olivLaw · US equity research
SI-BONE, Inc. SIBN
Surgical & Medical Instruments & Apparatus · SIC 3841 · Vertical: Surgical & Medical Instruments & Apparatus (SIC 3841)
SI-BONE develops minimally invasive procedural solutions for compromised bone, focused on sacroiliac joint fusion and extending into thoracolumbar fixation and pelvic trauma. The company is accelerating growth and narrowing losses, with worldwide revenue up 15.2% in the second quarter of 2026, on top of more than 150,000 procedures performed cumulatively.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, SI-BONE, Inc. (SIBN) stock was 24.95 USD (+4.96% on the day), with market capitalisation 1.1 bn USD, dividend yield 0.00%, beta 0.85, 52-week range 11.61–24.95 USD. Latest reported quarter (Q3 2026): revenue of 55.7 m USD (+14.5% YoY), net income of -3.6 m USD, diluted EPS -0.08 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 71.9
- overbought (≥ 70)
- Bollinger (20, 2)
- 17.93 – 23.89
- above the upper band · %B 1.18 · band width 28.5%
- SMA 50 / 200
- 19.61 / 16.48
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.04 / 0.74
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +25.9% | −1.1% | +27.0 pp | — |
| 3 months | +38.3% | −0.5% | +38.8 pp | — |
| 6 months | +92.1% | +4.4% | +87.7 pp | — |
| Year to date | +26.5% | +12.3% | +14.2 pp | — |
| 1 year | +62.5% | +13.5% | +49.0 pp | −29.7% |
| 3 years | +38.8% | +76.4% | −37.6 pp | −26.8% |
| 5 years | +0.6% | +63.7% | −63.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 49.0 m | 47.3 m | 48.6 m | 48.7 m | 56.3 m | 52.6 m | 56.0 m | 55.7 m |
| Cost of revenue | 10.2 m | 9.6 m | 9.8 m | 9.8 m | 11.8 m | 10.6 m | 11.5 m | 11.5 m |
| Gross profit | 38.8 m | 37.7 m | 38.8 m | 38.8 m | 44.5 m | 41.9 m | 44.5 m | 44.2 m |
| Research & development | 3.9 m | 4.5 m | 4.3 m | 4.2 m | 4.4 m | 4.2 m | 5.2 m | 4.6 m |
| Operating income | -5.5 m | -7.5 m | -7.0 m | -5.4 m | -2.5 m | -5.1 m | -4.8 m | -4.4 m |
| Depreciation & amortisation | 1.2 m | 1.3 m | 1.4 m ≈ | 1.5 m ≈ | 1.6 m | 1.6 m | 1.7 m ≈ | 1.7 m ≈ |
| Interest expense | 793.0 k | 662.0 k | 666.0 k | 670.0 k | 630.0 k | 592.0 k | 598.0 k | 608.0 k |
| Income tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net income | -4.5 m | -6.5 m | -6.2 m | -4.6 m | -1.6 m | -4.3 m | -4.1 m | -3.6 m |
| Diluted EPS | -0.11 ≈ | -0.15 | -0.14 | -0.11 | -0.04 ≈ | -0.10 | -0.09 | -0.08 |
| Operating cash flow | 1.2 m | -4.9 m | 173.0 k ≈ | 2.3 m ≈ | 1.7 m | -2.4 m | 777.0 k ≈ | 5.9 m ≈ |
| Capex | 2.3 m | 2.1 m | 2.1 m ≈ | 3.0 m ≈ | 1.3 m | 1.1 m | 1.5 m ≈ | 6.4 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 55.4 m | 67.3 m | 73.4 m | 90.2 m | 106.4 m | 138.9 m | 167.2 m | 200.9 m |
| Revenue YoY | +15.4% | +21.5% | +9.0% | +22.8% | +18.0% | +30.5% | +20.4% | +20.2% |
| Net income | -17.5 m | -38.4 m | -43.7 m | -56.6 m | -61.3 m | -43.3 m | -30.9 m | -18.9 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | -1.50 | -1.71 | -1.79 | -1.13 | -0.75 | -0.44 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -31.5% | -57.1% | -59.5% | -62.8% | -57.6% | -31.2% | -18.5% | -9.4% |
| Free cash flow | -15.5 m | -34.1 m | -33.2 m | -45.9 m | -51.2 m | -26.5 m | -22.9 m | -9.1 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 42.2 m USD
- Financial debt
- 35.6 m USD
- Net debt
- -6.7 m USD
- Equity
- 177.5 m USD
- Total assets
- 238.6 m USD
- Debt / equity
- 0.20x
- Current ratio
- 8.55x
- ROE
- -11.0%
- ROA
- -8.1%
- FCF margin
