Summary of SI-BONE (SIBN) Conference Call - May 13, 2025 Company Overview - **Company**: SI-BONE (SIBN) - **Industry**: Medical Devices, specifically focused on spinal and orthopedic solutions Key Financial Highlights - **Q1 Revenue Growth**: 25% overall, with 27% growth in the US [3][6] - **Volume Growth**: 27% increase in volume, broad-based across all modalities [3][5] - **Active Physicians**: Added 300 active physicians in Q1, reaching a record of over 1,400 [4][5] - **Gross Margin**: Close to 80%, with an 80 basis point improvement [5][22] - **Adjusted EBITDA**: Positive for the second consecutive quarter [6][30] - **Cash Burn**: Declined by approximately 32% [6] Market and Product Insights - **Total Addressable Market (TAM)**: - SI joint dysfunction: $2.5 billion - Pelvic fixation: $1 billion - Trauma market: $300 million [9][10] - **Core Business**: SI joint dysfunction remains the largest segment, with new product launches contributing to growth [10][11] - **New Product Launches**: - Torque (2021) and Intra (2024) have been significant growth drivers [10][11] - Upcoming product targeting SI joint dysfunction expected in Q1 2026 [11][54] Guidance and Future Outlook - **Guidance Approach**: Conservative, with a thoughtful approach to setting expectations for the remainder of 2025 [14][16] - **Long-term Growth Drivers**: - Technology leadership and physician engagement for new products [15][16] - Reimbursement tailwinds from NTAP and TPT [15][16] - **Q2 and Q3 Expectations**: Anticipated variability due to seasonal factors and macroeconomic conditions [20][21] Operational Efficiency - **Operating Leverage**: Revenue growth has consistently outpaced operating expense growth, with a target of 1.75x revenue to OpEx growth [30][32] - **R&D Investments**: Continued focus on R&D for new products, with elevated spending expected [31][34] Physician Engagement Metrics - **Active Physician Growth**: Four years of double-digit growth, doubling the active physician base over the last two years [39][40] - **Procedure Volume**: 30% increase in same-store sales for procedures performed by existing physicians [42] Interventional Strategy - **Interventional Market Engagement**: Focus on interventional spine physicians, with successful product launches leading to increased adoption [46][48] - **New Product for Interventionalists**: Expected to simplify workflows and attract new interventionalists [49][51] Pipeline Products - **Upcoming Products**: - SI joint dysfunction product expected in Q1 2026 [54][56] - Third BDD product in development, targeting pressing issues in the spine industry [54][55] Conclusion - **Overall Performance**: Strong Q1 results provide a solid foundation for continued growth, with a focus on expanding physician engagement and product offerings in the medical device market [6][15]

Group 1 - Si-Bone (SIBN) shares have increased by 25.5% over the past four weeks, closing at $17.47, with a mean price target of $24.67 indicating a potential upside of 41.2% [1] - The mean estimate consists of nine short-term price targets with a standard deviation of $3.57, where the lowest estimate is $19 (an 8.8% increase) and the highest is $32 (an 83.2% increase) [2] - Analysts show strong agreement on SIBN's ability to report better earnings, with a positive trend in earnings estimate revisions correlating with potential stock price increases [4][11] Group 2 - The Zacks Consensus Estimate for SIBN has increased by 7% due to four upward revisions in earnings estimates over the last 30 days, with no negative revisions [12] - SIBN holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate factors, indicating strong potential for upside [13] - While price targets can be misleading, the direction implied by them may serve as a useful guide for further research into SIBN's fundamentals [10][11]

Company Overview - SI-BONE, Inc. is a medical device company focused on addressing sacropelvic disorders and is recognized as a global leader in developing surgical technologies for these conditions [3] - The company pioneered minimally invasive SI joint surgery in 2009 and has supported over 4,500 physicians in performing more than 120,000 procedures [3] - SI-BONE has established a strong clinical evidence base, including two randomized controlled trials and over 160 peer-reviewed publications [3] Upcoming Event - SI-BONE will participate in the 2025 BofA Securities Healthcare Conference in Las Vegas, with a fireside chat scheduled for May 13, 2025, at 8:40 a.m. Pacific Time [1] - Investors can listen to the conference call by registering online, and a live audio webcast will be available on the company's website [2]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number: 001-38701 SI-BONE, INC. (Exact Name of Registrant as Specified in its Charter) (State or Other Jurisdiction o ...

