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SI-Bone Inc (SIBN)
NASDAQ:SIBN
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SI-Bone
(NASDAQ:SIBN)
70Neutral
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 (SIBN) vs. S&P 500 (SPY)
Market Cap
$699.60M
Dividend YieldN/A
Average Volume (3M)366.53K
Price to Earnings (P/E)―
Beta (1Y)0.86
Revenue Growth22.60%
EPS Growth41.26%
CountryUS
Employees349
SectorHealthcare
Sector Strength60
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.15
Shares Outstanding42,529,060
10 Day Avg. Volume408,287
30 Day Avg. Volume366,528
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)0.00
Price to Cash Flow (P/CF)0.00
P/FCF Ratio0.00
Enterprise Value/Market Cap0.70
Enterprise Value/RevenueN/A
Enterprise Value/Gross Profit3.68
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$24.38Price Target Upside39.55% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
SI-Bone Business Overview & Revenue Model
Company DescriptionSI-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 MoneySI-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.70
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 |
| 2.03M | 38.99M | 39.43M | 40.48M | 39.45M | Net Debt |
| -32.92M | 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
Positive
17.47
Price Trends
14.77
Positive
15.19
Positive
14.75
Positive
Market Momentum
0.09
Negative
69.79
Neutral
71.19
Neutral
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 17.47 is above the 20-day moving average (MA) of 13.88, above the 50-day MA of 14.77, and above the 200-day MA of 14.75, indicating a bullish trend. The MACD of 0.09 indicates Negative momentum. The RSI at 69.79 is Neutral, neither overbought nor oversold. The STOCH value of 71.19 is Neutral, 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
Overall Rating
UnderperformOutperform
Sector (52)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Neutral | $699.60M | ― | -15.96% | ― | 22.60% | 41.26% | |
55 Neutral | $531.39M | ― | -10.34% | ― | 37.65% | -77.01% | |
52 Neutral | $470.61M | ― | -27.82% | ― | 5.85% | -8.92% | |
52 Neutral | $5.24B | 3.76 | -41.88% | 2.85% | 17.01% | 0.78% | |
51 Neutral | $747.23M | ― | -9.99% | ― | 17.81% | 54.69% | |
47 Neutral | $508.51M | ― | -19.79% | ― | 11.89% | 79.18% | |
41 Neutral | $431.78M | ― | -166.29% | ― | 0.37% | -20.49% |
* Healthcare Sector Average
Performance Comparison
SIBN
SI-Bone
17.47
2.47
16.47%
OFIX
Orthofix
12.02
-2.88
-19.33%
AXGN
AxoGen
16.39
10.52
179.22%
SENS
Senseonics Holdings
0.69
0.21
43.75%
KIDS
OrthoPediatrics
22.18
-11.00
-33.15%
BVS
Bioventus
6.20
1.16
23.02%
SI-Bone Earnings Call Summary
Earnings Call Date:May 05, 2025
(Q1-2025)
| % Change Since: 22.60%|
Next Earnings Date:Aug 11, 2025
Earnings Call Sentiment Positive
The earnings call highlighted strong revenue growth, increased physician engagement, and improved gross margins, but also acknowledged challenges such as ongoing net losses, slow international revenue growth, and pending regulatory decisions. The overall sentiment is cautiously optimistic with strong operational performance but mindful of external conditions.Q1-2025 Updates
Positive Updates
Strong Revenue Growth
Worldwide revenue for the quarter reached $47.3 million, representing approximately 25% growth. U.S. revenue was $44.8 million, reflecting approximately 27% growth.
Positive Adjusted EBITDA
The company delivered positive adjusted EBITDA of approximately $0.5 million compared to an adjusted EBITDA loss of $4 million in the first quarter of 2024.
Significant Increase in Physician Engagement
Over 1,400 US physicians performed procedures using SI-BONE's products, marking a 27% increase in the physician base.
New Product Launch and Development
SI-BONE plans to launch a new SI joint fusion solution in Q1 2026 and is developing a third breakthrough device targeting a pressing need in spine surgery.
Improved Gross Margins
Gross margin rate for the quarter was 79.7%, an improvement of nearly 80 basis points.
Increased Product Adoption
Notable adoption of the iFuse Bedrock Granite 9.5, with a 69% growth in four implant Granite cases compared to the prior year.
Negative Updates
Net Loss Narrowed but Still Present
Net loss narrowed to $6.5 million, or $0.15 per diluted share, compared to a net loss of $10.9 million, or $0.27 per diluted share.
International Revenue Lagging
International revenue in the first quarter was only $2.5 million, indicating a slower growth compared to the U.S. market.
Potential Impact of Macroeconomic Conditions
The company is mindful of macroeconomic conditions and has taken a prudent approach in their outlook for the year.
Pending Regulatory and Reimbursement Decisions
CMS has indicated the need for additional time to analyze the data with respect to SI-BONE's request for reassignment of Granite procedures to a higher severity reimbursement category.
Company Guidance
In the recent earnings call, SI-BONE provided a comprehensive update on its financial performance and future outlook. The company reported a robust worldwide revenue of $47.3 million for the first quarter of 2025, marking a 24.9% increase, with U.S. revenue growing by 26.6%. The company achieved an impressive gross margin of 79.7%, up by nearly 80 basis points, and reported positive adjusted EBITDA of $0.5 million. SI-BONE's active physician base expanded by 27%, and procedure volume grew by 27.3% in the U.S. The company also updated its full-year revenue guidance to a range of $193.5 million to $197.5 million, reflecting anticipated year-over-year growth of 16% to 18%. The guidance also suggests an improvement in full-year gross margin expectations to 78%. With positive adjusted EBITDA already achieved and plans for further territory expansion, SI-BONE remains optimistic about its ability to reach free cash flow by 2026.Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
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.