SI-BONE, Inc.

si-bone.com

What Do They Do?

Sells titanium implants, surgical instruments and implantable bone products for sacroiliac joint procedures, spinal fixation and pelvic trauma to hospitals and medical groups.

How Do They Make Money?

Hospitals and medical groups pay for implants used in surgery. Most sales are charged when the procedure is completed and authorized; products ordered in advance are charged when shipped.

FY2025 revenue

Who Are Their Customers?

Hospitals and medical groups buy the implants through a mix of direct sales, third-party agents and resellers; the company also sells through agents and resellers outside the United States.

Do Revenues Turn Into Profits?

No. It lost $18.9M in FY2025.

Operating income, FY2025

−11% of revenue

▼ −37% (Loss) vs FY2024 (−$35.2M, −21%)

Net income, FY2025

−9% of revenue

▼ −39% (Loss) vs FY2024 (−$30.9M, −18%)

Free cash flow, FY2025

−5% of revenue

▼ −60% (Loss) vs FY2024 (−$22.9M, −14%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +15%; vs $48.6M in Q2 FY2025
Net income: ▼ −34% (Loss); vs −$6.2M in Q2 FY2025

Aug 21, 2026 SI-BONE recalls implants over packaging sterility concerns The recall covers 98 iFuse TORQ implants; approximately 3,900 implants will need repackaging and re-sterilization.
Aug 3, 2026 SI-BONE raises revenue guidance It raised its fiscal 2026 worldwide revenue range to $231M–$233M from $230M–$233M.

Growing. Revenue grew 2.2x in 4 years, from $90.2M in FY2021 to $200.9M in FY2025, about 22% a year.

Additional implant lines The older report describes implant systems for sacroiliac problems, pelvic fixation and fractures; the latest adds iFuse INTRA and iFuse TORQ TNT to its lineup.

Who Do They Compete With?

Competes with Alphatec Holding, Aurora Spine, Globus Medical, Medtronic, and Tenon Medical

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