SI-BONE(SIBN) - 2025 Q2 - Quarterly Results

Executive Summary & Highlights Second Quarter 2025 Performance Overview SI-BONE reported strong second-quarter 2025 financial results, achieving approximately 22% worldwide revenue growth, positive Adjusted EBITDA, and cash flow breakeven, driven by innovation and expanding physician engagement Second Quarter 2025 Financial & Operational Highlights | Metric | Q2 2025 Value | YoY Change | Source | | :----------------------------------- | :------------ | :--------- | :----- | | Worldwide Revenue | $48.6 million | +21.7% | [3] | | U.S. Revenue | $46.4 million | +22.8% | [3] | | Gross Margin | 79.8% | +80 bps | [3] | | Net Loss | $6.2 million | -31.2% | [3] | | Adjusted EBITDA | $1.0 million | Positive | [3] | | Cash and Equivalents | $145.5 million| N/A | [3] | | Net Cash Generated in Quarter | $1.1 million | N/A | [3] | | Active U.S. Physicians | 1,440 | +~25% | [3] | | Trailing 12-Month Avg. Revenue per Territory | $2.1 million | +~23% | [3] | Recent Operational Highlights Key operational achievements include favorable regulatory updates for iFuse TORQ TNT and Granite, and the successful launch of iFuse TORQ across Europe - CMS confirmed New Technology Add-On Payment (NTAP) for iFuse TORQ TNT, effective October 1, 2025, providing an additional amount up to $4,136 for procedures[3] - CMS proposed the continuation of the Transitional Pass-Through Payment for Granite for CY2026[3] - Launched iFuse TORQ across Europe in July, with initial cases performed in multiple countries[3] Commercial Leadership Update Tony Recupero, President, Commercial Operations, announced his retirement effective February 15, 2026, and will transition to an advisory role; Nikolas Kerr has been appointed Chief Commercial Officer to succeed him - Tony Recupero, President, Commercial Operations, announced his decision to retire effective February 15, 2026, and will transition to a 12-month advisory role[3] - Nikolas Kerr, Senior Vice President of Product, Marketing and Business Development, was appointed Chief Commercial Officer, effective February 16, 2026, to succeed Tony Recupero[3] Second Quarter 2025 Financial Results Revenue Performance SI-BONE achieved strong double-digit revenue growth in Q2 2025, primarily driven by robust U.S. procedure demand and accelerating adoption of new product launches Q2 2025 Revenue Performance (YoY) | Metric | Q2 2025 (Millions) | Q2 2024 (Millions) | YoY Change | | :----------------- | :----------------- | :----------------- | :--------- | | Worldwide Revenue | $48.6 | $40.0 | +21.7% | | U.S. Revenue | $46.4 | $37.8 | +22.8% | | International Revenue | $2.2 | $2.2 | 0.0% | Profitability Analysis Gross profit increased significantly with an improved gross margin, while operating expenses rose due to commercial activities; both operating loss and net loss showed substantial year-over-year improvements Q2 2025 Profitability Metrics (YoY) | Metric | Q2 2025 (Millions) | Q2 2024 (Millions) | YoY Change | | :-------------------- | :----------------- | :----------------- | :--------- | | Gross Profit | $38.8 | $31.6 | +22.9% | | Gross Margin | 79.8% | 79.0% | +80 bps | | Operating Expenses | $45.8 | $41.7 | +10.0% | | Operating Loss | $(7.0) | $(10.1) | -30.5% | | Net Loss | $(6.2) | $(8.9) | -31.2% | | Net Loss per Diluted Share | $(0.14) | $(0.22) | -36.4% | - The increase in operating expenses was primarily driven by general commercial activity related to higher revenue and new product rollout, as well as elevated general and administrative spend[7] Adjusted EBITDA and Cash Flow The company achieved positive Adjusted EBITDA and generated net cash in Q2 2025, marking a significant improvement from a loss and cash usage in the prior year period Q2 2025 Adjusted EBITDA and Cash Flow (YoY) | Metric | Q2 2025 (Millions) | Q2 2024 (Millions) | Change | | :-------------------- | :----------------- | :----------------- | :----- | | Adjusted EBITDA | $1.0 | $(2.7) | Improved | | Cash and Equivalents (as of June 30, 2025) | $145.5 | N/A | N/A | | Net Cash Generated | $1.1 | $(6.3) | Improved | Fiscal 2025 Updated Financial Guidance Updated Guidance Details SI-BONE raised its 2025 worldwide revenue guidance and reaffirmed expectations for positive Adjusted EBITDA, reflecting confidence in continued growth and profitability Fiscal Year 2025 Financial Guidance Update | Metric | New Guidance (Aug 4, 2025) | Prior Guidance (May 5, 2025) | | :---------------- | :------------------------- | :------------------------- | | Revenue | $195M - $198M | $193.5M - $197.5M | | Growth | ~17%-18% | ~16%-18% | | Gross