SI-BONE, Inc. Reports Financial Results for the Third Quarter 2025 and Raises 2025 Guidance

Core Insights - SI-BONE, Inc. reported a strong financial performance in Q3 2025, with worldwide revenue growth of approximately 21% and a positive adjusted EBITDA margin of $2.3 million, indicating robust demand for its medical devices [1][7][8]. Financial Performance - Worldwide revenue reached $48.7 million, a 20.6% increase from $40.3 million in Q3 2024 [4][8]. - U.S. revenue was $46.4 million, reflecting a 21.2% increase from $38.3 million in the same period last year, driven by strong procedure demand [4][8]. - International revenue was $2.3 million, a 10.2% increase from $2.1 million in Q3 2024, attributed to the successful launch of the TORQ product in European markets [4][8]. Profitability Metrics - Gross profit for the quarter was $38.8 million, up 21.8% from $31.9 million in Q3 2024, with a gross margin of 79.8%, an improvement of 75 basis points year-over-year [5][8]. - Operating expenses increased by 11.9% to $44.2 million, primarily due to higher commercial activities and new product rollouts [6][8]. - The operating loss improved by 29.5% to $5.4 million compared to a loss of $7.6 million in Q3 2024 [6][8]. Net Loss and Cash Flow - The net loss for the quarter was $4.6 million, or $0.11 per diluted share, an improvement of 30.6% from a net loss of $6.6 million, or $0.16 per diluted share, in Q3 2024 [7][8]. - Positive cash from operating activities was reported at $2.3 million, indicating effective cash management [8]. Guidance and Future Outlook - For fiscal 2025, SI-BONE expects worldwide revenue to be between $198 million and $200 million, representing year-over-year growth of approximately 18% to 20% [10][11]. - The company anticipates a gross margin of around 79.5% for the full year 2025, reflecting continued operational efficiency [10][11]. Operational Highlights - The number of active U.S. physicians increased by 27% to 1,530, indicating growing adoption of SI-BONE's technologies [8]. - The trailing 12-month average revenue per territory rose by 16% to $2.1 million, showcasing improved sales performance [8].