SiBone (NASDAQ:SIBN) Announces Earnings Results

Key Points

• SiBone beat quarterly expectations: Earnings per share came in at $(0.08), better than the $(0.13) consensus estimate, while revenue rose 14.5% year over year to $55.7 million.
• Growth and profitability improved: U.S. procedure volume increased 19.5%, adjusted EBITDA rose 32.4% to $3.0 million, and the company reaffirmed full-year revenue guidance of $231 million to $233 million.
• Product expansion supports the outlook, but risks remain: Early demand for iFuse Granite Onyx is expanding SI-BONE’s addressable market, while lower average selling prices and expected 2027 gross-margin pressure could weigh on results. Analysts maintain a “Moderate Buy” consensus with a $24.50 target price.

SiBone (NASDAQ:SIBN - Get Free Report) posted its quarterly earnings data on Monday. The company reported ($0.08) earnings per share for the quarter, beating analysts' consensus estimates of ($0.13) by $0.05, FiscalAI reports. The business had revenue of $55.70 million for the quarter, compared to analysts' expectations of $55.31 million. SiBone had a negative net margin of 6.85% and a negative return on equity of 8.23%.

Here are the key takeaways from SiBone's conference call:

• Third-quarter revenue rose 14.5% to $55.7 million, while U.S. procedure volume increased 19.5% and active physicians grew 16% to approximately 1,770. Management cited broad-based demand across surgeons, interventional spine physicians, and trauma procedures.
• The early alpha launch of iFuse Granite Onyx is generating demand ahead of the comparable Granite launch, including adoption by existing Granite users and new physicians. Onyx expands the company’s estimated addressable market to more than 650,000 procedures and approximately $5 billion.
• New spinal-fusion DRGs became effective October 1 and may increase hospital reimbursement by up to $50,000 for qualifying cases, supporting Granite adoption and potentially Onyx utilization. SI-BONE has also applied for an Onyx NTAP, which could take effect in October 2027 if approved.
• Profitability and cash generation improved, with adjusted EBITDA up 32.4% to $3.0 million, a 5.5% margin, and year-to-date operating cash flow of $4.4 million. The company lowered its expected 2026 operating-expense growth to 10.5% from 12% while reaffirming full-year revenue guidance of $231 million to $233 million.
• Average selling price declined because of a higher mix of lower-priced INTRA procedures in ASC and office settings and more two-implant Granite cases. Management expects modest gross-margin pressure in 2027 as it adds Onyx surgical capacity and launches additional products, although it continues to target long-term operating leverage.

SiBone Trading Down 4.8%

Shares of SiBone stock traded down $1.01 on Monday, hitting $20.22. 1,371,299 shares of the company traded hands, compared to its average volume of 616,959. The company has a current ratio of 9.15, a quick ratio of 7.55 and a debt-to-equity ratio of 0.20. The company has a market cap of $896.74 million, a PE ratio of -59.47 and a beta of 0.66. The stock's 50 day moving average price is $19.41 and its 200-day moving average price is $16.44. SiBone has a 52 week low of $11.48 and a 52 week high of $22.95.

Insider Buying and Selling

In other SiBone news, CEO Laura Francis sold 51,884 shares of SiBone stock in a transaction on Thursday, August 20th. The stock was sold at an average price of $19.46, for a total transaction of $1,009,662.64. Following the completion of the sale, the chief executive officer directly owned 321,386 shares of the company's stock, valued at $6,254,171.56. The trade was a 13.90% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Anshul Maheshwari sold 11,636 shares of SiBone stock in a transaction on Monday, August 24th. The shares were sold at an average price of $20.11, for a total value of $233,999.96. Following the sale, the insider directly owned 223,284 shares of the company's stock, valued at approximately $4,490,241.24. This trade represents a 4.95% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 204,968 shares of company stock valued at $3,998,918 over the last quarter. 4.00% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have issued reports on SIBN. TD Cowen raised their price objective on shares of SiBone from $18.00 to $20.00 and gave the stock a "buy" rating in a research note on Tuesday, August 4th. Truist Financial raised their price target on SiBone from $23.00 to $25.00 and gave the stock a "buy" rating in a research note on Wednesday, October 14th. Weiss Ratings upgraded SiBone from a "sell (e+)" rating to a "sell (d-)" rating in a report on Thursday, August 20th. Finally, UBS Group increased their target price on SiBone from $24.00 to $25.00 and gave the stock a "buy" rating in a research note on Tuesday, August 4th. Six investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $24.50.

SiBone Company Profile

SI-BONE, Inc NASDAQ: SIBN is a medical device company focused on diagnosing and treating disorders of the sacroiliac joint, which connects the spine to the pelvis. The company develops minimally invasive surgical solutions intended to stabilize the sacroiliac joint and address sacroiliac joint dysfunction and related conditions.

Its product portfolio is centered on the iFuse Implant System, a family of triangular implants designed to be placed across the sacroiliac joint. SI-BONE also offers products such as iFuse-TORQ, a threaded implant system, and iFuse Bedrock Granite, which is designed for sacroiliac joint fusion and pelvic fixation as part of certain spinal procedures.

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