- -4.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 73.4 m | 90.2 m | 106.4 m | 138.9 m | 167.2 m | 200.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Cost of revenue | 8.9 m | 10.4 m | 15.7 m | 29.5 m | 35.1 m | 41.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Gross profit | 64.5 m | 79.7 m | 90.7 m | 109.4 m | 132.1 m | 159.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Research & development | 9.5 m | 12.4 m | 13.6 m | 15.0 m | 16.6 m | 17.4 m | SEC (XBRL)· 24 Feb 2026verified |
| Operating income | -38.6 m | -51.7 m | -59.6 m | -46.9 m | -35.2 m | -22.3 m | SEC (XBRL)· 24 Feb 2026verified |
| Depreciation & amortisation | 1.1 m | 2.1 m | 3.5 m | 5.4 m | 4.4 m | 5.8 m | SEC (XBRL)· 24 Feb 2026verified |
| EBITDA | -37.4 m ≈ | -49.6 m ≈ | -56.2 m ≈ | -41.5 m ≈ | -30.9 m ≈ | -16.6 m ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Interest expense | 6.1 m | 5.4 m | 2.8 m | 3.5 m | 3.4 m | 2.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Pre-tax income | -43.7 m | — | — | — | — | — | SEC (XBRL)· 10 Mar 2021verified |
| Income tax | — | 0 | 0 | 0 | 0 | 0 | SEC (XBRL)· 24 Feb 2026verified |
| Net income | -43.7 m | -56.6 m | -61.3 m | -43.3 m | -30.9 m | -18.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Diluted EPS | -1.50 | -1.71 | -1.79 | -1.13 | -0.75 | -0.44 | SEC (XBRL)· 24 Feb 2026verified |
| Weighted average diluted shares | 29.1 m | 33.1 m | 34.2 m | 38.4 m | 41.5 m | 43.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Dividend per share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | SEC (XBRL)· 24 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 53.6 m | 63.4 m | 20.7 m | 33.3 m | 34.9 m | 42.2 m | SEC (XBRL)· 24 Feb 2026verified |
| Receivables | 13.6 m | 14.2 m | 20.7 m | 22.0 m | 27.5 m | 29.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Inventories | 5.6 m | 11.5 m | 17.3 m | 20.2 m | 27.1 m | 33.9 m | SEC (XBRL)· 24 Feb 2026verified |
| Current assets | 218.2 m | 175.9 m | 137.6 m | 211.4 m | 207.8 m | 216.1 m | SEC (XBRL)· 24 Feb 2026verified |
| Property, plant & equipment, net | 4.5 m | 9.0 m | 15.6 m | 16.0 m | 20.4 m | 21.3 m | SEC (XBRL)· 24 Feb 2026verified |
| Total assets | 223.1 m | 190.5 m | 157.6 m | 230.4 m | 230.4 m | 238.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Accounts payable | 3.3 m | 3.2 m | 6.3 m | 4.6 m | 6.5 m | 4.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Short-term debt | 0 | 0 | — | — | — | — | SEC (XBRL)· 09 Aug 2022verified |
| Long-term debt | 39.5 m | 35.0 m | 35.2 m | 36.1 m | 35.5 m | 35.6 m | SEC (XBRL)· 24 Feb 2026verified |
| Current liabilities | 13.5 m | 16.9 m | 21.2 m | 23.5 m | 27.1 m | 25.3 m | SEC (XBRL)· 24 Feb 2026verified |
| Total liabilities | 53.8 m | 56.1 m | 59.3 m | 61.1 m | 63.5 m | 61.0 m | SEC (XBRL)· 24 Feb 2026verified |
| Equity | 169.4 m † | 134.4 m † | 98.3 m † | 169.4 m † | 167.0 m † | 177.5 m † | SEC (XBRL)· 24 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -30.7 m | -39.5 m | -41.7 m | -18.7 m | -12.4 m | -675.0 k | SEC (XBRL)· 24 Feb 2026verified |
| Capex | 2.6 m | 6.4 m | 9.5 m | 7.8 m | 10.5 m | 8.4 m | SEC (XBRL)· 24 Feb 2026verified |
| Free cash flow | -33.2 m ≈ | -45.9 m ≈ | -51.2 m ≈ | -26.5 m ≈ | -22.9 m ≈ | -9.1 m ≈ | SEC (XBRL)· 24 Feb 2026derived |
| Investing cash flow | -62.9 m | 51.6 m | -2.8 m | -59.8 m | 12.6 m | 4.2 m | SEC (XBRL)· 24 Feb 2026verified |
| Financing cash flow | 136.4 m | -1.7 m | 2.2 m | 90.9 m | 2.0 m | 3.4 m | SEC (XBRL)· 24 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 43.8% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 1.1 bn USD
