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SI-Bone
(NASDAQ:SIBN)
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Rating:59Neutral
Price Target:
$22.50
▲(15.15% Upside)
Action:Reiterated
Date:09/12/26
The score is primarily supported by improving fundamentals (strong revenue growth, narrowing losses) and a conservatively levered balance sheet. It is held back by still-negative free cash flow and an earnings profile that remains loss-making (negative P/E), while near-term technical indicators are only modest. The latest earnings call was constructive (raised guidance and improving adjusted EBITDA), but the recent recall adds incremental risk.
Positive Factors
Revenue and procedure growth
Sustained double-digit revenue and procedure growth indicates expanding adoption of SI-BONE’s platform and increasing surgeon utilization. This supports operating leverage, broadens the installed commercial base, and provides a durable foundation for continued growth over the next several quarters.
Negative Factors
Still-negative profitability and free cash flow
The company has not yet reached consistent self-funding, as free cash flow remains negative and GAAP losses continue. Ongoing investment requirements therefore depend on existing liquidity, while the absence of durable profits limits flexibility if growth or commercialization costs disappoint.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and procedure growth
Sustained double-digit revenue and procedure growth indicates expanding adoption of SI-BONE’s platform and increasing surgeon utilization. This supports operating leverage, broadens the installed commercial base, and provides a durable foundation for continued growth over the next several quarters.
Read all positive factors
SI-Bone (SIBN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$955.08M
Dividend YieldN/A
Average Volume (3M)587.59K
Price to Earnings (P/E)―
Beta (1Y)0.77
Revenue Growth15.30%
EPS Growth40.66%
CountryUS
Employees376
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.34
Shares Outstanding44,818,577
10 Day Avg. Volume582,394
30 Day Avg. Volume587,593
Financial Highlights & Ratios
PEG Ratio1.08
Price to Book (P/B)4.83
Price to Sales (P/S)4.27
P/FCF Ratio-94.40
Enterprise Value/Market Cap0.65
Enterprise Value/Revenue2.92
Enterprise Value/Gross Profit3.67
Enterprise Value/Ebitda-124.59
Forecast
1Y Price Target
$24.83Price Target Upside27.09% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)-0.4
Revenue Forecast (FY)$232.13M
SI-Bone Business Overview & Revenue Model
Company Description
SI-BONE, Inc. is a medical technology company that develops and markets specialized implantable solutions for musculoskeletal conditions affecting the sacropelvic region. These devices are utilized across the United States and internationally. Its...
How the Company Makes Money
SI-Bone primarily makes money by selling its SI joint fusion implant systems and associated surgical instruments used in procedures performed in hospitals and ambulatory surgery centers. Revenue is generated largely from product sales per procedur...
SI-Bone Earnings Call Summary
Earnings Call Date:Aug 03, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 02, 2026
Earnings Call Sentiment Positive
The earnings call highlighted strong top-line growth, expanding physician adoption, robust gross margins, and meaningful improvement in adjusted EBITDA and cash balances. Management filed a 510(k) for a third breakthrough device, expects phased commercial launch in Q4, and benefited from favorable reimbursement actions (new DRGs and proposed SI joint increases). At the same time, the company remains modestly unprofitable on a GAAP basis, is investing in capacity and R&D which will cause near-term variability in cash flow and depreciation, and is taking a conservative view on near-term guidance due to seasonality and timing of catalysts. Overall, positives (growth, margin strength, reimbursement tailwinds, product pipeline and liquidity) outweigh near-term execution and timing risks.Positive Updates
Revenue Growth - Worldwide and U.S.
Worldwide revenue of $56.0M, up 15.2% year-over-year; U.S. revenue of $53.2M, up 14.7% year-over-year.
Negative Updates
Modest GAAP Profitability Remains
Company remains slightly unprofitable on a GAAP basis with net loss of $4.1M in Q2 despite improvements; adjusted EBITDA, while up materially, is still a modest $2.8M for the quarter.
Read all updates
Q2-2026 Updates
Positive
Negative
Revenue Growth - Worldwide and U.S.
Worldwide revenue of $56.0M, up 15.2% year-over-year; U.S. revenue of $53.2M, up 14.7% year-over-year.
