SI-BONE (SIBN) Q4 2025 Earnings Call Transcript
The Motley Fool
by newsfeedback@fool.com (Motley Fool Transcribing)February 23, 2026
AI-Generated Deep Dive Summary
SI-BONE (SIBN) reported strong financial performance in its Q4 2025 earnings call, with double-digit revenue and profit growth driven by expanding product adoption and favorable reimbursement gains. The company achieved $56.3 million in quarterly revenue, a 15% year-over-year increase, including robust international sales of $2.9 million, up 38.8%. Full-year revenue reached $200.9 million, reflecting 20.2% growth. Gross margins improved significantly to 79% for the quarter and 79.6% annually, surpassing prior guidance by approximately 200 basis points. Despite rising operating expenses, SI-BONE turned a corner with positive adjusted EBITDA of $5.1 million and generated nearly $500,000 in free cash flow for the first time.
The company's success was bolstered by strategic initiatives, including record physician adoption—1,640 procedures performed quarterly, up 18% year-over-year—and a robust product pipeline. SI-BONE secured FDA clearance for its Intra TI device and began an alpha launch, while a third Breakthrough Device is expected to submit for clearance in Q3 2026. International expansion also accelerated, with TNT launches advanced to 2026 due to strong demand. Additionally, SI-BONE inked a partnership with Smith+Nephew to gain access to the trauma market at key centers nationwide.
Reimbursement milestones further supported growth, including CMS policy updates that increased Medicare reimbursement for office-based labs by 17% and introduced a new musculoskeletal APC worth nearly $28 million. These developments, combined with SI-BONE's expanding direct sales force and territory manager productivity—revenue per territory rose 18% to $2.1 million—positioned the company for sustained momentum.
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Originally published on The Motley Fool on 2/23/2026