SI-BONE (SIBN) Q1 2025 earnings summary

Executive summary

• Achieved 25% year-over-year revenue growth to $47.3M in Q1 2025, with U.S. revenue up 26.6% to $44.8M, driven by strong demand and new product adoption.

• Gross margin improved to 79.7–80%, with positive adjusted EBITDA of $0.5M and net loss narrowing to $6.5M ($0.15/share).

• Added a record 300 U.S. physicians in Q1, growing the active physician base by 27%, and saw strong cross-procedure adoption.

• Continued innovation with three breakthrough-designated devices under development and proposed NTAP for iFuse TORQ TNT.

• Ended Q1 with $144.4M in cash and equivalents, with net cash usage declining over 30%.

Financial highlights

• Worldwide revenue reached $47.3M, up 24.9% year-over-year; U.S. revenue was $44.8M, up 26.6%; international revenue stable at $2.5M.

• Gross profit was $37.7M, up 26.2%, with gross margin improving to 79.7–80%.

• Operating expenses grew 7.8–8% to $45.2M, mainly due to higher commissions, R&D, and sales and marketing costs.

• Net loss narrowed to $6.5M ($0.15 per share) from $10.9M ($0.27 per share) year-over-year.

• Adjusted EBITDA turned positive at $0.5M, compared to a $4.0M loss in Q1 2024.

• Cash and marketable securities totaled $144.4M as of March 31, 2025.

Outlook and guidance

• FY2025 revenue guidance raised to $193.5–$197.5M, implying 16–18% year-over-year growth.

• Full-year gross margin expected at 78%, up from prior guidance of 77–78%.

• Operating expenses projected to grow ~10% at revenue guidance midpoint; positive adjusted EBITDA expected for full year.

• Management expects existing cash and marketable securities to fund operations for at least the next 12 months.

• Targeting free cash flow in 2026, with continued operating leverage and margin expansion.