SI-BONE (SIBN) Truist Securities MedTech Conference 2026 summary

Business evolution and product innovation

• Transitioned from a single-product, single-disease company to a multi-product platform targeting various pelvic and bone fixation needs, including SI joint, trauma, and pelvic fixation.

• Expanded product portfolio includes iFuse-3D, iFuse-TORQ (including TNT for trauma), iFuse bedrock GRANITE, and iFuse-INTRA for interventionalists.

• Over 150,000 procedures performed, leveraging expertise in biomechanics, 3D design, and clinical data.

• Next product, a third Breakthrough Device, will be commercialized in Q4 and targets anatomies beyond the SI joint.

• Plans for a regular cadence of new product launches annually to drive continued growth.

Market opportunity and penetration

• Current total addressable market (TAM) is $3.5 billion, with 500,000 procedures annually; SI joint dysfunction represents $2+ billion and 300,000 procedures.

• GRANITE is the fastest-scaling product, addressing fixation at the base of long spinal constructs, with significant runway in both deformity and degenerative (degen) markets.

• Spinopelvic space, including GRANITE and new products, could become a major revenue contributor, estimated at $1 billion opportunity.

• Trauma business (TNT) is a $300 million opportunity with 60,000 procedures per year, supported by a partnership with Smith+Nephew for broader commercialization.

• Still in early stages of TAM penetration across all segments, with growth driven by new product launches and expanded partnerships.

Physician base and sales force strategy

• Physician base grew 17% year-over-year to 1,650, marking 20 consecutive quarters of double-digit growth.

• Large runway remains with 8,000+ spine surgeons, 4,000 interventionalists, and 2,000 trauma surgeons as potential users.

• Focus on both expanding the physician base and increasing procedural density per physician, with 25% of SI joint docs now performing additional procedures, up from under 10% four years ago.

• Sales force has evolved into a hybrid model with 160 field reps, leveraging agents for longer GRANITE cases and partnerships for trauma.

• Plan to expand from 88 to 100 territories to support new product launches and deeper market penetration.