SI-BONE, Inc., a medical device company, develops procedural solutions for compromised bone, grounded in expertise in biomechanical design and anatomy-specific applications in the United States and internationally. It offers a series of patented titanium implants and the instruments used to implant them, as well as implantable bone products. The company also provides IFUSE, a triangular titanium implant with a triangular cross-section and porous surface that stabilizes the joint and facilitates the biological fixation of the bone onto the implant to drive fusion; IFUSE 3D, a triangular titanium implant with a porous surface and fenestrated design to self-harvest bone; IFUSE BONE, which supports and augments the patient's own bone tissue in orthopedic procedures; IFUSE TORQ, an additively-manufactured threaded implant designed to allow for osteointegration, or incorporation of the bone into the implant's porous surface and structure; IFUSE BEDROCK GRANITE, an implant with a machined titanium core and a tulip that attaches to the rod and provides fusion and fixation to the sacroiliac joint as a foundational element for segmental spinal fusion; and IFUSE TORQ TNT, a porous threaded design with lengths capable of spanning the posterior pelvis, passing through the ipsilateral ilium, sacrum, and through the contralateral ilium. The company markets its products primarily with a direct sales force, as well as through third-party sales agents and resellers. SI-BONE, Inc. was incorporated in 2008 and is headquartered in Santa Clara, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $201M | $-11M | $-19M | $-9M | -10.6% | 20.2% | - |
| 2024 | $167M | $-23M | $-31M | $-23M | -18.5% | 20.4% | - |
| 2023 | $139M | $-34M | $-43M | $-27M | -25.6% | 30.5% | - |
| 2022 | $106M | $-55M | $-61M | $-51M | -62.3% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 106.41 | 138.89 | 167.18 | 200.93 |
| Cost Of Revenue | 15.71 | 29.47 | 35.06 | 41.05 |
| Gross Profit | 90.70 | 109.42 | 132.12 | 159.88 |
| Operating Expense | 150.31 | 156.35 | 167.37 | 182.21 |
| Operating Income | -59.61 | -46.93 | -35.25 | -22.33 |
| EBITDA | -54.98 | -34.45 | -23.09 | -10.51 |
| EBIT | -58.44 | -39.87 | -27.47 | -16.28 |
| Pretax Income | -61.26 | -43.34 | -30.91 | -18.90 |
| Net Income | -61.26 | -43.34 | -30.91 | -18.90 |
| Net Income Common Stockholders | -61.26 | -43.34 | -30.91 | -18.90 |
| Total Expenses | 166.02 | 185.82 | 202.43 | 223.25 |
| Interest Expense | 2.82 | 3.46 | 3.44 | 2.63 |
| Interest Income | 1.30 | 6.92 | 7.85 | 6.07 |
| Research And Development | 13.63 | 15.03 | 16.56 | 17.45 |
| Selling General And Administration | 136.69 | 141.32 | 150.81 | 164.76 |
| Normalized EBITDA | -54.98 | -34.45 | -23.09 | -10.51 |
| Normalized Income | -61.26 | -43.34 | -30.91 | -18.90 |
| Basic EPS | -1.79 | -1.13 | -0.75 | -0.44 |
| Diluted EPS | -1.79 | -1.13 | -0.75 | -0.44 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0 | 0 | 0 | 0 |
| Net Income From Continuing Operation Net Minority Interest | -61.26 | -43.34 | -30.91 | -18.90 |
| Reconciled Depreciation | 3.45 | 5.43 | 4.38 | 5.77 |
| Reconciled Cost Of Revenue | 15.71 | 29.47 | 35.06 | 41.05 |
| Net Interest Income | -1.51 | 3.45 | 4.41 | 3.45 |
| Net Income From Continuing And Discontinued Operation | -61.26 | -43.34 | -30.91 | -18.90 |
| Total Operating Income As Reported | -59.61 | -46.93 | -35.25 | -22.33 |
| Diluted Average Shares | 34.20 | 38.43 | 41.47 | 42.96 |
| Basic Average Shares | 34.20 | 38.43 | 41.47 | 42.96 |
| Diluted NI Availto Com Stockholders | -61.26 | -43.34 | -30.91 | -18.90 |
| Net Income Including Noncontrolling Interests | -61.26 | -43.34 | -30.91 | -18.90 |
| Net Income Continuous Operations | -61.26 | -43.34 | -30.91 | -18.90 |
| Other Income Expense | -0.13 | 0.14 | -0.07 | -0.02 |
| Other Non Operating Income Expenses | -0.13 | 0.14 | -0.07 | -0.02 |
| Net Non Operating Interest Income Expense | -1.51 | 3.45 | 4.41 | 3.45 |
| Interest Expense Non Operating | 2.82 | 3.46 | 3.44 | 2.63 |
| Interest Income Non Operating | 1.30 | 6.92 | 7.85 | 6.07 |
| Selling And Marketing Expense | 107.73 | 110.25 | 117.05 | 124.22 |
| General And Administrative Expense | 28.96 | 31.07 | 33.76 | 40.54 |
| Other Gand A | 28.96 | 31.07 | 33.76 | 40.54 |
| Operating Revenue | 106.41 | 138.89 | 167.18 | 200.93 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| SI-BONE, Inc.this co. | SIBN | $528M | - | 2.93 | -10.6% | -25.11 |
| Rigel Pharmaceuticals, Inc. | RIGL | $540M | 1.50 | 1.37 | 93.8% | 3.43 |
| Embecta Corp. | EMBC | $536M | 5.72 | -0.84 | -14.6% | 6.16 |
| Personalis, Inc. | PSNL | $528M | - | 1.98 | -31.1% | -4.25 |
| Tactile Systems Technology, Inc. | TCMD | $512M | 27.44 |
| 2.31 |
| 8.7% |
| 12.18 |
| Altimmune, Inc. | ALT | $511M | - | 1.30 | -39.2% | -1.10 |
| Tectonic Therapeutic, Inc. | TECX | $510M | - | 2.02 | -29.5% | -3.09 |
| Aquestive Therapeutics, Inc. | AQST | $503M | - | -14.67 | 248.9% | -5.90 |
| XOMA Royalty Corporation | XOMA | $497M | 28.08 | 5.79 | 37.8% | 38.75 |
| Peer Median | - | 16.58 | 1.67 | -3.0% | 1.16 | |