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SI-BONE (SIBN) investor relations material
SI-BONE Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved 20.6% worldwide revenue growth to $48.7 million in Q3 2025, with U.S. revenue up 21.2% to $46.4 million and international revenue up 10.2%.
Added a record 330 new physicians in the quarter, bringing active U.S. physicians to 1,530, a 27% year-over-year increase.
Delivered positive adjusted EBITDA of $2.3 million and reached net cash flow breakeven for the second consecutive quarter, with $2.3 million in positive operating cash flow.
Gross margin improved to 79.8%, and net loss narrowed to $4.6 million ($0.11 per share).
Ended Q3 with $145.7 million in cash and marketable securities.
Financial highlights
Gross profit rose to $38.8 million, up 21.8% year-over-year, with gross margin expanding to 79.8%.
Operating expenses increased 11.9% to $44.2 million, reflecting growth investments and higher commissions.
Net loss narrowed to $4.6 million from $6.6 million year-over-year.
Trailing 12-month adjusted EBITDA reached $5.7 million, a turnaround from a $11.7 million loss in the prior year.
Cash used in operations for nine months ended September 30, 2025 was $2.4 million, a significant improvement from $13.6 million in the prior year period.
Outlook and guidance
Updated 2025 revenue guidance to $198–$200 million, implying 18–20% year-over-year growth.
Full-year gross margin expected at approximately 79.5%.
Operating expense growth guidance maintained at 10% at the midpoint of the revenue range.
Confident in achieving positive free cash flow in 2026.
Management expects existing cash and marketable securities to fund operations and capital expenditures for at least the next 12 months.
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