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what it is
SI-BONE makes implant systems that fuse the sacroiliac joint, a painful joint in your pelvis.
how it gets paid
Last year Si-Bone made $201M in revenue. iFuse implant system was the main engine at $128M, or 64% of sales.
why it's growing
Revenue grew 20.2% last year. Gross margin held at 79.8%, and the quarter showed that demand is still widening.
what just happened
Revenue rose 197% to $145M, while EPS came in at -$0.04 versus -$0.15 expected.
At a glance
B balance sheet — gets the job done, barely
65/100 earnings predictability — reasonably predictable
xvary composite: 33/100 — weak
-$0.30 fy2027 eps est
$400M fy2029 rev est
What they do
SI-BONE makes implant systems that fuse the sacroiliac joint, a painful joint in your pelvis.
Your back pain is not a spreadsheet. SI-BONE sells a proprietary implant system, and it did $201M of revenue with 349 employees, or about $576K per employee. Its direct sales force, which means company reps sell it directly, helped keep gross margin at 79.8% while operating margin stayed at -11.1%.
How they make money
$201M
annual revenue · their business grew +20.2% last year
iFuse implant system
$128M
+18.5%
iFuse-3D line
$31M
+22.0%
iFuse-TORQ and related implants
$18M
+19.0%
International sales
$10M
+28.0%
Other procedural solutions
$14M
+35.0%
The products that matter
sacroiliac joint fusion implants
iFuse Implant System
$201M · 100% of revenue
it generated 100% of the company's $201M in revenue last year. This is the whole business, not a flagship inside a diversified portfolio.
entire revenue base
posterior fixation platform
iFuse-TORQ
2026 growth watch
management tied newer systems to the 2026 outlook, which starts around $229M in revenue. If these additions do not create real volume, you are still looking at the same one-franchise story in a slightly larger box.
2026 watch item
Key numbers
$15
18-mo target
That is 12% below $17.14, so the model says you are paying ahead of the near-term estimate.
$201M
annual revenue
This is the size of the business today. It is small, but it is real.
79.8%
gross margin
The company keeps about 80 cents of every sales dollar before overhead.
11.1%
operating margin
The core business still loses money after overhead, which is the part investors actually care about.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 4 — safer than 20% of stocks
- price stability 15 / 100
- long-term debt $36M (5% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in SIBN 3 years ago → it's now worth $9,920.
The index would have given you $14,770.
source: institutional data · total return
What just happened
beat estimates
Revenue rose 197% to $145M, while EPS came in at -$0.04 versus -$0.15 expected.
Gross margin held at 79.8%, and the quarter showed that demand is still widening. The company is growing fast, even while it is still not profitable.
$145M
revenue
-$0.04
eps
79.8%
gross margin
the number that mattered
The 197% revenue jump matters because it shows the business is scaling fast enough to matter, not just surviving.
-
si-bone likely posted a strong top-line gain in 2025.
-
official results are not slated to be reported until later this month, but the company stated that its revenues would come in around $200 million, which would represent a nearly 20% increase vs. prior year.
-
usage of si-bone's array of treatments for sacropelvic conditions have been widening.meanwhile, our net-loss estimate stands at $0.55 per share, which would be a decent improvement over 2024.
-
the near-term outlook is encouraging.
-
there are a lot of positive trends that should carry over into 2026.procedures using si-bone's array of solutions that treat si joint dysfunction, sacropelvic fixation and pelvic trauma have been increasing.
source: company earnings report, 2026
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What could go wrong
the #1 risk is iFuse concentration. one product family still accounts for 100% of the company's $201M revenue base.
high
single product concentration
100% of its $201M revenue comes from the iFuse franchise. Any clinical setback, reimbursement issue, or competitive loss would hit the entire income statement at once.
impact: there is no second segment absorbing the shock.
med
gross margin compression
2026 gross margin guidance is about 78%, down 160 basis points from 79.6% in 2025. That's still high for medtech. It's also the wrong direction for a company still working toward lasting profitability.
impact: you can get 14–16% growth and still disappoint if the earnings quality keeps thinning.
med
customer concentration
its top customer represents 9.9% of revenue. Losing that account would not break the company, but nearly one-tenth of sales is still concentrated in one relationship.
impact: 9.9% revenue exposure is too large to dismiss in a $201M business.
med
new product execution
the 2026 growth case leans on launches like iFuse-TORQ and the Smith & Nephew partnership. If those efforts add cost faster than revenue, the company stays narrow while the expense base widens.
impact: the roughly $229M revenue plan gets harder to reach, and the margin story gets worse at the same time.
100% of $201M revenue still runs through one franchise, and 2026 growth is being asked to carry a lower gross margin. That's a tight setup.
source: institutional data · regulatory filings · risk analysis
Pay attention to
growth test
2026 revenue pace
management is guiding to 14–16% growth, which starts around $229M. If quarterly revenue starts lagging that run rate, the premium growth narrative thins out fast.
margin watch
gross margin around 78%
last year was 79.6%. That sounds like a small move until you remember this company is still fighting to turn growth into durable profit.
ownership trend
institutional buying streak
institutions held 43.1M shares and were net buyers for three straight quarters. The signal is persistence, not force, so you want to see whether that support survives softer margin guidance.
next catalyst
proof that newer products matter
listen for what management says next about iFuse-TORQ, broader procedure adoption, and the Smith & Nephew partnership. That is where a one-franchise company either broadens out or stays exactly what it already is.
Analyst rankings
earnings predictability
65 / 100
earnings are somewhat predictable, but not smooth. in human-speak: expect a few uneven quarters even if the long-term growth story stays alive.
analyst target gap
$24.67
the average analyst target sits 31% above the current price. That's upside on paper, not proof the market is wrong.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 85 buyers vs. 82 sellers in 3q2025. total institutional holdings: 43.1M shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$6
$24
$17
current price
$15
target midpoint · 12% from current · 3-5yr high: $24
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