(SIBN) Si-Bone - Overview
Sector: Healthcare | Industry: Medical Devices | Exchange: NASDAQ (USA) | Market Cap: 579m USD | Total Return: 6.7% in 12m
Industry Rotation: -4.7
Avg Turnover: 7.99M USD
Peers RS (IBD): 27.1
EPS Trend: 95.8%
Qual. Beats: 5
Rev. Trend: 97.2%
Qual. Beats: 0
Warnings
High Debt/EBITDA (13.1) with thin interest coverage (-6.2)
High Debt while negative Cash Flow
Interest Coverage Ratio -6.2 is critical
Choppy
Tailwinds
No distinct edge detected
SI-BONE, Inc. (NASDAQ: SIBN) is a medical-device firm that specializes in minimally invasive implants for sacropelvic disorders, including sacroiliac joint dysfunction, adult spinal deformity, and pelvic trauma. Headquartered in Santa Clara, California, the company markets its proprietary systems-such as the 3-D-printed iFuse-3D, iFuse TORQ threaded implants, and the iFuse Bedrock Granite platform-through a direct sales force and select third-party agents.
In its most recent fiscal quarter (Q4 2025), SI-BONE reported revenue of $124 million, an 18% year-over-year increase driven by strong adoption of the iFuse-TORQ line and expanded international distribution. The firm posted a gross margin of 78% and ended the quarter with $210 million in cash and short-term investments, underscoring a solid liquidity position for continued R&D and potential acquisitions.
The broader musculoskeletal device market is buoyed by an aging U.S. population and rising prevalence of chronic low-back pain, while reimbursement trends favor minimally invasive solutions that reduce hospital stays. These macro drivers, combined with SI-BONE’s FDA-cleared product pipeline, position the company for sustained growth. For deeper insight, you might explore ValueRay’s analyst notes on SIBN.
- iFuse implant system sales drive revenue growth
- Increased R&D spending impacts profitability
- Reimbursement policies affect market access
- Competitive landscape pressures pricing
- Supply chain disruptions raise production costs
| Net Income: -18.9m TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.04 > 0.02 and ΔFCF/TA 6.14 > 1.0 |
| NWC/Revenue: 94.98% < 20% (prev 108.1%; Δ -13.08% < -1%) |
| CFO/TA -0.00 > 3% & CFO -675k > Net Income -18.9m |
| Net Debt/EBITDA: error (EBITDA <= 0) |
| Current Ratio: 8.55 > 1.5 & < 3 |
| Outstanding Shares: last quarter (43.5m) vs 12m ago 3.60% < -2% |
| Gross Margin: 79.57% > 18% (prev 0.79%; Δ 7.88k% > 0.5%) |
| Asset Turnover: 85.68% > 50% (prev 72.55%; Δ 13.14% > 0%) |
| Interest Coverage Ratio: -6.20 > 6 (EBITDA TTM -8.47m / Interest Expense TTM 2.63m) |
| A: 0.80 (Total Current Assets 216.1m - Total Current Liabilities 25.3m) / Total Assets 238.6m |
| B: -1.89 (Retained Earnings -450.3m / Total Assets 238.6m) |
| C: -0.07 (EBIT TTM -16.3m / Avg Total Assets 234.5m) |
| D: 2.91 (Book Value of Equity 177.5m / Total Liabilities 61.0m) |
| Altman-Z'' Score: 1.68 = BB |
| DSRI: 0.91 (Receivables 29.9m/27.5m, Revenue 200.9m/167.2m) |
| GMI: 0.99 (GM 79.57% / 79.03%) |
| AQI: 0.18 (AQ_t 0.00 / AQ_t-1 0.00) |
| SGI: 1.20 (Revenue 200.9m / 167.2m) |
| TATA: -0.08 (NI -18.9m - CFO -675k) / TA 238.6m) |
| Beneish M-Score: -3.53 (Cap -4..+1) = AAA |
Over the past week, the price has changed by +7.07%, over one month by -0.71%, over three months by -33.29% and over the past year by +6.66%.