Read all positive updates
Company Guidance
SI‑BONE raised the low end of its 2026 revenue guide to $231–$233 million (about 15–16% growth versus prior $230–$233M or ~14–16%), kept full‑year gross margin guidance at 79%, and expects operating expenses at the midpoint to increase roughly 12%; management emphasized a measured stance given timing of a potential 510(k) clearance and a phased commercial launch (possible October) and embedded seasonality (a 1–2% sequential Q3 decline) and a low‑single‑digit ASP headwind into the outlook. They noted cash of $145.9 million, near‑term cash‑flow variability driven by a HQ build‑out and surgical capacity investments, plan to exit 2026 with nearly 100 quota‑carrying territories, and highlighted recent profitability momentum (Q2 adjusted EBITDA $2.8M, ~5.1% margin; trailing‑12‑month adjusted EBITDA ~$12.8M) and potential reimbursement tailwinds (new Granite DRGs that could raise hospital payments up to ~$50K per procedure and proposed outpatient/ASC/OBL increases for SI fusion).SI-Bone Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
78
Positive
Cash Flow
46
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 213.60M | 200.93M | 167.18M | 138.89M | 106.41M | 90.15M |
| Gross Profit | 169.87M | 159.88M | 132.12M | 109.42M | 90.70M | 79.72M |
| EBITDA | -5.00M | -10.91M | -23.09M | -34.45M | -54.98M | -50.97M |
| Net Income | -14.64M | -18.91M | -30.91M | -43.34M | -61.26M | -56.57M |
Balance Sheet | ||||||
| Total Assets | 248.76M | 238.56M | 230.44M | 230.43M | 157.55M | 190.51M |
| Cash, Cash Equivalents and Short-Term Investments | 145.94M | 147.82M | 150.04M | 166.02M | 97.29M | 146.98M |
| Total Debt | 7.17M | 1.12M | 37.48M | 38.99M | 39.43M | 40.48M |
| Total Liabilities | 66.41M | 61.02M | 63.47M | 61.05M | 59.25M | 56.09M |
| Stockholders Equity | 182.35M | 177.53M | 166.96M | 169.38M | 98.30M | 134.42M |
Cash Flow | ||||||
| Free Cash Flow | -4.39M | -9.09M | -22.92M | -26.51M | -51.16M | -45.92M |
| Operating Cash Flow | 2.48M | -675.00K | -12.43M | -18.71M | -41.66M | -39.53M |
| Investing Cash Flow | -5.97M | 4.16M | 12.62M | -59.80M | -2.81M | 51.58M |
| Financing Cash Flow | 2.70M | 3.38M | 1.96M | 90.93M | 2.20M | -1.71M |
SI-Bone Technical Analysis
Positive
19.54
Price Trends
19.22
Positive
18.12
Positive
16.33
Positive
Market Momentum
0.64
Negative
66.22
Neutral
88.98
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 19.54 is below the 20-day moving average (MA) of 19.77, above the 50-day MA of 19.22, and above the 200-day MA of 16.33, indicating a bullish trend. The MACD of 0.64 indicates Negative momentum. The RSI at 66.22 is Neutral, neither overbought nor oversold. The STOCH value of 88.98 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SIBN.
SI-Bone Risk Analysis
SI-Bone disclosed 61 risk factors in its most recent earnings report. SI-Bone reported the most risks in the "Production" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
SI-Bone Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | $10.99B | 20.61 | 11.59% | ― | 19.74% | 51.10% | |
71 Outperform | $18.59B | 23.59 | 6.36% | 0.99% | 8.62% | 0.09% | |
62 Neutral | $1.68B | -15.14 | -818.99% | ― | 19.47% | 36.87% | |
59 Neutral | $955.08M | -62.71 | -8.23% | ― | 15.30% | 40.66% | |
55 Neutral | $398.36M | -6.37 | -14.05% | ― | 2.99% | 51.77% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
44 Neutral | $38.59M | -3.34 | -23.45% | ― | -14.27% | -132.84% |
* Healthcare Sector Average
SIBN
SI-Bone
21.31
5.52
34.96%
ATEC
Alphatec Holdings
10.90
-5.75
-34.53%
OFIX
Orthofix Medical
9.78
-6.24
-38.95%
ZBH
Zimmer Biomet Holdings
97.44
-2.63
-2.63%
GMED
Globus Medical
81.83
19.08
30.41%
XTNT
Xtant Medical Holdings
0.28
-0.60
-68.39%
SI-Bone Corporate Events
Business Operations and StrategyProduct-Related AnnouncementsRegulatory Filings and Compliance
SI-BONE Announces Voluntary Recall of iFuse TORQ Implants
Negative
Sep 11, 2026
On August 21, 2026, SI-BONE initiated a voluntary recall of 98 iFuse TORQ implants whose tube packaging, manufactured between May 4 and May 15, 2026, failed to consistently meet sterile barrier criteria, creating a potential infection risk and pos...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.