SI-BONE, Inc.
Key statistics
from XBRL data in SEC filingsAI briefing
from the latest 10-K, 10-Q and 8-K eventsSI-BONE, Inc. is a medical device company commercializing minimally invasive implants for sacroiliac joint dysfunction, spinal fixation, and pelvic trauma.
What they do
SI-BONE designs and sells patented titanium implants and instruments for procedures addressing compromised bone, primarily sacroiliac joint fusion. The company markets directly in the U.S. with over 175 sales team members and 350 agents, and internationally via direct reps and resellers. Key products include iFuse, iFuse 3D, iFuse TORQ, iFuse Bedrock Granite, and iFuse TORQ TNT, with over 150,000 procedures performed through June 30, 2026.
Revenue drivers
- U.S. sacroiliac joint procedures — Primary revenue source; over 35% of U.S. SI joint procedures now in ASC/OBL settings. U.S. revenue was $53.2M in Q2 2026, up 14.7%.
- iFuse product family — Includes iFuse, iFuse 3D, iFuse TORQ, and iFuse Bedrock Granite; holds FDA clearances for SI joint dysfunction, adult spinal deformity, and pelvic trauma.
- International sales — Revenue of $2.8M in Q2 2026, up 25.9%, driven by iFuse TORQ and iFuse TORQ TNT adoption.
- New product launches — iFuse TORQ TNT (2024) and upcoming third breakthrough device (expected Q4 2026) are designed to expand into pelvic trauma and spine surgery.
Recent performance
In Q2 2026, worldwide revenue rose 15.2% to $56.0M, with U.S. revenue up 14.7% and international up 25.9%. Gross margin was 79.5%, operating loss narrowed to $4.8M, and net loss improved 33.6% to $4.1M. Adjusted EBITDA turned positive at $2.8M, and cash from operations was $0.8M. The company raised 2026 revenue guidance to $231M–$233M, implying 15–16% growth.
Strategy
Management is focused on expanding physician adoption, increasing procedure volumes, and moving cases to ASC/OBL settings. R&D investment remains high ($9.4M in H1 2026, 8.7% of revenue) to launch new breakthrough devices. They are also building clinical evidence to support reimbursement, highlighted by a new CMS MS-DRG for complex spinal fusion with iFuse Bedrock Granite effective October 1.
Risks
- Competition — The SI joint fusion market is crowded with major medical device companies that have greater resources.
- Reimbursement pressure — Inadequate coverage or lower prices from third-party payors could delay adoption and reduce revenue.
- Supplier concentration — Most products depend on a limited number of single-source suppliers; loss could disrupt operations.
- Continued losses — Despite improvement, the company has a history of operating losses and may not achieve sustained profitability.
Outlook
Management raised 2026 revenue guidance to $231M–$233M (15–16% growth) and expects gross margin around 79%. They plan to launch a third breakthrough device in Q4 2026 and benefit from improved reimbursement. The company sees strong multi-year growth ahead driven by new products and expanding commercial reach.