Key indicators
Coverage and freshness
Score by group
44% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the base of the ratio is not positive
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -7.7% | 40 (vs peers) | 24% |
| Net margin · Quality | -6.2% | 59 (vs peers) | 14% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 23.6% | 100 (on a fixed band) | 19% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -6.9x | 0 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 7.6x | 100 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -0.4% | 0 (on a fixed band) | 19% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality47/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
SI-BONE, INC. (SIBN). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 200.9 m USD in 2025; YoY growth 20.2%; net margin -6.2%; ROE -7.7%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 23.6%
- Current ratio: 7.6x
What contradicts it
- Interest coverage: -6.9x
- FCF yield: -0.4%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Surgical & Medical Instruments & Apparatus (SIC 3841) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| SYKStryker Corp | 129.3 bn | 36.2 | 16.0% | 13.8% | +11.2% | −8% / +15% |
| MMM3m Company | 100.2 bn | 28.9 | 80.8% | 14.0% | +1.5% | +13% / +134% |
| BSXBoston Scientific Corporation | 66.4 bn | 19.4 | 14.3% | 16.6% | +19.9% | −55% / −18% |
| BDXBecton, Dickinson And Company | 57.0 bn | 63.2 | 3.8% | 4.0% | +8.2% | +37% / +13% |
| RMDResMed Inc. | 33.8 bn | 21.9 | 26.4% | 27.8% | +9.9% | −6% / +52% |
| DXCMDexcom, Inc. | 33.0 bn | 34.8 | 37.7% | 19.4% | +15.6% | +39% / −23% |
| WSTWest Pharmaceutical Services, Inc. | 28.5 bn | 45.9 | 21.2% | 18.8% | +6.3% | +47% / +17% |
| SOLVSolventum Corporation | 15.2 bn | 10.9 | 34.0% | 17.3% | +0.9% | +5% / unavailable |
| GMEDGlobus Medical, Inc. | 11.7 bn | 22.3 | 11.8% | 17.0% | +16.7% | −4% / +94% |
| TFXTeleflex Incorporated | 6.4 bn | — | -28.9% | -45.8% | +17.2% | +31% / −34% |
| ICUIIcu Medical Inc | 4.3 bn | 144.2 | 1.4% | 1.4% | −6.3% | +16% / +97% |
| ATECAlphatec Holdings, Inc. | 1.3 bn | — | -1,888.0% | -10.3% | +25.0% | −63% / −30% |
| SIBNSi-Bone, Inc. | 1.1 bn | — | -7.7% | -6.2% | +20.2% | +63% / +39% |
| KIDSOrthoPediatrics Corp | 875.0 m | — | -9.8% | -12.8% | +15.4% | +81% / +9% |
| SGHTSight Sciences, Inc. | 538.0 m | — | -50.1% | -32.1% | −3.1% | +16% / +184% |
| CERSCerus Corp | 487.7 m | — | -10.7% | -2.9% | +16.1% | +37% / +50% |
| SIShoulder Innovations, Inc. | 437.4 m | — | -151.9% | -58.3% | +49.6% | +36% / unavailable |
| OFIXOrthofix Medical Inc. | 395.9 m | — | -13.9% | -7.4% | +2.9% | −40% / −12% |
| CLPTClearPoint Neuro, Inc. | 325.7 m | — | -167.5% | -79.4% | +17.8% | −30% / +76% |
| TMCITreace Medical Concepts, Inc. | 292.7 m | — | -72.0% | -29.0% | +1.6% | +51% / −49% |
| CTSOCytosorbents Corporation | 286.6 m | — | -336.2% | -48.9% | +4.1% | −72% / −81% |
| OSUROrasure Technologies, Inc | 256.6 m | — | -14.1% | -43.7% | −38.1% | +56% / −49% |
| GUTSFractyl Health, Inc. | 154.8 m | — | — | — | −100.0% | −95% / unavailable |
| KRMDKoru Medical Systems, Inc. | 151.0 m | — | -10.5% | -4.0% | +22.2% | −45% / +45% |
| LUNGPulmonx Corporation | 123.2 m | — | -90.3% | -47.9% | +8.0% | +75% / −74% |
1- and 3-year price returns: for SIBN from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 10-Q (03 Nov 2026), 8-K (02 Nov 2026 · results).
