Si-bone (SIBN 2.93%), a medical machine innovator targeted on minimally invasive surgical procedure for joint dysfunction and pelvic circumstances, launched its second quarter 2025 outcomes on August 4, 2025. The corporate reported GAAP income of $48.6 million and a GAAP web loss per share of $(0.14) for Q2 2025. Each figures surpassed analyst forecasts of $48.12 million and $(0.18) GAAP, respectively. The interval marked a stable quarter for Si-bone, with double-digit income development, posted constructive adjusted EBITDA, and raised its full 12 months outlook. U.S. income drove outcomes, whereas worldwide gross sales remained flat.
| Metric | Q2 2025 | Q2 2025 Estimate | Q2 2024 | Y/Y Change |
|---|---|---|---|---|
| EPS (GAAP) | $(0.14) | $(0.18) | $(0.22) | N/A |
| Income | $48.6 million | $48.12 million | $40.0 million | 21.7 % |
| Gross Margin | 79.8 % | 79.0 % | 0.8 pp | |
| Web Loss | $6.2 million | $8.9 million | 30.3 % | |
| Adjusted EBITDA | $1.0 million | $(2.7) million | n/m |
Supply: Analyst estimates supplied by FactSet. Administration expectations based mostly on administration’s steering, as supplied in Q1 2025 earnings report.
Si-bone’s Enterprise Mannequin and Key Drivers
Si-bone designs and sells implant methods and associated devices for spinal and pelvic surgical procedures. Its core focus is on the sacroiliac (SI) joint, a frequent reason for decrease again ache, in addition to pelvic trauma and complicated spinal instances. The corporate’s merchandise, together with iFuse-3D (a 3D-printed titanium implant), iFuse TORQ (a screw-like implant for trauma fixation), and iFuse Bedrock Granite (used for pelvic anchoring in spinal fusion), are supported by scientific research and purpose to simplify surgical procedure and enhance affected person outcomes.
The corporate’s latest focus areas embody creating new and enhanced implants, profitable expanded reimbursement protection so hospitals are higher compensated for utilizing its gadgets, and scaling up direct and agent-based gross sales groups. Key elements for fulfillment stay sturdy innovation, staying forward of regulatory necessities, doctor adoption, and increasing the variety of process varieties every physician performs utilizing Si-bone know-how.
Quarter in Evaluate: Financials, Launches, and Regulatory Developments
GAAP income climbed 21.7% year-over-year in Q2 2025, topping estimates and pushed nearly completely by U.S. market development. U.S. gross sales elevated 22.8% year-over-year, fueled by continued sturdy process demand, whereas worldwide income remained flat at $2.2 million (GAAP), highlighting restricted development in non-U.S. markets. Gross margin (GAAP) superior barely, rising 0.8 proportion factors to 79.8%, benefiting from favorable product and process combine and provide chain enhancements. Gross revenue (GAAP) rose to $38.8 million, a 22.9% enhance over Q2 2024.
Working bills grew 10.0% to $45.8 million, with the sharpest beneficial properties normally and administrative spending. Gross sales and advertising bills have been $30.8 million (GAAP), whereas analysis and improvement remained regular year-over-year. Si-bone’s working loss narrowed to $7.0 million, and its adjusted EBITDA swung constructive to $1.0 million, displaying the corporate’s skill to drive improved profitability metrics on an adjusted (non-GAAP) foundation.
The second quarter noticed momentum for a number of product households. The iFuse TORQ TNT trauma screw platform, designed for sacral fractures, gained U.S. market adoption forward of inner targets following a brand new reimbursement add-on approval from the Facilities for Medicare and Medicaid Providers (CMS) scheduled to take impact in October 2025. The corporate additionally launched iFuse TORQ in Europe in July, increasing its worldwide footprint. Demand for iFuse Bedrock Granite, the corporate’s implant for pelvic fixation throughout backbone procedures, remained stable, pushed by favorable reimbursement proposals and powerful surgeon uptake. In the meantime, iFuse INTRA, a minimally invasive SI joint resolution, continued to develop attain amongst interventional backbone docs.
Si-bone reported sturdy engagement with U.S. physicians. The variety of lively U.S. docs elevated 25%, reaching 1,440. Income per territory climbed 23% to $2.1 million on a trailing 12-month foundation. There was a 43% enhance in physicians performing a couple of process sort.
Regulatory and reimbursement dynamics have been a serious theme this quarter. CMS confirmed a New Expertise Add-On Cost (NTAP) for hospital procedures utilizing iFuse TORQ TNT, offering as much as $4,136 additional per case efficient October 1, 2025. CMS additionally proposed an 8-9% enhance in spinal fusion reimbursement tied to instances utilizing Bedrock Granite as a part of the CMS fiscal 12 months 2026 proposal, although a pending reassignment that would additional elevate funds stays beneath overview. Such fee modifications affect hospital economics and may speed up adoption of recent applied sciences. The corporate continued to spotlight the scientific proof underpinning its merchandise, supported by 4 randomized trials and over 175 peer-reviewed publications.
No dividends have been declared.
Trying Forward: Steerage and Key Areas to Watch
Si-bone raised its FY2025 steering following the quarter’s outcomes. Administration now tasks income between $195 million and $198 million for FY2025, representing 17% to 18% annual development, up from earlier steering. The corporate expects gross margin will land between 78.5% and 79.0% for FY2025, implying stability relatively than substantial enchancment. Working bills are anticipated to develop about 10% on the midpoint of income expectations, with full-year adjusted EBITDA (non-GAAP) to stay constructive for FY2025.
Administration’s outlook indicators continued confidence within the underlying demand for its procedures, powered by product launches, doctor growth, and ongoing reimbursement tailwinds. Buyers could want to observe progress on the worldwide rollout, the launch and ramp of recent merchandise just like the next-generation SI joint resolution deliberate for early 2026, and updates on pending reimbursement coverage modifications that would materially have an effect on adoption. Sustained profitability on a GAAP foundation stays a medium-term objective.
Income and web earnings offered utilizing U.S. usually accepted accounting rules (GAAP) until in any other case famous.
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