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Did SI-BONE beat or miss consensus estimates last quarter?

What is SI-BONE's gross profit margin?

What factors drove the changes in SI-BONE's revenue and profit?

What is the revenue and EPS growth rate for SI-BONE year over year?

What is the market's earnings forecast for SI-BONE next quarter?

What guidance did SI-BONE's management provide for the next earnings period?

What were the key takeaways from SI-BONE's earnings call?

- **Revenue Acceleration**: $48.7M Q3 (+20.6% YoY), driven by U.S. (+21.2%) and TORQ Europe launch. 
- **Profitability Breakthrough**: $2.3M adjusted EBITDA (5% margin), first positive operating cash flow. 
- ** Physician Expansion**: 1,530 active surgeons (+27% YoY), 330 new additions Q3. 
- **Pipeline Momentum**: 510(k) filed for 2026 SI joint solution, TNT NTAP reimbursement increase, and third breakthrough device in development. 
- **Cash Flow Inflection**: $145.7M cash, 2026 free cash flow target, 72% YoY cash consumption reduction.

**【CEO Summary Section】**
- **Revenue Growth**: Q3 2025 revenue reached $48.7 million, up 20.6% YoY, driven by 21.2% U.S. growth and 10.2% international expansion. Key products include iFuse-TORQ (Europe launch) and Granite 9.5 (degenerative spine adoption). 
- **Profitability Milestones**: Achieved $2.3 million adjusted EBITDA (5% margin) and first quarter of positive operating cash flow ($2.3M). 
- ** Physician Engagement**: 1,530 active physicians (+27% YoY), adding 330 new physicians Q3, targeting 12,000+ addressable surgeons across modalities. 
- **Pipeline Progress**: Filed 510(k) for next-gen SI joint solution (Q1 2026 launch), TNT NTAP reimbursement increase ($4.1K/Medicare), and third breakthrough device in development. 

**【CFO Financial Commentary】**
- **Top Line**: U.S. revenue $46.4M (+21.2%), gross profit $38.8M (+21.8%), gross margin 79.8% (up 70bps YoY). 
- **Cost Control**: Operating expenses $44.2M (+11.9%), net loss narrowed to $4.6M (-30% YoY). 
- **Liquidity**: $145.7M cash, net cash flow breakeven Q3, guiding to $198-200M 2025 revenue (+18-20% YoY). 
- **Margin Expansion**: Full year gross margin 79.5%, targeting 78-78.5% medium-term with surgical capacity investments. 

**【Q&A Highlights】**
- ** Physician Density**: 25% of SI joint surgeons perform >1 procedure type; TNT adoption tripled Q3. 
- **Leverage**: 1.7x Q3 operating leverage, 1.25-1.75x 2026 guidance. 
- **2026 Outlook**: TORQ Europe ramp, TNT NTAP, and new SI joint solution launch. 
- **Cash Flow**: Expect $4.3M 2025 net cash use vs. $15.2M prior year, targeting 2026 free cash flow. 
- **Reimbursement**: 17% increase for office-based SI joint procedures, TNT NTAP effective Oct 2025.

SI-BONE, Inc. (SIBN) Q3 2025 Earnings Call Transcript

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SIBN

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