SI-BONE, Inc. Reports Financial Results for the Third Quarter 2025 and Raises 2025 Guidance
SI-BONE (Nasdaq: SIBN) reported Q3 2025 results with $48.7M worldwide revenue, up 20.6% year-over-year, and $46.4M U.S. revenue, up 21.2%. Gross margin improved to 79.8% (up 75 bps). Net loss narrowed to $4.6M (‑$0.11/share) and adjusted EBITDA was positive $2.3M. The company generated $2.3M of operating cash flow and held $145.7M in cash and equivalents.
Operationally, active U.S. physicians rose 27% to 1,530 and trailing 12-month average revenue per territory grew 16%. Effective Oct 1, 2025, procedures using iFuse TORQ TNT qualify for an NTAP of over $4,100. SI-BONE raised full-year 2025 revenue guidance to $198M–$200M and expects full-year gross margin of ~79.5%.
SI-BONE (Nasdaq: SIBN) ha riportato i risultati del Q3 2025 con un fatturato globale di 48,7 milioni di dollari, in aumento del 20,6% rispetto all'anno precedente, e un fatturato statunitense di 46,4 milioni di dollari, in aumento del 21,2%. Il margine lordo è migliorato al 79,8% (aumento di 75 punti base). La perdita netta si è ridotta a 4,6 milioni di dollari (-0,11 dollari per azione) e l'EBITDA rettificato è stato positivo di 2,3 milioni. L'azienda ha generato 2,3 milioni di flussi di cassa operativi e possiede 145,7 milioni di cassa e equivalenti.
Operativamente, i medici attivi negli Stati Uniti sono aumentati del 27% a 1.530 e la redditività media su 12 mesi per territorio è cresciuta del 16%. A partire dal 1 ottobre 2025, le procedure che utilizzano iFuse TORQ TNT si qualificano per un NTAP superiore a 4.100 dollari. SI-BONE ha aumentato la guidance per l'intero 2025 dei ricavi a 198–200 milioni e prevede un margine lordo annuo di circa il 79,5%.
SI-BONE (Nasdaq: SIBN) informó resultados del T3 2025 con ingresos mundiales de 48,7 millones de dólares, un aumento del 20,6% interanual, y unos ingresos en EE. UU. de 46,4 millones, un incremento del 21,2%. El margen bruto mejoró al 79,8% (subida de 75 pb). La pérdida neta se redujo a 4,6 millones (‑0,11$/acción) y el EBITDA ajustado fue positivo de 2,3 millones. La compañía generó 2,3 millones de flujo de efectivo operativo y poseía 145,7 millones en efectivo y equivalentes.
Operativamente, los médicos activos en EE. UU. aumentaron un 27% hasta 1.530, y el ingreso medio por territorio en los últimos 12 meses creció un 16%. A partir del 1 de oct. de 2025, los procedimientos que utilizan iFuse TORQ TNT califican para un NTAP superior a 4.100 dólares. SI-BONE elevó la guía de ingresos para 2025 a un rango de 198–200 millones y espera un margen bruto anual de aproximadamente 79,5%.
SI-BONE (나스닥: SIBN)은 2025년 3분기 실적을 발표했습니다. 전세계 매출은 4,870만 달러로 전년동기 대비 20.6% 증가했고, 미국 매출은 4,640만 달러로 21.2% 증가했습니다. 총이익률은 79.8%로 개선되었고(기여점 75bp 증가). 순손실은 460만 달러(주당 -0.11달러)로 축소되었고 조정 EBITDA는 230만 달러의 흑자였습니다. 영업현금흐름은 230만 달러를 창출했고 현금 및 현금성자산은 1억 4570만 달러를 보유했습니다.
