SI-BONE (SIBN) investor relations material

Business evolution and platform development

• Transitioned from a single-product company focused on SI joint fusion to a diversified high-growth platform addressing multiple sacropelvic needs.

• Launched breakthrough devices for pelvic fixation and pelvic ring fractures, with additional products in the pipeline, including a third breakthrough device expected to file 510K in the second half of 2026.

• Maintains leadership in SI joint fusion, supported by over 180 peer-reviewed publications and extensive clinical data.

• Revenue for the year projected just under $200 million, with over 20% average annual growth since IPO and recent profitability milestones.

• Strategic focus on addressing poor bone quality and expanding into new clinical indications.

Product innovation and market opportunity

• SI joint fusion, pelvic fixation, and pelvic trauma are all growing in double digits, with ongoing innovation targeting ambulatory surgery centers and streamlined procedures.

• Market penetration remains low, with only about 10% of the estimated 280,000 annual cases addressed, indicating significant growth potential.

• Breakthrough devices like iFuse Bedrock Granite and iFuse TORQ TNT are changing standards of care and benefiting from favorable reimbursement codes.

• New technology add-on payments and transitional pass-through codes are improving hospital and provider economics, supporting outpatient adoption.

• Upcoming product launches and regulatory milestones are expected to drive further growth through 2028.

Financial performance and outlook

• Achieved adjusted EBITDA profitability for the last three quarters and positive operating cash flow for the first time.

• Asset-light model and premium ASPs contribute to gross margins approaching 80%, differentiating from traditional spine companies.

• Top-line growth has accelerated to 22-23% CAGR over the last three years, with strong U.S. volume growth and stable ASPs.

• Guidance reflects seasonality and conservative assumptions, but performance has consistently exceeded expectations.

• Major reimbursement tailwinds expected from NPAP and TPT codes, with additional upside from new product launches and increased R&D investment.