In brief
SI-BONE develops minimally invasive procedural solutions for compromised bone, focused on sacroiliac joint fusion and extending into thoracolumbar fixation and pelvic trauma. The company is accelerating growth and narrowing losses, with worldwide revenue up 15.2% in the second quarter of 2026 3, on top of more than 150,000 procedures performed cumulatively 2.
SWOT
Strengths
- The company has a developed clinical evidence base, with randomized trials and more than 180 publications, which supports adoption and reimbursement 1. It also has an extended technology platform with three breakthrough-designated devices 2.
- The company has improved sales force productivity and grown its active physician base, which shows in second-quarter revenue growth 3. A high gross margin supports its capacity to invest.
- The company is approaching adjusted EBITDA breakeven and generates positive operating cash flow, which strengthens its financial position 3.
Weaknesses
- The company has reported net losses every year since its founding and carries a large accumulated deficit, which limits financial flexibility 1.
- Dependence on Medicare reimbursement and decisions of local contractors makes revenue sensitive to policy changes 1.
- Sales force costs and the inventory of instrument trays remain high, which could keep returns on investment under pressure 1.
Opportunities
- The launch of a third breakthrough-designated device and wider access in ambulatory settings could open new market segments 32.
- New CMS rules for hospitals and add-on payments could encourage adoption of higher-cost implants 13.
- Expansion outside the US, where international revenue is growing quickly, could add a new source of growth 3.
Threats
- Large competitors with broader portfolios could reduce market share or press prices down 1.
- Reimbursement restrictions for intra-articular procedures could reduce demand for newer products 1.
- Economic conditions, including the effects of trade tariffs, could affect patients' willingness to undergo elective procedures 3.
Risks
- Net losses and need for financingmedium
The company has not yet reached consistent profitability, and if it cannot generate sufficient revenue it could need additional capital, with dilution for shareholders 1.
- Restricted reimbursementhigh
If more payers refuse coverage for certain procedures, demand for the company's implants could fall quickly 1.
- Intense competitionhigh
Large competitors with greater resources could launch products that make current lines less competitive 1.
- Reliance on third-party suppliersmedium
Implants and instrument trays are manufactured by third parties, and supply chain delays could affect surgical capacity 1.
- Macroeconomic conditions and tariffslow
An economic slowdown and the effects of trade tariffs could reduce elective procedures, especially if patients postpone costly treatments 3.
Investment thesis
What would need to be true (bull case)
- Revenue growth accelerated in 2026 and the net loss narrowed, which shows the commercial model could become sustainable if the trend continues 3.
- New clearances and reimbursement improvements could open new segments such as thoracolumbar fixation and pelvic trauma 13.
- The active physician base has grown by nearly a fifth in a year, suggesting that adoption of the products is widening 3.
What would break the thesis
- The company has not yet reached net profit and its accumulated deficit remains large, which could limit future investment 1.
- Reimbursement restrictions for some implant categories could slow adoption and press prices down 1.
- Competition from large medical device makers remains strong, and if they offer integrated bundles the company's position could weaken 1.
What to watch
- Commercial results of the third breakthrough-designated device and market reactionQ4 2026
- Update to revenue and gross margin guidanceQ4 2026
- Evolution of Medicare coverage for CPT code 27278 at local contractors2027
- CMS decision on the new DRG family for Bedrock Granite fusions and its effect on adoption2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 10-Q (03 Nov 2026), 8-K (02 Nov 2026 · results).