Margin | 78.5% to 79.0% | 78% | | Operating Expenses| ~10% growth at revenue midpoint | ~10% growth at revenue midpoint | | Adjusted EBITDA | Positive | Positive | Company Information About SI-BONE, Inc. SI-BONE is a global leader in developing unique technologies for the surgical treatment of sacropelvic disorders, having pioneered minimally invasive SI joint surgery and supported nearly 130,000 procedures with extensive clinical evidence - SI-BONE pioneered minimally invasive SI joint surgery in 2009[13] - The company has supported over 4,600 physicians in performing nearly 130,000 procedures[13] - Clinical evidence includes four randomized controlled trials and over 175 peer-reviewed publications[13] - SI-BONE has expanded its solutions to adjacent markets, including adult deformity, sacropelvic fixation, and pelvic trauma[13] Financial Statements Condensed Consolidated Statements of Operations The condensed consolidated statements of operations show significant revenue growth and improved net loss for both the three and six months ended June 30, 2025, compared to the prior year periods Condensed Consolidated Statements of Operations (in thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 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 | | 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 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 The condensed consolidated balance sheet as of June 30, 2025, shows a slight increase in total assets and stockholders' equity, alongside a decrease in total liabilities, compared to December 31, 2024 Condensed Consolidated Balance Sheets (in thousands) | Metric | June 30, 2025 | December 31, 2024 | | :-------------------------------- | :------------ | :---------------- | | 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 | | | | 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 The reconciliation demonstrates a significant improvement in Adjusted EBITDA, moving from a loss in Q2 2024 to a positive figure in Q2 2025, and a reduced loss for the six-month period Reconciliation of Net Loss to Non-GAAP Adjusted EBITDA (in thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 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) | Additional Information Webcast Information SI-BONE will host a conference call on August 4, 2025, to discuss its second-quarter 2025 financial results, with live audio and archived replay available via webcast - Conference call to discuss Q2 2025 financial results will be held on Monday, August 4, 2025, at 4:30 P.M. Eastern Time[12] - The live webcast will be accessible at https://edge.media-server.com/mmc/p/fnam2tia and on the 'Investors' section of www.si-bone.com[12](index=12&type=chunk) - An archived replay of the webcast will be available for at least 90 days after the event[12] Forward-Looking Statements The report contains forward-looking statements regarding future events and financial outlook, which are inherently subject to significant risks and uncertainties, and actual results may differ materially - Statements regarding future events or results, including revenue and procedure growth expectations and financial outlook, are 'forward-looking' statements[15] - These statements are based on current expectations and involve significant risks and uncertainties, such as the ability to commercialize new products, maintain favorable reimbursement, economic conditions, supply chain management, and capital requirements[15] - SI-BONE does not undertake any obligation to update or revise forward-looking statements, except as required by law[15] Use of Non-GAAP Financial Measures SI-BONE utilizes Adjusted EBITDA as a non-GAAP financial measure to provide supplemental information for analyzing period-to-period financial performance and core operational activities, excluding specific non-cash and non-operating items - Adjusted EBITDA is a non-GAAP financial measure that excludes interest income, interest expense, depreciation and amortization, and stock-based compensation from net loss[16] - Management uses Adjusted EBITDA to consistently analyze period-to-period financial performance and evaluate core operational activities[16] - Adjusted EBITDA should be considered supplemental to, not a substitute for, financial information prepared in accordance with GAAP, and investors are encouraged to review the company's consolidated financial statements in their entirety[17] Investor Contact Contact information for investor relations is provided for inquiries - Investor Contact: Saqib Iqbal, VP, FP&A, and Investor Relations[18] - Email: investors@SI-BONE.com[18]