Company Overview - SI-BONE, Inc. is a medical device company focused on addressing sacropelvic disorders and is recognized as a global leader in developing innovative surgical technologies [3] - The company pioneered minimally invasive SI joint surgery in 2009 with the introduction of the iFuse Implant System, supporting over 4,500 physicians and facilitating more than 120,000 procedures [3] - SI-BONE has established a strong clinical foundation with over 160 peer-reviewed publications, including two randomized controlled trials, validating the effectiveness of its technologies [3] Upcoming Event - SI-BONE will participate in the 2025 Truist Securities MedTech Conference in Boston, MA, with a fireside chat scheduled for June 17, 2025, at 10:00 a.m. Pacific Time [1] - Investors can register for the conference call and access a live audio webcast on the company's website, which will be archived for at least 90 days post-event [2]

Company Participation - SI-BONE, Inc. will participate in the 2025 Goldman Sachs 46 Global Healthcare Conference in Miami Beach, FL, hosting a fireside chat on June 10, 2025, at 8:20 a.m. Pacific Time [1] Company Overview - SI-BONE is a global leader in developing technologies for surgical treatment of sacropelvic disorders, having pioneered minimally invasive SI joint surgery in 2009 with the iFuse Implant System [3] - The company has supported over 4,500 physicians in performing more than 120,000 procedures, backed by over 160 peer-reviewed publications, including two randomized controlled trials [3] - SI-BONE has expanded its offerings to adjacent markets, including adult deformity, spinopelvic and sacropelvic fixation, and pelvic trauma [3]

Core Viewpoint - Si-Bone (SIBN) shares have increased by 27.6% in the past four weeks, closing at $18.38, with a mean price target of $24.67 indicating a potential upside of 34.2% [1] Price Targets and Analyst Estimates - The mean estimate consists of nine short-term price targets with a standard deviation of $3.57, where the lowest estimate is $19 (3.4% increase) and the highest is $32 (74.1% increase) [2] - A low standard deviation suggests a high degree of agreement among analysts regarding the stock's price movement [9] Earnings Estimates and Market Sentiment - Analysts are optimistic about SIBN's earnings prospects, as indicated by a positive trend in earnings estimate revisions, with five estimates moving higher and no negative revisions in the last 30 days, resulting in a 7.7% increase in the Zacks Consensus Estimate [11][12] - SIBN holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimates [13]

Group 1: Momentum Investing Overview - Momentum investing involves following a stock's recent trend, with the aim of buying high and selling higher, capitalizing on established price movements [1] - The Zacks Momentum Style Score helps investors identify which metrics to focus on for momentum, addressing the challenges in defining momentum [2] Group 2: Si-Bone (SIBN) Performance - Si-Bone currently holds a Momentum Style Score of B and a Zacks Rank of 2 (Buy), indicating strong potential for outperformance [3][4] - Over the past week, SIBN shares have increased by 32.17%, while the Zacks Medical - Instruments industry remained flat [6] - In a longer timeframe, SIBN shares have risen 14.58% over the past quarter and 25.2% over the past year, outperforming the S&P 500 which moved -3.09% and 13.39% respectively [7] Group 3: Trading Volume and Earnings Outlook - SIBN's average 20-day trading volume is 478,841 shares, which is a useful indicator of market interest and price movement [8] - In the past two months, 5 earnings estimates for SIBN have increased, raising the consensus estimate from -$0.67 to -$0.62 [10] - For the next fiscal year, 3 estimates have moved upwards while 1 has been revised downwards, indicating a positive trend in earnings outlook [10] Group 4: Conclusion - Considering the performance metrics and earnings outlook, SIBN is positioned as a promising momentum stock with a Momentum Score of B [12]

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]

