SI-BONE outlines 18%–20% revenue growth target for 2025 with platform expansion, eyes positive free cash flow in 2026
View original at seekingalpha.comSI-BONE outlines 18%–20% revenue growth target for 2025 with platform expansion, eyes positive free cash flow in 2026 Earnings Call Insights: SI-BONE, Inc…
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SI-BONE achieved another quarter of robust revenue growth, sustained adjusted EBITDA profitability and reached a major milestone in delivering positive operating cash flow
80% confidenceSI-BONE anticipates launching next-generation technology product in the first quarter of 2026
80% confidenceSI-BONE had 88 territory managers as of the end of Q3 and wants to get to 100 territories over the next 12 to 18 months
80% confidenceInterventional case volume doubled compared to Q3 2024 as physicians recognize the value of clinically validated solutions
80% confidenceFull year gross margin expected to be at 79.5%, with annual operating expense growth guidance maintained at 10% at the midpoint of the revenue range
80% confidenceOnly around 25% of SI joint surgeons are currently performing another procedure type, representing significant opportunity to increase physician density
80% confidenceSI-BONE is confident in ability to sustain strong top line growth, expand margins and inflect on free cash flow going into 2026
80% confidenceNTAP became effective October 1 at around $4,100, representing up to 30% improvement in reimbursement
80% confidenceGross profit was $38.8 million, an increase of $6.9 million or 21.8%, with gross margin of 79.8%, expanding by 75 basis points year-over-year
80% confidenceSI-BONE feels comfortable with where the current consensus is for 2026 revenue expectations
80% confidenceThe second product launching in 2026 will have a significant impact on growing the total addressable market even further
80% confidenceOperating leverage should be a little bit on the lower end in 2026, increasing as new products ramp
80% confidenceFull year revenue guidance updated to range between $198 million to $200 million, implying year-over-year growth of approximately 18% to 20% compared to previous guidance of approximately 17% to 18%
80% confidenceOperating leverage tracking to about 1.9x at the midpoint of revenue and OpEx growth guidance for the year
80% confidenceWorldwide revenue was $48.7 million in Q3 2025, representing growth of 20.6%, with U.S. revenue of $46.4 million representing 21.2% growth driven by procedure volume growth of over 22%
80% confidenceCMS proposed 17% reimbursement increase for office-based SI joint fusion procedures represents additive opportunity with interventionalists
80% confidenceSI-BONE expects to use a little bit of cash in Q4 due to building up surgical capacity and capacity for new product
80% confidenceSI-BONE was breakeven on a net cash flow basis and ended the quarter with $145.7 million in cash and marketable securities while generating $2.3 million cash from operating activities
80% confidenceOver the medium term, gross margins expected to stabilize around 78%, 78.5% area
80% confidenceNet loss narrowed to $4.6 million or $0.11 per diluted share compared to a net loss of $6.6 million or $0.16 per diluted share, with positive adjusted EBITDA of $2.3 million for the quarter translating to adjusted EBITDA margin of approximately 5%
80% confidenceProcedures using more than 2 Granite implants per case grew approximately 40% in the quarter
80% confidenceAverage selling price was quite stable with good traction in Granite, especially with multiple implant cases
80% confidence