SI-BONE, Inc. (SIBN) Q2 2025 Earnings Call Transcript
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Aug 05 2025
0mins
Should l Buy SIBN?
Source: SeekingAlpha
Worldwide Revenue $48.6 million in Q2 2025, representing growth of 21.7% year-over-year. Growth driven by strong U.S. momentum and international expansion.
U.S. Revenue $46.4 million in Q2 2025, representing 22.8% growth year-over-year. Growth supported by a 25% increase in procedure volumes and double-digit growth across all modalities.
International Revenue $2.2 million in Q2 2025. Growth impacted by later-than-expected regulatory clearance for TORQ in Europe. Expected to boost revenue growth in Europe in 2026.
Gross Profit $38.8 million in Q2 2025, an increase of $7.2 million or 22.9% year-over-year. Gross margin expanded by 80 basis points to 79.8%, driven by improved manufacturing and supply chain efficiencies.
Operating Expenses $45.8 million in Q2 2025, an increase of $4.2 million or 10% year-over-year. Increase due to growth-related investments, higher commissions, and elevated G&A spending.
Net Loss $6.2 million in Q2 2025, narrowed from $8.9 million in the prior year. Improvement attributed to revenue growth and operational efficiencies.
Adjusted EBITDA Positive $1 million in Q2 2025, compared to a loss of $2.7 million in the prior year. Third consecutive quarter of positive adjusted EBITDA.
Cash and Marketable Securities $145.5 million at the end of Q2 2025, up from $144.4 million in the previous quarter. Achieved cash flow breakeven for the first time.
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Analyst Views on SIBN
Wall Street analysts forecast SIBN stock price to rise
6 Analyst Rating
6 Buy
0 Hold
0 Sell
Strong Buy
Current: 14.760
Low
23.00
Averages
25.17
High
28.00
Current: 14.760
Low
23.00
Averages
25.17
High
28.00
About SIBN
SI-BONE, Inc. is a medical device company dedicated to solving musculoskeletal disorders of sacropelvic anatomy. The Company specializes in minimally invasive surgical implant systems to address sacroiliac joint dysfunction as well as address unmet clinical needs in pelvic fixation and management of pelvic fractures. The Company's products include a series of patented titanium implants, and the instruments used to implant them, as well as implantable bone products. Its products include iFuse, iFuse-3D, iFuse-TORQ and iFuse Bedrock Granite. Within the United States, iFuse, iFuse-3D and iFuse-TORQ have clearances for applications across sacroiliac joint dysfunction and fusion, adult spinal deformity and degeneration, and pelvic trauma. Its first-generation iFuse, a machined triangular titanium implant, has a triangular cross section that resists twisting or rotation of the implant. The Company's second generation iFuse product, the iFuse-3D implant, is a patented titanium implant.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Si-Bone Reports Strong Q1 Results, Raises Guidance
- Revenue Growth: Si-Bone reported Q1 revenue of $52.6 million, an 11% year-over-year increase, although slightly below the analyst estimate of $52.9 million, indicating strong performance in the medical device sector.
- Narrowed Net Loss: The company reduced its net loss under GAAP to $4.3 million, or $0.10 per share, down from a $6.5 million loss a year ago, reflecting improved financial health.
- International Expansion: Si-Bone successfully entered international markets this quarter and received FDA clearance for its 3D-printed titanium implant system iFuse INTRA Ti, enhancing its competitive position.
- Guidance Upgrade: The company raised its full-year revenue guidance for 2026 to $230 million to $233 million, up from the previous forecast of $228.5 million to $232.5 million, demonstrating management's confidence in future growth.
See More
SI-BONE (SIBN) Q1 2026 Earnings Call Highlights
- Significant Revenue Growth: SI-BONE reported worldwide revenue of $52.6 million in Q1 2026, reflecting an 11.2% year-over-year increase, showcasing strong operational discipline with operating expenses rising only 4%, resulting in nearly 2.5x operating leverage.
- Impact of DRG Reform: The proposed new DRG changes could increase average hospital payments by up to $50,000 per procedure, effective October 1, which may significantly enhance the company's revenue potential.
- Progress with Smith+Nephew Partnership: The first phase of the rollout with Smith+Nephew has been completed, with training and surgical capacity expected to be substantially complete by the end of Q2, leading to revenue contributions starting in Q3 and accelerating in Q4.
- Upgraded Full-Year Outlook: The company raised its full-year revenue guidance to a range of $230 million to $233 million, anticipating accelerating year-over-year revenue growth as the year progresses, while also increasing annual gross margin expectations to approximately 79%.