Financial Performance - Revenue for Q1 2025 was $47.29 million, a 25% increase from $37.87 million in Q1 2024[16] - Gross profit for Q1 2025 was $37.70 million, compared to $29.87 million in Q1 2024, reflecting a gross margin improvement[16] - Net loss for Q1 2025 was $6.54 million, an improvement from a net loss of $10.90 million in Q1 2024[16] - The company reported a comprehensive loss of $6.47 million for Q1 2025, compared to a comprehensive loss of $10.97 million in Q1 2024[16] - Revenue for the three months ended March 31, 2025, was $47.29 million, a 25% increase from $37.87 million in the same period of 2024[30] - U.S. revenue accounted for $44.84 million, representing a 27% increase from $35.43 million in the prior year[30] - International revenue was $2.45 million, slightly up from $2.44 million year-over-year, accounting for less than 10% of total revenue[30] - The net loss for the three months ended March 31, 2025, was $6.542 million, compared to a net loss of $10.904 million for the same period in 2024, representing a 40.5% improvement[69] Assets and Liabilities - Total current assets decreased to $204.20 million as of March 31, 2025, down from $207.78 million at the end of 2024[15] - Cash and cash equivalents increased to $41.19 million at the end of Q1 2025, up from $34.95 million at the end of 2024[15] - As of March 31, 2025, total marketable securities amounted to $137.74 million, a decrease from $142.42 million as of December 31, 2024[34] - Accrued liabilities decreased to $15.16 million as of March 31, 2025, down from $19.49 million at the end of 2024[40] - Outstanding borrowings from the term loan remained constant at $36 million as of March 31, 2025, with net outstanding debt of $35.481 million after accounting for debt issuance costs[52] Inventory and Expenses - Inventory increased to $30.38 million as of March 31, 2025, compared to $27.07 million at the end of 2024[15] - Inventory as of March 31, 2025, included finished goods of $26.4 million and work-in-progress of $4.0 million, compared to $24.0 million and $3.1 million respectively at the end of 2024[38] - Operating expenses for Q1 2025 totaled $45.18 million, up from $41.91 million in Q1 2024, driven by increased sales and marketing expenses[16] - Depreciation expense for the three months ended March 31, 2025, was $1.3 million, compared to $1.1 million for the same period in 2024[39] - Operating lease expense decreased slightly from $383,000 in Q1 2024 to $311,000 in Q1 2025, while total lease expense remained stable at $521,000[44] Stock and Compensation - As of March 31, 2025, the Company had 1,021,086 stock options outstanding with a weighted average exercise price of $11.10[58] - The total number of stock options outstanding decreased to 1,021,086 as of March 31, 2025, from 1,158,816 in the same period of 2024[70] - Stock-based compensation expense for the three months ended March 31, 2025, totaled $6.663 million, a decrease of 5.2% from $7.030 million in the same period of 2024[67] - As of March 31, 2025, the outstanding RSUs increased to 2,709,262 with a weighted average grant date fair value of $17.61, while PSUs outstanding reached 785,457 with a weighted average grant date fair value of $16.17[63] Future Outlook and Strategy - The company expects to derive a significant portion of future revenue from new products addressing sacropelvic anatomy[10] - The company is focused on retaining and growing its sales team to meet product demand and enhance market presence[10] - The Company launched new products including iFuse INTRA and iFuse TORQ TNT in 2024, expanding its titanium implant product lines[1] Regulatory and Compliance - The Company is currently cooperating with a civil investigative demand from the U.S. Department of Justice regarding potential violations of the Anti-Kickback Statute, which may have a material impact on its business[50] - The Company is evaluating the impacts of new accounting standards ASU 2023-09 and ASU 2024-03 on its disclosures[31][32] Debt and Interest - The effective interest rates for the term loan were 7.3% for Q1 2025, down from 9.3% in Q1 2024[57] - The Company entered into a Third Amendment to its Loan and Security Agreement, extending a new term loan of $36 million with a maturity date set for September 1, 2029[55] - Interest on the Third Amendment Term Loan is payable monthly at a floating annual rate, which may increase with rising interest rates, but the Company believes its exposure to interest rate risk is not significant[136] Investment Strategy - The Company continues to focus on capital preservation and liquidity requirements in its investment strategy, with no investments made for trading or speculative purposes[135] - The Company has purchase commitments related to inventory management amounting to $600,000 as of March 31, 2025, up from $400,000 at the end of 2024[45]

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 ...