Second Quarter 2025 Financial Highlights (all comparisons are to the prior year period)
- Worldwide revenue of
$48.6 million , representing growth of 21.7% U.S. revenue of$46.4 million , representing growth of 22.8%- Gross margin of 79.8%, representing an improvement of 80 basis points
- Net loss of
$6.2 million , representing an improvement of 31.2% - Positive adjusted EBITDA of
$1.0 million $145.5 million in cash and equivalents, with$1.1 million net cash generated in the quarter
Recent Operational Highlights (any comparisons are to the prior year period)
- 1,440 active
U.S. physicians, representing growth of ~25% $2.1 million in trailing 12-month average revenue per territory, representing an increase of ~23%- CMS final FY2026 hospital inpatient rule confirmed the New Technology Add-On Payment (“NTAP”) effective
October 1, 2025 , paying an additional amount up to$4,136 for procedures involving iFuse TORQ TNT - CMS proposed the continuation of the Transitional Pass-Through Payment for Granite for CY2026
- In July, launched iFuse TORQ across
Europe with first cases performed in multiple countries
Commercial Leadership Update
Tony Recupero , President, Commercial Operations, announced his decision to retire effectiveFebruary 15, 2026 . EffectiveFebruary 16, 2025 , he will transition to a 12-month advisory role- Announced the appointment of
Nikolas Kerr , Senior Vice President of Product, Marketing and Business Development, as Chief Commercial Officer to succeedTony Recupero effectiveFebruary 16, 2026
“Our strong second-quarter performance highlights how our innovation-driven strategy continues to fuel robust engagement across our rapidly expanding physician base,” said
“Given Tony’s decision to retire, I want to extend my deepest thanks to him for his outstanding leadership, partnership, and friendship over the past decade,”
Second Quarter 2025 Financial Results
Worldwide revenue was
Gross profit was
Operating expenses increased 10.0% to
Operating loss improved by 30.5% to
Net loss improved by 31.2% to
Adjusted EBITDA was positive
Cash and equivalents as of
Fiscal 2025 Updated Financial Guidance
| Fiscal Year 2025 Guidance | ||
| New ( |
Prior ( |
|
| Revenue | ~17%-18% growth |
~16%-18% growth |
| Gross Margin | 78.5% to 79.0% | 78% |
| Operating Expenses | ~10% growth at revenue midpoint |
~10% growth at revenue midpoint |
| Adjusted EBITDA | Positive | Positive |
Webcast Information
About
For additional information on the company or the products including risks and benefits, please visit www.si-bone.com.
iFuse Bedrock Granite, iFuse TORQ, iFuse TORQ TNT and
Forward-Looking Statements
The statements in this press release regarding expectations of future events or results, including SI-BONE’s expectations of continued revenue and procedure growth and financial outlook, are “forward-looking” statements. These forward-looking statements are based on SI-BONE’s current expectations and inherently involve significant risks and uncertainties. These risks include SI-BONE’s ability to introduce and commercialize new products and indications, SI-BONE’s ability to maintain favorable reimbursement for procedures using its products, the impact of any future economic weakness or deterioration in economic conditions as a result of tariffs and retaliation by
Use of Non-GAAP Financial Measures
Adjusted EBITDA should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP. Because adjusted EBITDA excludes the effect of items that increase or decrease SI-BONE’s reported results of operations, management strongly encourages investors to review, when they become available, the company's consolidated financial statements and publicly filed reports in their entirety. The company's definition of adjusted EBITDA may differ from similarly titled measures used by others.