Financial Performance - SI-BONE achieved a worldwide revenue growth of 24.9% reaching $47.3 million in 1Q25[8] - U S revenue grew by 26.6% to $44.8 million in 1Q25[8] - The company reported a gross margin of 79.7%, an improvement of 80 basis points[8] - Adjusted EBITDA turned positive at $0.5 million, a 112% year-over-year improvement[8, 15] - The company expects to have $144.4 million in cash and equivalents[16] Physician Engagement and Procedure Volume - SI-BONE added a record 300 U S physicians in 1Q25[6] - There was a 27.1% growth in U S active physicians[8] - U S procedure volume increased by approximately 27% from 4,000 in 1Q24 to 5,100 in 1Q25[10] - The U S active physician base grew by approximately 27% from 1,100 in 1Q24 to 1,400 in 1Q25[12] Product and Market Opportunity - The company is developing a third breakthrough-designated device, iFuse TORQ TNT[6] - SI-BONE is pursuing a proposed New Technology Add-On Payment (NTAP) of $3,960 for iFuse TORQ TNT[6] - The total U S addressable market for SI-BONE's products is estimated to be over $3.5 billion, with less than 10% currently penetrated[21, 29] Future Outlook - The company updated its 2025 worldwide revenue guidance to $193.5 - $197.5 million, implying a growth of approximately 16%-18%[19, 20]

Si-Bone (SIBN) came out with a quarterly loss of $0.15 per share versus the Zacks Consensus Estimate of a loss of $0.24. This compares to loss of $0.27 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 37.50%. A quarter ago, it was expected that this medical device maker would post a loss of $0.16 per share when it actually produced a loss of $0.11, delivering a surprise of 31.25%.Over the last four quarters, the company has sur ...

Financial Data and Key Metrics Changes - Worldwide revenue for the quarter reached $47.3 million, representing approximately 25% growth compared to the prior year [6][27] - U.S. revenue was $44.8 million, reflecting approximately 27% growth, driven by a 27.3% increase in procedure volume [7][28] - Gross profit was $37.7 million, an increase of $7.8 million or 26.2%, with a gross margin rate of 79.7%, improving by nearly 80 basis points [28] - Net loss narrowed to $6.5 million or $0.15 per diluted share, compared to a net loss of $10.9 million or $0.27 per diluted share in the prior year [29] Business Line Data and Key Metrics Changes - The company experienced broad-based demand for existing technologies and rapid adoption of new solutions launched last year [7][9] - The number of four implant Granite cases grew approximately 69% compared to the prior year period [14] - The introduction of iFuse Torque and iFuse Intra has expanded the market and accelerated procedure volume growth [11][12] Market Data and Key Metrics Changes - The total addressable market has increased to over $3.5 billion, with 25% cumulative procedure volume growth over the last three years [10][11] - The company is targeting nearly 100,000 degenerative procedures annually with the Granite product, which became eligible for transitional pass-through payment starting January 1, 2025 [14] - The pelvic trauma market, with nearly 60,000 potential target procedures annually, represents a $300 million market opportunity [18] Company Strategy and Development Direction - The company focuses on innovation, engagement, commercial execution, and operational excellence as key priorities [10] - A hybrid commercial model combining territory managers and clinical specialists with third-party agents is being utilized to enhance market reach [25] - The company plans to launch new products over the next twelve to eighteen months, including a new SI joint fusion solution and a breakthrough device targeting spine surgery [19][87] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand for solutions and the ability to maintain strong revenue growth despite macroeconomic uncertainties [32][56] - The company updated its full-year revenue guidance to a range of $193.5 million to $197.5 million, implying year-over-year growth of approximately 16% to 18% [33][34] - Management highlighted the importance of favorable reimbursement trends and the potential for continued growth in procedure volumes [15][56] Other Important Information - The company exited the quarter with $144.4 million in cash and marketable securities, with a total cash usage of $5.6 million, a 31.7% improvement over the prior year [30] - The company does not anticipate any material impact on gross margins or supply chain from proposed tariffs, as most manufacturing is domestic [31] Q&A Session Summary Question: Contribution from new products and channels to growth - Management noted broad-based growth across all modalities, with strong demand for new products launched in 2024 contributing to accelerating growth [39] Question: Drivers of strong gross margin and future expectations - Management attributed gross margin improvement to better-than-expected average selling prices and supply chain efficiencies, while remaining cautious about potential pressures [42][46] Question: Long-term growth potential and guidance - Management expressed confidence in sustained growth potential beyond 2025, driven by technology leadership and expanding physician engagement [55] Question: Sequential growth expectations and guidance update - Management indicated that while they expect to maintain strong growth, they are being prudent in their guidance due to macroeconomic conditions [64] Question: Operating expenses and growth expectations - Management highlighted that increased operating expenses are linked to R&D investments and sales commissions, but they expect to maintain healthy operating leverage [70]

