SI-BONE (SIBN) TD Cowen 46th Annual Health Care Conference summary

Strategic evolution and market focus

• Transitioned from a single-product company to a diversified portfolio addressing multiple disease states within SI joint dysfunction and adjacent markets.

• Leveraged biomechanical and additive manufacturing expertise to expand into deformity and trauma markets with products like Granite and TNT.

• Focused on addressing unmet needs in compromised bone, targeting markets with high failure and revision rates.

• Product development is often driven by physician feedback, leading to workflow-aligned innovations.

• Expansion strategy includes targeting new total addressable markets (TAMs) and increasing physician engagement.

Partnerships and commercial strategy

• Recently signed a partnership with Smith+Nephew to scale trauma product distribution, particularly TNT and TORQ, at Level I and II trauma centers.

• Partnership enables efficient access to a $300 million trauma TAM and frees up internal reps to focus on larger $3 billion TAMs in spine and interventional markets.

• Agreement signed two weeks prior, with plans to build surgical capacity and train Smith+Nephew reps in Q2 and Q3 2026.

• Partnership expected to accelerate trauma market penetration and is accretive to top-line growth.

Market trends and growth outlook

• Achieved 4x to 6x industry growth rates since IPO, with a CAGR of about 20%.

• Double-digit procedure volume growth across all markets in 2025, with record numbers of interventionalists, trauma doctors, and surgeons performing procedures.

• Unique technologies like Granite have enabled growth in deformity markets at multiples of underlying market rates.

• 2026 guidance reflects conservatism despite robust tailwinds, including reimbursement increases and new product launches.