운영 측면에서 미국 활성 의사 수가 27% 증가한 1,530명으로 늘었고, 최근 12개월 간 구역당 평균 매출은 16% 증가했습니다. 2025년 10월 1일부터 iFuse TORQ TNT를 사용하는 절차는 4,100달러 이상의 NTAP를 받을 자격이 됩니다. SI-BONE은 2025년 연간 매출 가이던스를 1억9800만~2억 달러로 상향했고, 연간 총이익률은 대략 79.5%로 전망합니다.
SI-BONE (Nasaq: SIBN) a publié les résultats du T3 2025 avec un chiffre d'affaires mondial de 48,7 M$, en hausse de 20,6% sur un an, et un chiffre d’affaires américain de 46,4 M$, en hausse de 21,2%. La marge brute s’est améliorée à 79,8% (hausse de 75 points de base). La perte nette s’est réduite à 4,6 M$ (-0,11$/action) et l’EBITDA ajusté est positif de 2,3 M$. L’entreprise a généré 2,3 M$ de flux de trésorerie opérationnel et détenait 145,7 M$ en liquidités et équivalents.
Sur le plan opérationnel, les médecins actifs aux États‑Unis ont augmenté de 27% pour atteindre 1 530, et le revenu moyen par territoire sur les 12 derniers mois a progressé de 16%. À compter du 1er oct. 2025, les procédures utilisant iFuse TORQ TNT ouvrent droit à un NTAP supérieur à 4 100 dollars. SI-BONE a relevé ses prévisions de chiffre d’affaires pour 2025 à une fourchette de 198–200 M$ et prévoit une marge brute annuelle d’environ 79,5%.
SI-BONE (Nasdaq: SIBN) meldete die Ergebnisse für Q3 2025 mit einem weltweiten Umsatz von 48,7 Mio. USD, einem Anstieg von 20,6% gegenüber dem Vorjahr, und einem US-Umsatz von 46,4 Mio. USD, einem Anstieg von 21,2%. Die Bruttomarge verbesserte sich auf 79,8% (plus 75 Basispunkte). Der Nettoverlust verengte sich auf 4,6 Mio. USD (-0,11 USD/Aktie) und das bereinigte EBITDA lag positiv bei 2,3 Mio. USD. Das Unternehmen generierte 2,3 Mio. USD an operativem Cashflow und hielt 145,7 Mio. USD an Barmitteln und Äquivalenten.
OPERativ stieg die Zahl der aktiven US-Ärzte um 27% auf 1.530, und der trailing-12-Mes Umsatz pro Territory wuchs um 16%. Ab dem 1. Oktober 2025 qualifizieren sich Verfahren mit iFuse TORQ TNT für einen NTAP von über 4.100 USD. SI-BONE hat die Umsatzprognose für das Gesamtjahr 2025 auf 198–200 Mio. USD angehoben und erwartet eine Bruttomarge von ca. 79,5%.
SI-BONE (ناسداك: SIBN) أَبلغت عن نتائج الربع الثالث 2025 بإيرادات عالمية بلغت 48.7 مليون دولار، بارتفاع 20.6% على أساس سنوي، وإيرادات الولايات المتحدة بقيمة 46.4 مليون دولار، بارتفاع 21.2%. تحسن الهامش الإجمالي إلى 79.8% (ارتفاع 75 نقطة أساس). تقلص صافي الخسارة إلى 4.6 مليون دولار (-0.11 دولار/سهم) وكان EBITDA المعدل إيجابياً بمقدار 2.3 مليون دولار. تولّدت الشركة 2.3 مليون دولار من التدفقات النقدية التشغيلية واحتفظت بـ145.7 مليون دولار من النقد وما يعادله.
تشغيلياً، ارتفع عدد الأطباء الأمريكيين النشطين بـ 27% ليصل إلى 1,530، ونمت الإيرادات المتوسطة لكل منطقة على مدى آخر 12 شهراً بـ16%. اعتباراً من 1 أكتوبر 2025، تكون الإجراءات التي تستخدم iFuse TORQ TNT مؤهلة لـ NTAP يتجاوز 4,100 دولار. كما رفعت SI-BONE توجيهات الإيرادات للسنة الكلية 2025 إلى نطاق 198–200 مليون دولار وتتوقع هامشاً إجمالياً سنوياً يقارب 79.5%.
