 822,257
• 30 Day Avg. Volume: 496,916
• PEG Ratio: -1.44
• Price to Book (P/B): 4.65
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -34.37
• Enterprise Value/Market Cap: 0.94
• Enterprise Value/Revenue: 1.28
• Enterprise Value/Gross Profit: 5.98
• Enterprise Value/Ebitda: -6.66
• 1Y Price Target: $24.38
• Price Target Upside: 23.19% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 8

SI-Bone exhibits strong revenue growth and technical performance with bullish indicators, complemented by positive earnings call updates. However, profitability challenges, particularly ongoing net losses, and valuation concerns due to a negative P/E ratio present significant risks. The overall sentiment is cautiously optimistic with a focus on growth potential, but investors should remain mindful of profitability and cash flow issues.

Positive Factors

Financial Performance

SIBN delivered an impressive Q beating top- and bottom-line expectations, including a second consecutive quarter of adj. EBITDA positivity.

Product Launch

The launches of its Granite 9.5 and TNT product have exceeded expectations, showing promising engagement with interventional spine doctors.

Regulatory Approvals

SIBN has received FDA Breakthrough Device Designation for its new Pelvic Fracture Fixation System, exceeding launch expectations and making SIBN the only public company in its industry granted three BDDs.

Negative Factors

Market Pressures

Despite market pressures, SIBN is considered to be in good standing, with a target multiple maintained at ~3x (EV/26E revenue) implying a price target of $19.

Operating Loss

SIBN's operating loss was significantly better than expected, showcasing improved financial management.

SI-Bone Business Overview & Revenue Model

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.

How the Company Makes Money

SI-Bone, Inc. generates revenue primarily through the sale of its iFuse Implant System, which is utilized by healthcare providers, including hospitals and surgical centers, to treat SI joint dysfunction. The company earns money by selling these implants and related surgical instruments to healthcare providers. SI-Bone's revenue model is strongly dependent on the adoption of its technology by orthopedic surgeons and the increasing recognition of SI joint dysfunction as a treatable condition. The company's earnings are further supported by its efforts in expanding insurance coverage for SI joint fusion procedures and providing training and educational programs for surgeons to effectively use its products. SI-Bone also engages in strategic partnerships and collaborations with healthcare institutions to promote the use of its iFuse Implant System, thereby enhancing its market presence and revenue potential.

SI-Bone Financial Statement Overview

Summary

SI-Bone demonstrates strong revenue growth and a solid balance sheet with minimal debt, which are key strengths. However, ongoing operational losses and negative cash flow highlight the need for strategic improvements to achieve profitability. The company is on a positive trajectory but requires focused efforts on operational efficiency and cost control to strengthen its financial position fully.

Income Statement

SI-Bone has shown consistent revenue growth, with a notable increase from $67.3M in 2019 to $167.2M in 2024, indicating a positive growth trajectory. However, profitability remains a challenge as evidenced by negative net income and EBIT margins over the years, with a net loss of $30.9M in 2024. The gross profit margin is strong, suggesting efficient cost management in production. The company needs to address its operational losses to enhance its profitability metrics.

Balance Sheet

The balance sheet reflects a robust equity position with stockholders' equity at $166.9M in 2024, indicating financial stability. The debt-to-equity ratio is low, suggesting prudent leverage management. The equity ratio is healthy, implying a strong asset base backed by equity. However, maintaining liquidity will be critical given the persistent net losses.

Cash Flow

Free cash flow has been negative, although there is a slight improvement in operating cash flow from previous years. The company effectively manages capital expenditures but needs to transition to positive cash flow generation. The operating cash flow to net income ratio indicates room for improving operational efficiency. Overall, the cash position is strong, but sustainability will depend on enhancing free cash flow.

Breakdown
Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement		Total Revenue
167.18M	138.89M	106.41M	90.15M	73.39M
	Gross Profit
132.12M	109.42M	90.70M	79.72M	64.48M
	EBIT
-35.25M	-46.93M	-59.61M	-51.67M	-38.57M
	EBITDA
-23.09M	-34.45M	-54.98M	-49.58M	-36.47M
	Net Income Common Stockholders
-30.91M	-43.34M	-62.90M	-60.13M	-48.54M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
150.04M	166.02M	97.29M	146.98M	196.43M
	Total Assets
230.44M	230.43M	157.55M	190.51M	223.14M
	Total Debt
37.48M	38.99M	39.43M	40.48M	39.45M
	Net Debt
2.54M	5.72M	18.71M	-22.94M	-14.13M
	Total Liabilities
63.47M	61.05M	59.25M	56.09M	53.78M
	Stockholders Equity
166.96M	169.38M	98.30M	134.42M	169.36M
Cash Flow		Free Cash Flow
-22.92M	-26.51M	-51.16M	-45.92M	-33.22M
	Operating Cash Flow
-12.43M	-18.71M	-41.66M	-39.53M	-30.66M
	Investing Cash Flow
12.62M	-59.80M	-2.81M	51.58M	-62.92M
	Financing Cash Flow
1.96M	90.93M	2.20M	-1.71M	136.40M

SI-Bone Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 19.79
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SIBN, the sentiment is Positive. The current price of 19.79 is above the 20-day moving average (MA) of 15.98, above the 50-day MA of 14.95, and above the 200-day MA of 14.85, indicating a bullish trend. The MACD of 1.34 indicates Negative momentum. The RSI at 81.21 is Negative, neither overbought nor oversold. The STOCH value of 92.10 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SIBN.

SI-Bone Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SIBN	72 Outperform	$843.34M	―	-15.96%	―	22.60%	41.26%
KIDS	63 Neutral	$571.42M	―	-11.33%	―	31.28%	-81.86%
Sector *	52 Neutral	$5.15B	3.02	-44.64%	2.83%	16.44%	-0.47%
AXGN	52 Neutral	$538.79M	―	-7.22%	―	18.81%	67.41%
SENS	50 Neutral	$346.77M	―	-161.19%	―	1.64%	16.02%
OFIX	47 Neutral	$475.66M	―	-27.82%	―	5.85%	-8.92%
BVS	47 Neutral	$557.76M	―	-19.79%	―	8.60%	-42.76%