SI-BONE, Inc. SIBN
We are a leader in developing innovative procedural solutions for compromised bone, grounded in expertise in biomechanical design and anatomy-specific innovation. As pioneers of minimally invasive treatment for sacroiliac joint dysfunction and degeneration, we have developed a deep competency in addressing the challenges of low-density bone in the sacrum. With our additive manufacturing, or 3D-printing, experience developed in sacroiliac fusion, we have established a technology platform that now extends to meet critical unmet needs in thoracolumbar fixation and fusion and pelvic trauma.
We market our products primarily with a direct sales force as well as a number of third-party sales agents in the United States, and with a combination of a direct sales force, sales agents and resellers in other countries. As of December 31, 2025, over 140,000 procedures have been performed using our products since we introduced iFuse in 2009.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $200.9M | $167.2M | $138.9M | $106.4M | $90.2M | $73.4M | $67.3M | $55.4M | $48.0M | — |
| Cost of revenue | $41.0M | $35.1M | $29.5M | $15.7M | $10.4M | $8.9M | $6.8M | $4.8M | $5.1M | — |
| Gross profit | $159.9M | $132.1M | $109.4M | $90.7M | $79.7M | $64.5M | $60.5M | $50.5M | $42.9M | — |
| R&D | $17.4M | $16.6M | $15.0M | $13.6M | $12.4M | $9.5M | $7.3M | $5.4M | $5.5M | — |
| SG&A | $40.5M | $33.8M | $31.1M | $29.0M | $25.1M | $19.8M | $21.0M | $12.6M | $13.1M | — |
| Total operating expenses | $182.2M | $167.4M | $156.4M | $150.3M | $131.4M | $103.1M | $96.5M | $62.5M | $60.2M | — |
| Operating income | -$22.3M | -$35.2M | -$46.9M | -$59.6M | -$51.7M | -$38.6M | -$36.0M | -$12.0M | -$17.4M | — |
| Interest expense | $2.6M | $3.4M | $3.5M | $2.8M | $5.4M | $6.1M | $4.9M | $5.1M | $6.2M | — |
| Pre-tax income | -$18.9M | -$30.9M | -$43.3M | -$61.3M | -$56.6M | -$43.7M | -$38.4M | -$17.5M | -$23.0M | — |
| Income tax | $0 | $0 | $0 | $0 | $0 | — | — | $0 | $0 | — |
| Net income | -$18.9M | -$30.9M | -$43.3M | -$61.3M | -$56.6M | -$43.7M | -$38.4M | -$17.5M | -$23.0M | — |
| EPS, basic | -0.44 | -0.75 | -1.13 | -1.79 | -1.71 | -1.50 | — | — | — | — |
| EPS, diluted | -0.44 | -0.75 | -1.13 | -1.79 | -1.71 | -1.50 | -1.55 | -2.20 | -6.65 | — |
| Shares, diluted (wtd. avg.) | $43.0M | $41.5M | $38.4M | $34.2M | $33.1M | $29.1M | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $42.2M | $34.9M | $33.3M | $20.7M | $63.4M | $53.6M | $10.4M | $25.1M | $22.4M | $27.9M |
| Short-term investments | — | — | — | $76.6M | $83.6M | $142.9M | $81.3M | $97.1M | — | — |
| Receivables | $29.9M | $27.5M | $22.0M | $20.7M | $14.2M | $13.6M | $11.7M | $8.5M | $7.4M | — |
| Inventory | $33.9M | $27.1M | $20.2M | $17.3M | $11.5M | $5.6M | $5.5M | $3.3M | $2.6M | — |
| Total current assets | $216.1M | $207.8M | $211.4M | $137.6M | $175.9M | $218.2M | $111.5M | $136.0M | $33.6M | — |
| Property, plant and equipment | $21.3M | $20.4M | $16.0M | $15.6M | $9.0M | $4.5M | $4.0M | $2.2M | $1.9M | — |
| Total assets | $238.6M | $230.4M | $230.4M | $157.6M | $190.5M | $223.1M | $117.0M | $138.5M | $35.8M | — |
| Accounts payable | $4.6M | $6.5M | $4.6M | $6.3M | $3.2M | $3.3M | $2.8M | $2.1M | $1.8M | — |
| Short-term debt | — | — | — | — | — | $0 | $4.4M | $0 | — | — |
| Total current liabilities | $25.3M | $27.1M | $23.5M | $21.2M | $16.9M | $13.5M | $18.8M | $9.0M | $7.5M | — |
| Long-term debt | $35.6M | $35.5M | $36.1M | $35.2M | $35.0M | $39.5M | $34.9M | $39.0M | $38.7M | — |
| Total liabilities | $61.0M | $63.5M | $61.0M | $59.2M | $56.1M | $53.8M | $54.0M | $48.3M | $46.7M | — |
| Retained earnings | -$450.3M | -$431.4M | -$400.4M | -$357.1M | -$295.8M | -$239.3M | -$195.6M | -$157.2M | -$139.7M | — |
| Total equity | $177.5M | $167.0M | $169.4M | $98.3M | $134.4M | $169.4M | $63.0M | $90.2M | -$129.4M | -$108.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$675.0K | -$12.4M | -$18.7M | -$41.7M | -$39.5M | -$30.7M | -$31.6M | -$14.5M | -$17.5M | — |
| Depreciation and amortisation | $5.8M | $4.4M | $5.4M | $3.5M | $2.1M | $1.1M | $774.0K | $722.0K | $1.0M | — |
| Stock-based compensation | $25.5M | $25.9M | $24.1M | $23.1M | $16.9M | $11.9M | $7.5M | $2.3M | $1.4M | — |
| Capital expenditure | $8.4M | $10.5M | $7.8M | $9.5M | $6.4M | $2.6M | $2.4M | $942.0K | $478.0K | — |
| Investing cash flow | $4.2M | $12.6M | -$59.8M | -$2.8M | $51.6M | -$62.9M | $13.5M | -$97.8M | -$478.0K | — |
| Financing cash flow | $3.4M | $2.0M | $90.9M | $2.2M | -$1.7M | $136.4M | $3.5M | $115.2M | $12.9M | — |
| Buybacks | — | — | — | — | — | — | $38.0K | $73.0K | $0 | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001459839-26-000049.
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