- Worldwide revenue +20.6% to $48.7M
- U.S. revenue +21.2% to $46.4M
- Adjusted EBITDA positive $2.3M
- Operating cash flow +$2.3M
- Active U.S. physicians +27% to 1,530
- Raised 2025 revenue guidance to $198M–$200M
- Net loss $4.6M in Q3 2025
- Operating expenses increased 11.9% to $44.2M
Insights
Revenue growth, positive adjusted EBITDA, and raised guidance point to improving profitability and cash strength.
SI-BONE delivered
The business model appears to scale: high gross margin (~
Key items to watch include full-year revenue guide of
Delivered ~
Third Quarter 2025 Financial Highlights (all comparisons are to the prior year period)
- Worldwide revenue of
$48.7 million , representing growth of20.6% - U.S. revenue of
$46.4 million , representing growth of21.2% - Gross margin of
79.8% , representing an improvement of 75 basis points - Net loss of
$4.6 million , representing an improvement of30.6% - Positive adjusted EBITDA of
$2.3 million - Positive cash from operating activities of
$2.3 million $145.7 million in cash and equivalents
Recent Operational Highlights (any comparisons are to the prior year period)
- 1,530 active U.S. physicians, representing growth of
27% $2.1 million in trailing 12-month average revenue per territory, representing an increase of16% - New Technology Add-on Payment (“NTAP”) of over
$4,100 for procedures involving iFuse TORQ TNT effective October 1, 2025
SANTA CLARA, Calif., Nov. 10, 2025 (GLOBE NEWSWIRE) -- SI-BONE, Inc. (Nasdaq: SIBN), a medical device company dedicated to solving sacropelvic disorders, today reported financial results for the quarter ended September 30, 2025.
“The robust procedure volume growth across all modalities and record increase in the number of physicians in the third quarter underscore the demand momentum for our differentiated platform,” said Laura Francis, Chief Executive Officer. “In addition to sustained topline growth, the continued expansion of our profitability and positive operating cash flow in the quarter demonstrate the strength and scalability of our asset-light business model. Looking beyond 2025, we are well-positioned to self-fund innovation, advance our deep pipeline of novel technologies that address unmet needs for our existing call points, and consistently deliver industry-leading profitable growth."
Third Quarter 2025 Financial Results
Worldwide revenue was
Gross profit was
Operating expenses increased
Operating loss improved by
Net loss improved by
Adjusted EBITDA was positive
Cash and equivalents as of September 30, 2025 were
Fiscal 2025 Updated Financial Guidance
SI-BONE expects 2025 worldwide revenue to be in the range of
| Fiscal Year 2025 Guidance | ||
| New (November 10, 2025) | Prior (August 4, 2025) | |
| Revenue | ~18 | ~ |
| Gross Margin | ~ | |
| Operating Expenses | ~ at revenue midpoint | ~ at revenue midpoint |
| Adjusted EBITDA | Positive | Positive |
Webcast Information
SI-BONE will host a conference call to discuss the third quarter 2025 financial results after market close on Monday, November 10, 2025 at 4:30 P.M. Eastern Time. The conference call can be accessed live over webcast at https://edge.media-server.com/mmc/p/fnam2tia. Live audio of the webcast will be available on the “Investors” section of the company’s website at: www.si-bone.com. The webcast will be archived and available for replay for at least 90 days after the event.
About SI-BONE, Inc.
SI-BONE (NASDAQ: SIBN) is a global leader in developing unique technologies for surgical treatment of sacropelvic disorders. Since pioneering minimally invasive SI joint surgery in 2009, SI-BONE has supported over 4,900 physicians in performing a total of over 135,000 procedures. A unique body of clinical evidence supports the use of SI-BONE’s technologies, including four randomized controlled trials and over 180 peer reviewed publications. SI-BONE has leveraged its leadership in minimally invasive SI joint fusion to commercialize novel solutions for adjacent markets, including adult deformity, sacropelvic fixation and pelvic trauma.