See More
SI-BONE, Inc. Reports Record Q4 2025 Earnings and Strategic Developments
- Record Performance: SI-BONE achieved a worldwide revenue of $56.3 million in Q4 2025, reflecting a 15% year-over-year growth, with U.S. revenue at $53.5 million, indicating sustained competitive strength and potential for future growth.
- Strategic Partnership: The company entered into a strategic partnership with Smith & Nephew, a leader in orthopedics, aimed at capitalizing on growing physician interest in trauma solutions, significantly expanding market reach and accelerating penetration into the trauma market, which is expected to positively impact revenue.
- New Product Launch: The INTRA Ti, a new addition to the SI Joint Fusion platform, received FDA 510(k) clearance, expected to enhance procedural efficiency in ambulatory surgery centers, further solidifying the company's leadership in innovative products and laying the groundwork for future market expansion.
- Optimistic Financial Outlook: SI-BONE projects worldwide revenue between $228.5 million and $232.5 million for 2026, implying a year-over-year growth of 14% to 16%, while planning investments in key growth areas including new product launches and sales force expansion, demonstrating confidence in future growth prospects.
See More
SI-BONE Q4 Earnings Beat Expectations with Improved Losses
- Earnings Performance: SI-BONE reported a Q4 GAAP EPS of -$0.04, beating expectations by $0.08, indicating a positive trend in the company's profitability improvement.
- Revenue Growth: The company achieved Q4 revenue of $56.3 million, a 14.9% year-over-year increase, aligning with market expectations and demonstrating sustained demand for its products, which bolsters market confidence.
- Rising Operating Expenses: Operating expenses rose 6.2% year-over-year to $47.0 million, primarily driven by commercial activities related to revenue growth and R&D investments for future products, reflecting the company's strategic focus on business expansion.
- Improved Operating Loss: The operating loss improved by 55.2% to $2.5 million in Q4, compared to a loss of $5.5 million in the same period of 2024, showcasing significant progress in cost control and efficiency enhancements.
See More
Smith+Nephew Partners with SI-BONE to Enhance Trauma Solutions
- Distribution Agreement: Smith+Nephew has signed a distribution agreement with SI-BONE, focusing on the iFuse TORQ portfolio, aimed at optimizing the product offerings for fracture fixation procedures and enhancing the company's market position in high-frequency trauma surgeries.
- Innovative Technology Introduction: The iFuse TORQ TNT implant system has received FDA Breakthrough Device Designation, which is expected to provide more effective treatment for fractures compared to traditional screws, potentially significantly improving patient outcomes.
- Economic Benefit Enhancement: iFuse TORQ TNT is eligible for Medicare New Technology Add-on Payment, allowing hospitals to receive up to $4,136 in additional reimbursement per procedure, which enhances the willingness of hospitals to adopt this technology.
- Market Expansion Opportunities: Through the partnership with SI-BONE, Smith+Nephew will expand its product coverage in the trauma sector, deepen collaboration with surgeons, and drive sustainable growth to meet the demands of a high-need market.
See More
SI-BONE to Participate in Annual Health Care Conference
- Conference Participation: SI-BONE will host a management fireside chat at the TD Cowen 46th Annual Health Care Conference in Boston on March 2, 2026, at 7:30 a.m. PT/10:30 a.m. ET, aimed at showcasing the company's latest advancements in orthopedic solutions.
- Investor Registration Info: Investors can register via the provided link to listen to the conference call, ensuring they stay updated on the company's latest developments and strategic direction, thereby enhancing investor confidence in future growth.
- Live Webcast and Replay: The live audio of the webcast will be available in the
See More
Si-Bone Reports Strong Q1 Results, Raises Guidance
- Revenue Growth: Si-Bone reported Q1 revenue of $52.6 million, an 11% year-over-year increase, although slightly below the analyst estimate of $52.9 million, indicating strong performance in the medical device sector.
- Narrowed Net Loss: The company reduced its net loss under GAAP to $4.3 million, or $0.10 per share, down from a $6.5 million loss a year ago, reflecting improved financial health.
- International Expansion: Si-Bone successfully entered international markets this quarter and received FDA clearance for its 3D-printed titanium implant system iFuse INTRA Ti, enhancing its competitive position.
- Guidance Upgrade: The company raised its full-year revenue guidance for 2026 to $230 million to $233 million, up from the previous forecast of $228.5 million to $232.5 million, demonstrating management's confidence in future growth.
