Summary of SI-BONE (SIBN) FY Conference Call - August 12, 2025 Company Overview - **Company**: SI-BONE, a pioneer in sacropelvic solutions with an expanding product portfolio addressing unmet clinical needs [1][2] Key Financial Performance - **Q2 Performance**: - Worldwide growth of 22% and U.S. growth of 23% [3][4] - Procedure volume growth of 25% [4] - Consistent 20% CAGR since IPO, with accelerated growth in the last three years [4][5] - Gross margin expectations raised to 70.5% - 79% for the full year, currently at close to 80% [6] - Achieved positive adjusted EBITDA for three consecutive quarters and cash flow breakeven [6][10] Growth Drivers - **Broad-Based Growth**: - Double-digit growth in procedure volume across all modalities and call points [5][8] - Increase in active physicians to 1,440, indicating strong future growth potential [7] - **Product Adoption**: - Strong adoption of Granite 9.5 and TNT products, with additional capacity planned [7][11] - **Market Opportunities**: - Anticipated strong performance in Q4 and into 2026 due to new product launches and increased surgical capacity [11][17] Market Size and Addressable Market - **Total Addressable Market (TAM)**: - SI joint dysfunction market estimated at $2.5 billion with 300,000 target patients annually [19] - Adult deformity market approximately $400 million and degenerative spine market around $1 billion [20] - Overall market potential close to $4 billion with 5 million target procedures annually [22] Product Pipeline and Innovations - **Upcoming Products**: - NextGen SI joint solution expected to launch in late Q1 2026, targeting interventionalists [31][34] - Second breakthrough device submission planned for the second half of 2026 [35][38] - **R&D Focus**: - Active pipeline with emphasis on addressing unmet clinical needs and maintaining high gross margins [42][43] Reimbursement and Regulatory Environment - **Favorable Reimbursement**: - NTAP for Granite and TPT for outpatient procedures with zero device offset [26][27] - Proposed reimbursement increases for office-based lab procedures and outpatient settings [29][30] - **Impact of Regulatory Changes**: - Potential for increased outpatient procedures due to new APC codes [30] Strategic Outlook - **Growth Strategy**: - Focus on expanding product offerings and leveraging existing physician relationships [23][24] - Emphasis on maintaining differentiation and high gross margins while scaling operations [43][44] - **Market Positioning**: - Strong internal R&D capabilities and a commitment to addressing unmet needs in the market [42][44] Conclusion - **Future Prospects**: - Confidence in sustaining growth through new product launches and market expansion, with a strong focus on profitability and cash flow management [17][45]

Core Viewpoint - Martin Marietta (MLM) is expected to report a year-over-year increase in earnings and revenues for the quarter ended June 2025, with actual results being crucial for stock price movement [1][2]. Earnings Expectations - The consensus estimate for quarterly earnings is $5.30 per share, reflecting a +0.8% change year-over-year, while revenues are anticipated to be $1.88 billion, up 6.5% from the previous year [3]. Estimate Revisions - The consensus EPS estimate has been revised 0.45% lower in the last 30 days, indicating a reassessment by analysts [4]. Earnings Surprise Prediction - The Zacks Earnings ESP model shows a positive Earnings ESP of +0.20% for Martin Marietta, suggesting a likelihood of beating the consensus EPS estimate [12]. Historical Performance - In the last reported quarter, Martin Marietta had an expected EPS of $1.94 but delivered $1.90, resulting in a surprise of -2.06%. Over the last four quarters, the company has only beaten consensus EPS estimates once [13][14]. Investment Considerations - While a potential earnings beat is a positive indicator, other factors may influence stock performance, making it essential to consider the broader context [15][17].

Summary of SI-BONE (SIBN) FY Conference Call - June 10, 2025 Company Overview - **Company**: SI-BONE (SIBN) - **Industry**: Medical Devices, specifically focused on surgical solutions for the sacroiliac (SI) joint and pelvic fixation Key Points and Arguments Business Performance - The company is experiencing significant growth, with Q1 revenue growth of **25% worldwide** and **27% in the U.S.** [7][8] - Over **1,400 physicians** performed at least one case in Q1, marking a **300 increase year-over-year** [7] - The company achieved **adjusted EBITDA profitability** in Q1, which was not anticipated due to seasonal sales dips [8] - Revenue for the year is estimated to be **less than $200 million** [8] Market Dynamics - The company operates in a niche market, focusing on unmet clinical needs rather than competing directly with traditional spine companies [12][14] - The Total Addressable Market (TAM) for SI joint fusion is estimated at **280,000 cases per year**, with current market penetration at **less than 10%** [14][15] - The company has launched innovative products, including the **Granite** and **TNT** devices, which have received FDA breakthrough device designation [16][18] Product Development and Strategy - SI-BONE has transitioned from a one-product company to a multi-product company, focusing on the sacropelvic space [34] - The company aims to launch **two products per year**, with a focus on addressing unmet clinical needs [33] - The Granite product is expected to become the **standard of care** in deformity procedures [26] Financial Metrics - The company reported a **gross margin of 79.7%** in Q1, which is an increase of **80 basis points** from the previous year [51] - Guidance for gross margins in the mid-term is projected to be in the **76% to 77% range** due to new product launches and scaling [56] - Operating expenses (OpEx) are expected to grow by **10%** this year, with R&D seeing a lift due to new product launches [58] Sales and Marketing Strategy - The company is expanding its sales force to **100 territories** over the next 18 months [65] - A hybrid sales model is being utilized, combining direct sales with educational support for surgeons [43][46] - The company has implemented an **academic training program** to educate new surgeons on SI joint dysfunction, leading to higher adoption rates [40][41] Reimbursement and Pricing - The company has successfully secured **new technology add-on payments** for its products, enhancing initial adoption [48][49] - The Granite technology will have a transitional pass-through code effective January 2025, covering the full cost of the technology [48] Future Outlook - The company is optimistic about maintaining a **positive adjusted EBITDA** and free cash flow by 2026, driven by high gross margins and operational leverage [64][70] - There is a strong focus on clinical evidence to support new product launches and market expansion [66] Investor Sentiment - There is increasing interest from investors due to the company's consistent growth profile of over **20%** in recent years and demonstrated profitability [69][70] Additional Important Information - The company emphasizes its differentiation from traditional spine companies by focusing on specific clinical needs and innovative product development [12][14] - The management team is committed to educating investors about the company's unique position in the market [71]