SI-BONE, Inc. Reports Record Financial Results for the Fourth Quarter 2025 and Issues 2026 Guidance

Core Insights - SI-BONE, Inc. achieved a 20% worldwide revenue growth and positive adjusted EBITDA for Fiscal Year 2025, indicating strong business performance and operational efficiency [1][4][10] - The company generated free cash flow in the Fourth Quarter of 2025, reflecting improved financial health [1][7] Financial Highlights - Fourth Quarter 2025 worldwide revenue was $56.3 million, a 15.0% increase from $49.0 million in the same period of 2024 [5][7] - U.S. revenue for the fourth quarter was $53.5 million, up 13.9% from $46.9 million in the prior year [5][7] - International revenue for the fourth quarter reached $2.9 million, a significant increase of 38.8% from $2.1 million in the previous year [5][7] - Gross profit for the fourth quarter was $44.5 million, a 14.8% increase from $38.8 million in the corresponding period in 2024, with a stable gross margin of 79.0% [6][7] Annual Performance - For Fiscal Year 2025, worldwide revenue totaled $200.9 million, representing a 20.2% increase from $167.2 million in 2024 [10][12] - U.S. revenue for the year was $191.1 million, a 20.6% increase from $158.4 million in 2024 [10][12] - International revenue was $9.8 million, a 12.4% increase from $8.8 million in the previous year [10] Profitability Metrics - The company reported a net loss of $1.6 million in the fourth quarter, an improvement of 63.3% compared to a net loss of $4.5 million in the same period in 2024 [9][12] - Adjusted EBITDA for the fourth quarter was positive at $5.1 million, representing a 176.2% improvement from $1.9 million in the prior year [9][12] - For the full year, the net loss improved by 38.8% to $18.9 million, or $0.44 per diluted share, compared to a net loss of $30.9 million, or $0.75 per diluted share in 2024 [12] Operational Developments - Approximately 1,640 U.S. physicians performed procedures using SI-BONE's products in the fourth quarter, marking an 18% increase [7] - The company entered into a strategic partnership with Smith+Nephew to distribute its products across trauma centers nationwide [7] - SI-BONE expanded its INTRA platform with the launch of INTRA Ti, enhancing procedural flexibility for physicians [7] Future Outlook - For 2026, SI-BONE expects worldwide revenue to be between $228.5 million and $232.5 million, indicating a year-over-year growth of approximately 14% to 16% [13] - The company anticipates a gross margin of around 78% and operating expenses growth of approximately 12.5% at the midpoint of the revenue guidance [13]