For additional information on the company or the products including risks and benefits, please visit www.si-bone.com.
SI-BONE®, iFuse Implant System®, iFuse TORQ®, and iFuse TORQ TNT® are registered trademarks of SI-BONE, Inc. ©2025 SI-BONE, Inc. All Rights Reserved.
Forward-Looking Statements
The statements in this press release regarding expectations of future events or results, including SI-BONE’s expectations of continued revenue and procedure growth and financial outlook, are “forward-looking” statements. These forward-looking statements are based on SI-BONE’s current expectations and inherently involve significant risks and uncertainties. These risks include SI-BONE’s ability to introduce and commercialize new products and indications, SI-BONE’s ability to maintain favorable reimbursement for procedures using its products, the impact of any future economic weakness or deterioration in economic conditions as a result of tariffs and retaliation by U.S. trading partners on the ability and desire of patients to undergo elective procedures including those using SI-BONE’s products, the potential impact of a continued government shutdown on SI-BONE's ability to introduce and commercialize new products, SI-BONE’s ability to manage risks to its supply chain, future capital requirements driven by new surgical systems requiring instrument tray and implant inventory investment, and the pace of the re-normalization of the healthcare operating environment including the ability and desire of patients and physicians to undergo and perform procedures using SI-BONE’s products. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these and other risks and uncertainties, many of which are described in SI-BONE’s most recent filing on Form 10-K and Form 10-Q, and SI-BONE’s other filings with the Securities and Exchange Commission (SEC) available at the SEC’s Internet site (www.sec.gov), especially under the caption “Risk Factors.” SI-BONE does not undertake any obligation to update forward-looking statements and expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein, except as required by law.
Use of Non-GAAP Financial Measures
SI-BONE uses adjusted EBITDA, a non-GAAP financial measures that excludes from net loss the effects of interest income, interest expense, depreciation and amortization, and stock-based compensation. SI-BONE believes the presentation of adjusted EBITDA is useful to management because it allows management to more consistently analyze period-to-period financial performance and provides meaningful supplemental information with respect to core operational activities used to evaluate management's performance. SI-BONE also believes the presentation of adjusted EBITDA is useful to investors and other interested persons as it enables these persons to use this additional information to assess the company’s performance in using this additional metric that management uses to assess the company’s performance.
Adjusted EBITDA should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP. Because adjusted EBITDA excludes the effect of items that increase or decrease SI-BONE’s reported results of operations, management strongly encourages investors to review, when they become available, the company's consolidated financial statements and publicly filed reports in their entirety. The company's definition of adjusted EBITDA may differ from similarly titled measures used by others.
