SI-BONE 2025 Q3 Earnings Beats Expectations with 30.6% Narrowed Net Loss

SI-BONE (SIBN) reported third-quarter 2025 earnings that exceeded expectations, with a 30.6% reduction in net loss compared to the prior year. The company also raised its full-year revenue guidance, signaling confidence in sustained growth and operational improvements. The results reflect strong demand for its minimally invasive surgical solutions, driven by expanded physician adoption and product innovation.

Revenue

SI-BONE achieved total revenue of $48.66 million in Q3 2025, a 20.6% increase from $40.34 million in Q3 2024. U.S. revenue, which constitutes the majority of sales, grew by 21.2% to $46.4 million, driven by robust procedure volume growth and a 27% expansion in active physicians. International revenue also showed progress, rising 10.2% to $2.3 million, supported by the launch of iFuse TORQUE in Europe. The company's trailing 12-month average revenue per territory reached $2.1 million, up 16% year-over-year, underscoring the efficiency of its hybrid commercial model.

Earnings/Net Income

The company narrowed its net loss to $4.57 million, or $0.11 per share, compared to $6.58 million, or $0.16 per share, in the prior year. This 30.6% improvement highlights progress in cost management and operational efficiency. Positive adjusted EBITDA of $2.3 million was achieved, marking a significant milestone for the company. The EPS result of -$0.11, while still a loss, outperformed the forecasted -$0.17, indicating a positive trend in profitability.

Post-Earnings Price Action Review

Following the earnings release, SI-BONE's stock price surged 8.65% during the latest trading day, with a 18.70% gain during the most recent full trading week and a 23.27% increase month-to-date. The positive market reaction reflects investor confidence in the company's strong revenue growth, improved profitability, and updated guidance. Analysts from Cantor Fitzgerald and Needham reiterated their Overweight and Buy ratings, respectively, citing the company's momentum and long-term growth potential.

CEO Commentary

CEO Laura Francis emphasized the company's momentum, driven by a 27% increase in active U.S. physicians and robust procedure volume growth. She highlighted the achievement of positive adjusted EBITDA ($2.3M) and operating cash flow ($2.3M), underscoring the company's ability to self-fund innovation. Francis expressed optimism about advancing a pipeline of novel technologies and sustaining industry-leading growth beyond 2025.

Guidance

SI-BONE raised its 2025 revenue guidance to $198 million–$200 million (~18–20% growth), up from the prior range of $195 million–$198 million (~17–18% growth). Gross margin is projected at ~79.5%, exceeding the previous 78.5–79.0% guidance. The company expects ~10% operating expense growth at the revenue midpoint and maintains positive adjusted EBITDA. Forward-looking statements include sustained procedure demand, reimbursement stability, and pipeline execution risks.

Additional News

Recent developments include Cantor Fitzgerald's reiterated Overweight rating with a $25.00 price target and Needham's Buy rating with a $24.00 target, both citing SI-BONE's strong Q3 performance and growth potential. Analysts highlighted the company's expanding physician base, improved reimbursement, and diversified product portfolio as key drivers of future growth. Additionally, SI-BONE's upcoming product launches in 2026, including a next-generation technology for ambulatory surgical centers and a breakthrough device for spine surgery, are positioned to further expand its market share. Institutional ownership remains strong at 94.4%, reflecting confidence in the company's strategic direction and innovation pipeline.