Investor Contact
VP, FP&A, and Investor Relations
investors@SI-BONE.com
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except share and per share amounts) (Unaudited) |
||||||||||||||||
| Three Months Ended |
Six Months Ended |
|||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenue | $ | 48,630 | $ | 39,969 | $ | 95,920 | $ | 77,836 | ||||||||
| Cost of goods sold | 9,823 | 8,393 | 19,418 | 16,395 | ||||||||||||
| Gross profit | 38,807 | 31,576 | 76,502 | 61,441 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Sales and marketing | 30,781 | 28,970 | 61,462 | 58,357 | ||||||||||||
| Research and development | 4,309 | 4,352 | 8,843 | 8,697 | ||||||||||||
| General and administrative | 10,721 | 8,332 | 20,681 | 16,508 | ||||||||||||
| Total operating expenses | 45,811 | 41,654 | 90,986 | 83,562 | ||||||||||||
| Loss from operations | (7,004 | ) | (10,078 | ) | (14,484 | ) | (22,121 | ) | ||||||||
| Interest and other income (expense), net: | ||||||||||||||||
| Interest income | 1,520 | 2,015 | 3,112 | 4,128 | ||||||||||||
| Interest expense | (666 | ) | (880 | ) | (1,328 | ) | (1,761 | ) | ||||||||
| Other income (expense) | (2 | ) | 4 | 6 | (89 | ) | ||||||||||
| Net loss | $ | (6,152 | ) | $ | (8,939 | ) | $ | (12,694 | ) | $ | (19,843 | ) | ||||
| Net loss per share, basic and diluted | $ | (0.14 | ) | $ | (0.22 | ) | $ | (0.30 | ) | $ | (0.48 | ) | ||||
| Weighted-average number of common shares used to compute basic and diluted net loss per share | 42,788,123 | 41,317,627 | 42,564,158 | 41,126,009 | ||||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (unaudited) |
||||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 34,150 | $ | 34,948 | ||||
| Short-term investments | 111,394 | 115,094 | ||||||
| Accounts receivable | 24,371 | 27,459 | ||||||
| Inventory | 34,245 | 27,074 | ||||||
| Prepaid expenses and other current assets | 3,289 | 3,204 | ||||||
| Total current assets | 207,449 | 207,779 | ||||||
| Property and equipment, net | 21,701 | 20,374 | ||||||
| Operating lease right-of-use assets | 1,465 | 1,984 | ||||||
| Other non-current assets | 306 | 300 | ||||||
| TOTAL ASSETS | $ | 230,921 | $ | 230,437 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 7,495 | $ | 6,488 | ||||
| Accrued liabilities and other | 16,149 | 19,492 | ||||||
| Operating lease liabilities, current portion | 1,106 | 1,152 | ||||||
| Total current liabilities | 24,750 | 27,132 | ||||||
| Long-term borrowings | 35,510 | 35,452 | ||||||
| Operating lease liabilities, net of current portion | 318 | 879 | ||||||
| Other long-term liabilities | — | 10 | ||||||
| TOTAL LIABILITIES | 60,578 | 63,473 | ||||||
| STOCKHOLDERS’ EQUITY | ||||||||
| Common stock | 4 | 4 | ||||||
| Additional paid-in capital | 613,727 | 598,070 | ||||||
| Accumulated other comprehensive income | 660 | 244 | ||||||
| Accumulated deficit | (444,048 | ) | (431,354 | ) | ||||
| TOTAL STOCKHOLDERS’ EQUITY | 170,343 | 166,964 | ||||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 230,921 | $ | 230,437 | ||||
RECONCILIATION OF NET LOSS TO NON-GAAP ADJUSTED EBITDA (In thousands) (unaudited) |
||||||||||||||||
| Three Months Ended |
Six Months Ended |
|||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Net loss | $ | (6,152 | ) | $ | (8,939 | ) | $ | (12,694 | ) | $ | (19,843 | ) | ||||
| Interest income | (1,520 | ) | (2,015 | ) | (3,112 | ) | (4,128 | ) | ||||||||
| Interest expense | 666 | 880 | 1,328 | 1,761 | ||||||||||||
| Depreciation and amortization | 1,368 | 992 | 2,646 | 2,081 | ||||||||||||
| Stock-based compensation | 6,658 | 6,398 | 13,321 | 13,428 | ||||||||||||
| Adjusted EBITDA | $ | 1,020 | $ | (2,684 | ) | $ | 1,489 | $ | (6,701 | ) | ||||||
Source: SI-BONE, Inc.