SI-BONE 2025 Q3 Earnings Beats Revenue Estimates, Raises Guidance, Net Loss Narrows 30.6%

SI-BONE (SIBN) reported Q3 2025 results that exceeded revenue expectations and raised full-year guidance, driven by robust procedure volume growth and operational efficiency. The company narrowed its net loss by 30.6% year-over-year while maintaining positive adjusted EBITDA, signaling progress toward profitability.

Revenue

SI-BONE’s total revenue surged 20.6% to $48.66 million in Q3 2025, fueled by 21.2% growth in U.S. revenue to $46.4 million and 10.2% international expansion to $2.3 million. U.S. performance was driven by strong procedure demand and a 27% increase in active physicians, while international growth benefited from the launch of iFuse TORQ in Europe.

Earnings/Net Income

The company narrowed its net loss to $4.57 million ($0.11/share) in Q3 2025, a 30.6% improvement from $6.58 million ($0.16/share) in 2024 Q3. Despite 11.9% higher operating expenses, adjusted EBITDA turned positive at $2.3 million, reflecting improved gross margin and cost management. The EPS improvement underscores investor confidence in the company’s asset-light scalability.

Post-Earnings Price Action Review

The strategy of buying SI-BONE shares after its revenue raise quarter-over-quarter and holding for 30 days demonstrated favorable performance over the past three years. SIBN shares showed strong positive momentum post-announcement, with the 30-day holding period yielding an average gain of ~15% and a peak of over 20%. This trend highlights the market’s responsiveness to the company’s growth metrics and innovation pipeline. The strategy’s risk management proved effective, as short-term volatility did not derail the overall upward trajectory. Looking ahead, SIBN’s expanding product portfolio and global footprint position it to sustain investor interest, making the 30-day buy-and-hold approach a compelling option for capitalizing on its growth narrative.

CEO Commentary

CEO Laura Francis emphasized sustained topline growth, profitability expansion, and positive operating cash flow, attributing these to the company’s asset-light model and innovation-driven pipeline. She highlighted the NTAP reimbursement boost for iFuse TORQ TNT and strategic expansion into adult deformity and pelvic trauma markets as key growth drivers.

Guidance

SI-BONE raised 2025 revenue guidance to $198–$200 million (~18–20% growth), up from $195–$198 million, and maintained a gross margin target of ~79.5%. The company expects operating expenses to grow ~10% at the revenue midpoint, with adjusted EBITDA remaining positive.

Additional News

1. Product Launches: SI-BONE filed a 510(k) application for next-gen technology, targeting a Q1 2026 launch, and expanded its iFuse portfolio to address adult spinal deformity.

2. Reimbursement Update: Effective October 1, 2025, procedures using iFuse TORQ TNT now qualify for an NTAP reimbursement of over $4,100, enhancing procedure affordability.

3. Capital Position: The company ended Q3 with $145.7 million in cash and equivalents, maintaining a debt-to-equity ratio of 0.22 and a current ratio of 8.38, underscoring financial stability.