SI-BONE (SIBN) Morgan Stanley 24th Annual Global Healthcare Conference summary

Company evolution and product strategy

• Transitioned from a single disease state to a multi-product platform focused on the pelvis and spine.

• Developed a pelvic fixation franchise with Granite and expanded into trauma with the TNT product.

• Leveraged expertise in compromised bone to address osteoporosis and osteopenia, targeting high failure rates in spinal fusion.

• Building a robust pipeline with plans for one to two new TAMs annually, expanding beyond the pelvis.

• Emphasizes asset-light, high ASP, and differentiated technology platforms.

Financial performance and growth drivers

• Achieved a 20% CAGR over the past five years, with 15% year-over-year growth in the latest quarter.

• Active physician base grew 19% year-over-year, reaching a record 720 physicians in a quarter.

• Adjusted EBITDA improved by 180%, with positive operating cash flow.

• Growth driven by innovation, expansion into interventional markets, and strong product adoption.

• Utilization expansion and new product launches expected to further increase physician engagement and reduce churn.

Reimbursement and regulatory updates

• Secured three new DRGs for Granite, effective October 2026, increasing reimbursement up to $50,000 per procedure.

• New DRGs are durable and expected to be adopted by commercial payers, expanding Granite's opportunity.

• Third Breakthrough Device eligible for NTAP, with potential add-on payment effective October 2027.

• Proposals to increase ASC and OBL payments for SI joint procedures could add $1,000–$2,000 per case from January 2027.

• Multiple reimbursement tailwinds position the business for accelerated growth.