SI-BONE
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SI-BONE (SIBN) investor relations material

SI-BONE Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary23 Feb, 2026

Executive summary

  • Achieved record worldwide revenue of $200.9 million in 2025, up 20.2% year-over-year, with Q4 revenue of $56.3 million, up 15% year-over-year.

  • Delivered first full year of positive adjusted EBITDA ($8.9 million) and positive free cash flow in Q4 2025.

  • Net loss improved 38.8% year-over-year to $18.9 million for 2025, with Q4 net loss at $1.6 million.

  • Expanded commercial footprint with new product launches (INTRA Ti), strategic partnership with Smith+Nephew, and increased physician engagement.

  • Ended 2025 with $147.8 million in cash and equivalents, supporting growth investments.

Financial highlights

  • Q4 2025 worldwide revenue: $56.3 million (+15% YoY); U.S. revenue: $53.5 million (+13.9% YoY); international revenue: $2.9 million (+38.8% YoY).

  • FY 2025 worldwide revenue: $200.9 million (+20.2% YoY); U.S. revenue: $191.1 million (+20.6% YoY); international revenue: $9.8 million (+12.4% YoY).

  • Q4 gross profit: $44.5 million (+14.8% YoY); FY 2025 gross profit: $159.9 million (+21% YoY).

  • Gross margin: 79% in Q4 and 79.6% for FY 2025.

  • Q4 adjusted EBITDA: $5.1 million (9.1% margin); FY 2025 adjusted EBITDA: $8.9 million (vs. $5.1 million loss in 2024).

Outlook and guidance

  • 2026 worldwide revenue guidance: $228.5–$232.5 million, implying 14–16% growth, with growth weighted to the second half.

  • 2026 gross margin expected at ~78%.

  • Operating expenses to grow ~12.5% at midpoint, funding new product launches and sales expansion.

  • Adjusted EBITDA expected to increase from 2025, with continued positive free cash flow.

How does S&N partnership change sales strategy?
Will innovation super cycle accelerate growth?
Drivers of 2026 gross margin compression?
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TD Cowen 46th Annual Health Care Conference2 Mar, 2026
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Frequently asked questions

SI-BONE Inc. is a medical technology company that develops and markets minimally invasive surgical solutions for the treatment of sacroiliac (SI) joint disorders. The company's primary product, iFuse Implant System, is designed to treat conditions such as sacroiliac joint dysfunction and sacroiliitis by providing stabilization and fusion of the SI joint. SI-BONE’s solutions aim to improve patient outcomes and reduce pain for individuals with lower back conditions linked to the SI joint. The company is headquartered in Santa Clara, California, and its shares are listed on the NASDAQ.

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