SI-BONE 2025 Q2 Earnings Sustained Growth Amid Reduced Losses

SI-BONE (SIBN) reported financial results for Q2 2025, showing revenue growth and improved profitability despite ongoing net losses. The company narrowly beat expectations with stronger-than-anticipated performance and slightly raised its full-year revenue guidance. Earnings showed a 31.2% reduction in net loss and the first positive Adjusted EBITDA in the quarter, reflecting progress in cost control and operational efficiency.

Revenue
SI-BONE’s total revenue for Q2 2025 reached $48.63 million, representing a 21.7% year-over-year increase from $39.97 million. U.S. revenue contributed significantly to this growth, surging 22.8% to $46.4 million, driven by strong procedure demand and product adoption. International revenue stood at $2.2 million, maintaining a relatively small but stable contribution. The 21.7% overall revenue growth underscores the company’s ability to expand its market presence and scale operations effectively.

Earnings/Net Income
SI-BONE’s net loss narrowed to $6.15 million, or $0.14 per diluted share, during Q2 2025, a 31.2% improvement compared to a net loss of $8.94 million, or $0.22 per diluted share, in the prior year period. The company also reported a positive Adjusted EBITDA of $1.0 million, marking a significant milestone amid its history of losses, indicating disciplined cost management and improving operational efficiency.

Price Action
The stock price of SI-BONE fell 7.25% on the latest trading day, with a 10.21% decline over the past week and a 13.37% drop month-to-date. The negative sentiment appears to reflect investor caution in the face of continued losses, despite the company's progress in reducing its deficit.

Post Earnings Price Action Review
Following the earnings release, a strategy of buying SIBN when it beat expectations and selling after 30 days led to a -10.75% return, underperforming the benchmark by the same margin. The strategy showed a maximum drawdown of 0.00%, a Sharpe ratio of -0.08, and a volatility of 30.17%. These metrics underscore the stock’s susceptibility to volatility and mixed investor response to the results.

CEO Commentary
Laura Francis, Chief Executive Officer, expressed optimism over the company’s performance, noting double-digit procedure volume growth across U.S. target markets driven by product adoption and sustained demand. She emphasized the company’s disciplined execution and asset-light model, as evidenced by positive Adjusted EBITDA and cash flow breakeven. Francis also highlighted Tony Recupero’s contributions and expressed confidence in Nikolas Kerr’s leadership to drive future growth.

Guidance
SI-BONE updated its 2025 financial guidance, forecasting worldwide revenue in the range of $195 million to $198 million, implying year-over-year growth of approximately 17% to 18%. The company expects a gross margin of 78.5% to 79.0% and operating expenses to grow by around 10% at the midpoint of revenue guidance. SI-BONE aims to deliver positive adjusted EBITDA for the full year 2025.

Additional News
SI-BONE announced the appointment of Nikolas Kerr as Chief Commercial Officer, succeeding Tony Recupero, who will retire in February 2026 after serving a 12-month advisory role. Kerr brings extensive experience in product, marketing, and business development, and his leadership is expected to strengthen the company’s commercial capabilities. The company also launched iFuse TORQ in Europe, marking a significant international expansion. Additionally, the CMS confirmed the New Technology Add-On Payment (NTAP) for iFuse TORQ TNT procedures, which could enhance reimbursement and adoption.