See More
SI-BONE (SIBN) Q1 2026 Earnings Call Highlights
- Significant Revenue Growth: SI-BONE reported worldwide revenue of $52.6 million in Q1 2026, reflecting an 11.2% year-over-year increase, showcasing strong operational discipline with operating expenses rising only 4%, resulting in nearly 2.5x operating leverage.
- Impact of DRG Reform: The proposed new DRG changes could increase average hospital payments by up to $50,000 per procedure, effective October 1, which may significantly enhance the company's revenue potential.
- Progress with Smith+Nephew Partnership: The first phase of the rollout with Smith+Nephew has been completed, with training and surgical capacity expected to be substantially complete by the end of Q2, leading to revenue contributions starting in Q3 and accelerating in Q4.
- Upgraded Full-Year Outlook: The company raised its full-year revenue guidance to a range of $230 million to $233 million, anticipating accelerating year-over-year revenue growth as the year progresses, while also increasing annual gross margin expectations to approximately 79%.
See More
SI-BONE, Inc. Reports Record Q4 2025 Earnings and Strategic Developments
- Record Performance: SI-BONE achieved a worldwide revenue of $56.3 million in Q4 2025, reflecting a 15% year-over-year growth, with U.S. revenue at $53.5 million, indicating sustained competitive strength and potential for future growth.
- Strategic Partnership: The company entered into a strategic partnership with Smith & Nephew, a leader in orthopedics, aimed at capitalizing on growing physician interest in trauma solutions, significantly expanding market reach and accelerating penetration into the trauma market, which is expected to positively impact revenue.
- New Product Launch: The INTRA Ti, a new addition to the SI Joint Fusion platform, received FDA 510(k) clearance, expected to enhance procedural efficiency in ambulatory surgery centers, further solidifying the company's leadership in innovative products and laying the groundwork for future market expansion.
- Optimistic Financial Outlook: SI-BONE projects worldwide revenue between $228.5 million and $232.5 million for 2026, implying a year-over-year growth of 14% to 16%, while planning investments in key growth areas including new product launches and sales force expansion, demonstrating confidence in future growth prospects.
See More
SI-BONE Q4 Earnings Beat Expectations with Improved Losses
- Earnings Performance: SI-BONE reported a Q4 GAAP EPS of -$0.04, beating expectations by $0.08, indicating a positive trend in the company's profitability improvement.
- Revenue Growth: The company achieved Q4 revenue of $56.3 million, a 14.9% year-over-year increase, aligning with market expectations and demonstrating sustained demand for its products, which bolsters market confidence.
- Rising Operating Expenses: Operating expenses rose 6.2% year-over-year to $47.0 million, primarily driven by commercial activities related to revenue growth and R&D investments for future products, reflecting the company's strategic focus on business expansion.
- Improved Operating Loss: The operating loss improved by 55.2% to $2.5 million in Q4, compared to a loss of $5.5 million in the same period of 2024, showcasing significant progress in cost control and efficiency enhancements.
See More
Smith+Nephew Partners with SI-BONE to Enhance Trauma Solutions
- Distribution Agreement: Smith+Nephew has signed a distribution agreement with SI-BONE, focusing on the iFuse TORQ portfolio, aimed at optimizing the product offerings for fracture fixation procedures and enhancing the company's market position in high-frequency trauma surgeries.
- Innovative Technology Introduction: The iFuse TORQ TNT implant system has received FDA Breakthrough Device Designation, which is expected to provide more effective treatment for fractures compared to traditional screws, potentially significantly improving patient outcomes.
- Economic Benefit Enhancement: iFuse TORQ TNT is eligible for Medicare New Technology Add-on Payment, allowing hospitals to receive up to $4,136 in additional reimbursement per procedure, which enhances the willingness of hospitals to adopt this technology.
- Market Expansion Opportunities: Through the partnership with SI-BONE, Smith+Nephew will expand its product coverage in the trauma sector, deepen collaboration with surgeons, and drive sustainable growth to meet the demands of a high-need market.
See More
SI-BONE to Participate in Annual Health Care Conference
- Conference Participation: SI-BONE will host a management fireside chat at the TD Cowen 46th Annual Health Care Conference in Boston on March 2, 2026, at 7:30 a.m. PT/10:30 a.m. ET, aimed at showcasing the company's latest advancements in orthopedic solutions.
- Investor Registration Info: Investors can register via the provided link to listen to the conference call, ensuring they stay updated on the company's latest developments and strategic direction, thereby enhancing investor confidence in future growth.
- Live Webcast and Replay: The live audio of the webcast will be available in the
See More