Financial Performance - SI-BONE achieved a worldwide revenue growth of 24.9% reaching $47.3 million in 1Q25[8] - U S revenue grew by 26.6% to $44.8 million in 1Q25[8] - The company reported a gross margin of 79.7%, an improvement of 80 basis points[8] - Adjusted EBITDA turned positive at $0.5 million, a 112% year-over-year improvement[8, 15] - The company expects to have $144.4 million in cash and equivalents[16] Physician Engagement and Procedure Volume - SI-BONE added a record 300 U S physicians in 1Q25[6] - There was a 27.1% growth in U S active physicians[8] - U S procedure volume increased by approximately 27% from 4,000 in 1Q24 to 5,100 in 1Q25[10] - The U S active physician base grew by approximately 27% from 1,100 in 1Q24 to 1,400 in 1Q25[12] Product and Market Opportunity - The company is developing a third breakthrough-designated device, iFuse TORQ TNT[6] - SI-BONE is pursuing a proposed New Technology Add-On Payment (NTAP) of $3,960 for iFuse TORQ TNT[6] - The total U S addressable market for SI-BONE's products is estimated to be over $3.5 billion, with less than 10% currently penetrated[21, 29] Future Outlook - The company updated its 2025 worldwide revenue guidance to $193.5 - $197.5 million, implying a growth of approximately 16%-18%[19, 20]

Financial Data and Key Metrics Changes - Worldwide revenue for Q1 2025 reached $47.3 million, representing approximately 25% growth compared to the prior year [6][26] - U.S. revenue was $44.8 million, reflecting approximately 27% growth, driven by a 27.3% increase in procedure volume [7][26] - Gross profit was $37.7 million, an increase of $7.8 million or 26.2%, with a gross margin rate of 79.7% [27] - Net loss narrowed to $6.5 million or $0.15 per diluted share, compared to a net loss of $10.9 million or $0.27 per diluted share in the prior year [28] - Positive adjusted EBITDA of approximately $5 million compared to an adjusted EBITDA loss of $4 million in Q1 2024 [29] Business Line Data and Key Metrics Changes - The company experienced broad-based demand for existing technologies and rapid adoption of new solutions launched in 2024 [7][39] - The number of physicians performing procedures using the company's products grew by 27%, with over 1,400 U.S. physicians engaged [19] - The number of four implant Granite cases grew approximately 69% compared to the prior year period [13] Market Data and Key Metrics Changes - The total addressable market has increased to over $3.5 billion, with a cumulative procedure volume growth of 25% over the last three years [9][10] - The company is targeting nearly 100,000 degenerative procedures annually with its Granite product, which became eligible for transitional pass-through payment starting January 1, 2025 [13][14] Company Strategy and Development Direction - The company focuses on innovation, engagement, commercial execution, and operational excellence as key priorities [9] - The strategy includes diversifying the product platform with unique yet complementary technologies to expand the target modalities and physician footprint [9][10] - The company aims to reach 100 territories over the next 12 to 15 months, leveraging a hybrid commercial model combining territory managers and third-party agents [24][58] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver strong results over the long term, supported by resilient business trends and favorable reimbursement conditions [8][9] - The updated full-year revenue guidance is between $193.5 million to $197.5 million, implying year-over-year growth of approximately 16% to 18% [32] - Management noted that the company is well-positioned to achieve free cash flow in 2026, with a focus on maintaining operational discipline [30][32] Other Important Information - The company has a strong pipeline of novel technologies under development, with plans to launch new products over the next 12 to 18 months [16][18] - The company does not anticipate any material impact on gross margins or supply chain from proposed tariffs, as most manufacturing is domestic [30][31] Q&A Session Summary Question: Contribution from new products and channels to growth - Management noted broad-based growth and strong demand for current solutions, with impressive adoption of new products launched in 2024 [39] Question: Drivers of gross margin and future expectations - Management highlighted better-than-expected average selling price (ASP) and efficiency initiatives as key drivers of gross margin improvement [42][44] Question: Long-term growth expectations - Management expressed confidence in sustained growth potential, driven by technology leadership and expanding physician engagement [53][56] Question: Expected cadence of new guidance and sequential growth - Management indicated that while they do not think about the business in quarters, they expect to manage seasonality effectively with new product rollouts [66] Question: Operating expenses guidance - Management explained that elevated R&D investments and higher commissions linked to revenue growth are driving the expected increase in operating expenses [70][72] Question: Update on surgeon base and engagement - Management reported a record increase in the physician base, with broad engagement across various specialties [76][78] Question: Updates on reimbursement proposals - Management provided insights on CMS proposals and the potential for increased reimbursement rates, which could accelerate adoption of products [80][81] Question: Traction and adoption of TNT product - Management noted that TNT is seeing rapid adoption and is expected to benefit from upcoming reimbursement changes [97]

Achieved ~25% worldwide revenue growth and positive adjusted EBITDA First Quarter 2025 Financial Highlights (all comparisons are to the prior year period) Recent Operational Highlights (any comparisons are to the prior year period) SANTA CLARA, Calif. May 5, 2025 - SI-BONE, Inc. (Nasdaq: SIBN), a medical device company dedicated to solving sacropelvic disorders, today reported financial results for the quarter ended March 31, 2025. "Our momentum continues unabated with a strong start to 2025, as we outperfo ...