Investor Contact
Saqib Iqbal
VP, FP&A, and Investor Relations
investors@SI-BONE.com
| SI-BONE, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except share and per share amounts) (Unaudited) | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Revenue | $ | 48,656 | $ | 40,340 | $ | 144,576 | $ | 118,176 | |||||||
| Cost of goods sold | 9,810 | 8,437 | 29,228 | 24,832 | |||||||||||
| Gross profit | 38,846 | 31,903 | 115,348 | 93,344 | |||||||||||
| Operating expenses: | |||||||||||||||
| Sales and marketing | 29,956 | 27,448 | 91,418 | 85,805 | |||||||||||
| Research and development | 4,242 | 3,993 | 13,085 | 12,690 | |||||||||||
| General and administrative | 10,031 | 8,095 | 30,712 | 24,603 | |||||||||||
| Total operating expenses | 44,229 | 39,536 | 135,215 | 123,098 | |||||||||||
| Loss from operations | (5,383 | ) | (7,633 | ) | (19,867 | ) | (29,754 | ) | |||||||
| Interest and other income (expense), net: | |||||||||||||||
| Interest income | 1,515 | 1,936 | 4,627 | 6,064 | |||||||||||
| Interest expense | (670 | ) | (884 | ) | (1,998 | ) | (2,647 | ) | |||||||
| Other income (expense) | (28 | ) | 6 | (22 | ) | (81 | ) | ||||||||
| Net loss | $ | (4,566 | ) | $ | (6,575 | ) | $ | (17,260 | ) | $ | (26,418 | ) | |||
| Net loss per share, basic and diluted | $ | (0.11 | ) | $ | (0.16 | ) | $ | (0.40 | ) | $ | (0.64 | ) | |||
| Weighted-average number of common shares used to compute basic and diluted net loss per share | 43,188,524 | 41,717,505 | 42,775,206 | 41,324,614 | |||||||||||
| SI-BONE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (unaudited) | |||||||
| September 30, 2025 | December 31, 2024 | ||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 26,487 | $ | 34,948 | |||
| Short-term investments | 119,257 | 115,094 | |||||
| Accounts receivable | 26,534 | 27,459 | |||||
| Inventory | 35,727 | 27,074 | |||||
| Prepaid expenses and other current assets | 2,779 | 3,204 | |||||
| Total current assets | 210,784 | 207,779 | |||||
| Property and equipment, net | 21,928 | 20,374 | |||||
| Operating lease right-of-use assets | 1,255 | 1,984 | |||||
| Other non-current assets | 306 | 300 | |||||
| TOTAL ASSETS | $ | 234,273 | $ | 230,437 | |||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 7,724 | $ | 6,488 | |||
| Accrued liabilities and other | 17,587 | 19,492 | |||||
| Operating lease liabilities, current portion | 1,131 | 1,152 | |||||
| Total current liabilities | 26,442 | 27,132 | |||||
| Long-term borrowings | 35,540 | 35,452 | |||||
| Operating lease liabilities, net of current portion | 165 | 879 | |||||
| Other long-term liabilities | — | 10 | |||||
| TOTAL LIABILITIES | 62,147 | 63,473 | |||||
| STOCKHOLDERS’ EQUITY | |||||||
| Common stock | 4 | 4 | |||||
| Additional paid-in capital | 619,964 | 598,070 | |||||
| Accumulated other comprehensive income | 772 | 244 | |||||
| Accumulated deficit | (448,614 | ) | (431,354 | ) | |||
| TOTAL STOCKHOLDERS’ EQUITY | 172,126 | 166,964 | |||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 234,273 | $ | 230,437 | |||
| SI-BONE, INC. RECONCILIATION OF NET LOSS TO NON-GAAP ADJUSTED EBITDA (In thousands) (unaudited) | ||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Net loss | $ | (4,566 | ) | $ | (6,575 | ) | $ | (17,260 | ) | $ | (26,418 | ) | ||||
| Interest income | (1,515 | ) | (1,936 | ) | (4,627 | ) | (6,064 | ) | ||||||||
| Interest expense | 670 | 884 | 1,998 | 2,647 | ||||||||||||
| Depreciation and amortization | 1,486 | 1,085 | 4,132 | 3,166 | ||||||||||||
| Stock-based compensation | 6,226 | 6,306 | 19,547 | 19,733 | ||||||||||||
| Adjusted EBITDA | $ | 2,301 | $ | (236 | ) | $ | 3,790 | $ | (6,936 | ) | ||||||
FAQ
What were SI-BONE (SIBN) Q3 2025 revenues and growth rates?
Did SI-BONE (SIBN) report positive adjusted EBITDA in Q3 2025?
How did SI-BONE update full‑year 2025 guidance on November 10, 2025?
What cash balance and operating cash flow did SI-BONE report for Q3 2025?
What operational trends did SI-BONE report that could affect procedure volume?
What is the NTAP and when does it apply to SI-BONE procedures?