The business
SI-BONE has a technology platform built on patented titanium implants, some additively manufactured, and the instruments used to implant them. Its products began with iFuse, launched in 2009, and were extended through lines such as iFuse TORQ, iFuse Bedrock Granite and iFuse TORQ TNT, with FDA clearances for sacroiliac joint dysfunction, adult spinal deformity and pelvic trauma 1. The company estimates a US total addressable market of more than 3.5 billion USD 1.
Segments
Sacroiliac joint implants
The iFuse line, including the 3D and TORQ versions, targets sacroiliac joint dysfunction and degeneration, a market the company estimates at about 2.4 billion USD per year in the US 1. Long-term studies reported sustained pain and disability improvement 1.
Thoracolumbar fixation and pelvic trauma
iFuse Bedrock Granite and iFuse TORQ TNT are aimed at pelvic anchoring in spinal fusion and at pelvic fragility fractures. The company estimates an annual market of about 1.0 billion USD for thoracolumbar fixation and about 350 million USD for pelvic trauma 1, and new clearances could widen access to these markets.
Market context
The company's core market is minimally invasive surgery and procedures on the sacroiliac joint, where it presents itself as the leader. Competition has grown considerably since 2008, with larger competitors entering the field 1. Reporting for 2026 shows a rising share of procedures moving to ambulatory surgery centers and office-based labs 2.
Reimbursement remains decisive: Medicare rates for intra-articular, non-piercing implant procedures have been restricted in some regions, which weighed on demand for one product line 1. On the other side, CMS granted an add-on payment for iFuse TORQ TNT and finalized a more favorable DRG family for Bedrock Granite fusions 13.
Trends
- Shift of procedures to ambulatory settingsmixed
A growing share of sacroiliac joint procedures is performed in ambulatory surgery centers and office-based labs, where costs are lower and patients go home sooner 2. If this shift continues, the company could widen its customer base, but pricing pressure could also increase.
- New clearances and more favorable reimbursementtailwind
The company received FDA clearance for iFuse TORQ TNT, an NTAP add-on payment for hospitals, and a new DRG family for Bedrock Granite fusions, which could accelerate adoption 13. It has also submitted a 510(k) for a third breakthrough-designated device 3.
- Pressure on reimbursement for intra-articular proceduresheadwind
Several Medicare contractors have restricted coverage for CPT code 27278, which weighed on demand for the iFuse INTRA X line and could pressure implant prices 1. If restrictions spread, revenue from this category could stay under pressure.
- Growth in sales force and productivitytailwind
The company has expanded its US sales force and agent network, and revenue per territory manager has risen to about 2.2 million USD 21. If productivity keeps rising, revenue growth could be supported without proportionally higher costs.
Competitive position
The company faces competitors that include large medical device makers with substantially greater financial and commercial resources, along with newer entrants focused on narrow segments 1. Some competitors can sell bundles of imaging, navigation and robotic systems together with implants, which may put SI-BONE at a disadvantage 1.
Competitors may use aggressive pricing and launch products they present as superior, and pricing pressure could spread across the market 1. Differentiating products through clinical evidence remains essential to keeping market share.
- Alphatec HoldingATEC
Competitor in sacroiliac joint implants, named in the annual report.
- Globus MedicalGMED
Competitor in spine and pelvic implants, named among the primary rivals.
- MedtronicMDT
Large medical device maker with a broad range of spine implants, named among competitors.
- Aurora Spine and Tenon Medical
Smaller companies in sacroiliac joint implants, named in the annual report as primary rivals.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report03 Nov 2026
- Current report02 Nov 2026Results of operations · Financial statements and exhibits
- Current report11 Sept 2026Material agreement · Creation of a direct financial obligation · Other events · Financial statements and exhibits
- Quarterly report04 Aug 2026
- Current report03 Aug 2026Results of operations · Financial statements and exhibits
- Current report08 Jun 2026Material agreement · Creation of a direct financial obligation · Shareholder vote · Financial statements and exhibits
- Quarterly report11 May 2026
- Current report11 May 2026Results of operations · Financial statements and exhibits
- Proxy statement21 Apr 2026
- Annual report24 Feb 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / SI-BONE, Inc. · 24 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / SI-BONE, Inc. · 04 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / SI-BONE, Inc. · 03 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.