SI-BONE(US:SIBN)2026-02-23 22:32Financial Data and Key Metrics Changes - The company achieved record annual worldwide revenue of nearly $201 million, marking over 20% growth year-over-year [5][21] - Fourth quarter worldwide revenue grew 15% to a record $56.3 million, with U.S. revenue at $53.5 million, representing 13.9% growth [20] - Positive Adjusted EBITDA of $5.1 million in the fourth quarter, a 176.2% improvement over the prior year, with a 9.1% Adjusted EBITDA margin [23][24] - Net loss narrowed to $1.6 million or $0.04 per diluted share in the fourth quarter, compared to a net loss of $4.5 million or $0.11 per diluted share last year [22] Business Line Data and Key Metrics Changes - The company reported a 22% increase in U.S. physicians using its technologies, with nearly 22,000 procedures performed in 2025 [6][20] - INTRA Ti was launched recently, expected to enhance procedural efficiency in SI joint fusion [9][10] - iFuse Bedrock Granite has been one of the fastest-growing platforms, significantly outpacing the overall deformity market growth rate [11] Market Data and Key Metrics Changes - International revenue in the fourth quarter was $2.9 million, growing 38.8%, driven by the reception of iFuse TORQ [20] - The company secured favorable reimbursement positions, including NTAP for iFuse TORQ TNT and TPT for iFuse Bedrock Granite, enhancing access and adoption [6][11] Company Strategy and Development Direction - The company aims to lead the market for patients with compromised bone, focusing on innovation and market development [8] - A strategic partnership with Smith+Nephew was announced to expand reach in the trauma market, allowing trauma surgeons access to breakthrough technologies [16][29] - The next five years are viewed as an innovation super cycle, with plans to launch unique technologies targeting new clinical adjacencies [7][55] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in long-term growth potential, supported by a robust pipeline of innovative products and expanding market opportunities [28] - The company expects worldwide revenue of $228.5 million to $232.5 million in 2026, implying year-over-year growth of 14%-16% [25][26] - Management highlighted the importance of allowing tailwinds to materialize before fully incorporating them into revenue expectations [52][83] Other Important Information - The company exited 2025 with $147.8 million in cash and equivalents, marking a significant improvement in cash consumption compared to the previous year [24] - The company plans to add 10 new territories in 2026 to capture market opportunities [16][66] Q&A Session Summary Question: On the Smith+Nephew partnership, how did it come about and its potential contribution? - Management expressed excitement about the partnership, highlighting its potential to expand access to trauma solutions and allow the sales force to focus on market development [29][30] Question: Regarding clinical data showing similar outcomes for IPM physicians, will this increase engagement? - Management noted the growing interest in interventional business and the launch of INTRA Ti, which aligns with interventional spine physicians' workflows [32][34] Question: Can you clarify the guidance for Adjusted EBITDA in 2026? - Management indicated that while they expect an increase in Adjusted EBITDA, it would be slightly below $20 million [44] Question: What is the expected impact of INTRA Ti on the ASC market? - Management highlighted that INTRA Ti is designed for the ASC market and is expected to drive additional sales due to its simplicity and reimbursement coverage [46][62] Question: Can you discuss the cadence of revenue and the expected tailwinds? - Management noted that they expect more tailwinds than ever before, with a strong physician base and improved reimbursement backdrop [52][53]