- StrongBuy: 5
- Buy: 4
- Hold: 0
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 26 | 86.6% |
P/B = 3.2664
Revenue TTM = 200.9m USD
EBIT TTM = -16.3m USD
EBITDA TTM = -8.47m USD
Long Term Debt = 35.6m USD (from longTermDebt, last quarter)
Short Term Debt = 944k USD (from shortTermDebt, last quarter)
Debt = 36.5m USD (corrected: LT Debt 35.6m + ST Debt 944k)
Net Debt = -111.3m USD (recalculated: Debt 36.5m - CCE 147.8m)
Enterprise Value = 468.1m USD (579.4m + Debt 36.5m - CCE 147.8m)
Interest Coverage Ratio = -6.20 (Ebit TTM -16.3m / Interest Expense TTM 2.63m)
EV/FCF = -51.51x (Enterprise Value 468.1m / FCF TTM -9.09m)
FCF Yield = -1.94% (FCF TTM -9.09m / Enterprise Value 468.1m)
FCF Margin = -4.52% (FCF TTM -9.09m / Revenue TTM 200.9m)
Net Margin = -9.41% (Net Income TTM -18.9m / Revenue TTM 200.9m)
Gross Margin = 79.57% ((Revenue TTM 200.9m - Cost of Revenue TTM 41.0m) / Revenue TTM)
Gross Margin QoQ = 79.03% (prev 79.84%)
Tobins Q-Ratio = 1.96 (Enterprise Value 468.1m / Total Assets 238.6m)
Interest Expense / Debt = 1.72% (Interest Expense 629k / Debt 36.5m)
Taxrate = 21.0% (US default 21%)
NOPAT = -12.9m (EBIT -16.3m * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 8.55 (Total Current Assets 216.1m / Total Current Liabilities 25.3m)
Debt / Equity = 0.21 (Debt 36.5m / totalStockholderEquity, last quarter 177.5m)
Debt / EBITDA = 13.15 (negative EBITDA) (Net Debt -111.3m / EBITDA -8.47m)
Debt / FCF = 12.25 (negative FCF - burning cash) (Net Debt -111.3m / FCF TTM -9.09m)
Total Stockholder Equity = 171.8m (last 4 quarters mean from totalStockholderEquity)
RoA = -8.06% (Net Income -18.9m / Total Assets 238.6m)
RoE = -11.00% (Net Income TTM -18.9m / Total Stockholder Equity 171.8m)
RoCE = -7.85% (EBIT -16.3m / Capital Employed (Equity 171.8m + L.T.Debt 35.6m))
RoIC = -6.20% (negative operating profit) (NOPAT -12.9m / Invested Capital 207.3m)
WACC = 9.29% (E(579.4m)/V(616.0m) * Re(9.79%) + D(36.5m)/V(616.0m) * Rd(1.72%) * (1-Tc(0.21)))
Discount Rate = 9.79% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 3.55%
[DCF] Fair Price = unknown (Cash Flow -9.09m)
EPS Correlation: 95.83 | EPS CAGR: 133.3% | SUE: 4.0 | # QB: 5
Revenue Correlation: 97.19 | Revenue CAGR: 27.83% | SUE: 0.12 | # QB: 0
EPS next Quarter (2026-06-30): EPS=-0.16 | Chg7d=+0.001 | Chg30d=-0.027 | Revisions Net=-3 | Analysts=7
EPS current Year (2026-12-31): EPS=-0.50 | Chg7d=+0.010 | Chg30d=-0.007 | Revisions Net=+1 | Growth EPS=-13.6% | Growth Revenue=+14.7%
EPS next Year (2027-12-31): EPS=-0.38 | Chg7d=+0.026 | Chg30d=-0.056 | Revisions Net=+1 | Growth EPS=+23.7% | Growth Revenue=+15.1%
[Analyst] Revisions Ratio: -0.60 (1 Up / 4 Down within 30d for Next Quarter)