(SIBN) Si-Bone - NASDAQ
Sector: Healthcare | Industry: Medical Devices | Exchange: NASDAQ (USA) | Market Cap: 671m USD | Total Return: -5% in 12m
Avg Turnover: 6.75M
Qual. Beats: 5
Rev. Trend: 99.8%
Qual. Beats: 1
Warnings
High Debt/EBITDA (16.9) with thin interest coverage (-5.5)
Interest Coverage Ratio -5.5 is critical
Fakeout
Tailwinds
No distinct edge detected
SI-BONE, Inc. (NASDAQ: SIBN) is a medical device company that develops procedural solutions for compromised bone, with a focus on titanium implants used in sacroiliac (SI) joint and pelvic fixation procedures. Founded in 2008 and headquartered in Santa Clara, California, the company went public in October 2018 and operates within the broader orthopedic medical device sector. Its product line centers on the iFuse franchise, which includes several procedurally distinct implants (such as iFuse 3D, iFuse Torq, and iFuse Bedrock Granite) designed to stabilize the SI joint and support spinal fusion constructs.
The company primarily relies on a direct sales force complemented by third-party sales agents and resellers to reach its clinical customers, which are typically orthopedic and spinal surgeons. SI-BONEs business model reflects a niche-focused approach common in the orthopedic device industry, where specialized procedural solutions are sold to a concentrated base of physicians and hospitals rather than through broad consumer channels. The sacroiliac joint fusion market remains an emerging segment within orthopedics, with adoption historically constrained by underdiagnosis of SI joint dysfunction as a source of low back pain.
- iFuse procedure volume growth drives sustained revenue acceleration
- Medicare reimbursement policy remains critical tailwind for SI joint fusion adoption
- Competition from alternative SI joint fusion devices pressures market share
| Net Income: -16.7m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.04 > 0.02 and ΔFCF/TA 6.74 > 1.0 |
| NWC/Revenue: 93.70% < 20% (prev 102.1%; Δ -8.37% < -1%) |
| CFO/TA 0.01 > 3% & CFO 1.87m > Net Income -16.7m |
| Net Debt/EBITDA: error (EBITDA <= 0) |
| Current Ratio: 9.99 > 1.5 & < 3 |
| Outstanding Shares: last quarter (44.0m) vs 12m ago 3.83% < -2% |
| Gross Margin: 79.59% > 18% (prev 79.25%; Δ 0.34% > 0.5%) |
| Asset Turnover: 87.76% > 50% (prev 77.70%; Δ 10.05% > 0%) |
| Interest Coverage Ratio: -5.53 > 6 (EBIT TTM -14.1m / Interest Expense TTM 2.56m) |
| A: 0.80 (Total Current Assets 214.7m - Total Current Liabilities 21.5m) / Total Assets 242.7m |
| B: -1.87 (Retained Earnings -454.6m / Total Assets 242.7m) |
| C: -0.06 (EBIT TTM -14.1m / Avg Total Assets 235.0m) |
| D: 2.81 (Book Value of Equity 178.9m / Total Liabilities 63.8m) |
| Altman-Z'' = 1.66 = BB |
| DSRI: 0.99 (Receivables 31.0m/26.7m, Revenue 206.2m/176.6m) |
| GMI: 1.00 (GM 79.25% / 79.59%) |
| AQI: 0.67 (AQ_t 0.00 / AQ_t-1 0.00) |
| SGI: 1.17 (Revenue 206.2m / 176.6m) |
| TATA: -0.08 (NI -16.7m - CFO 1.87m) / TA 242.7m) |
| Beneish M = -3.12 (Cap -4..+1) = AA |
As of June 19, 2026, the stock is trading at USD 15.84 with a total of 468,246 shares traded.
Over the past week, the price has changed by +4.62%,
over one month by +7.32%,
over three months by +23.27% and
over the past year by -5.04%.
Si-Bone has received a consensus analysts rating of 4.56. Therefore, it is recommended to buy SIBN.
- StrongBuy: 5
- Buy: 4
- Hold: 0
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 24.1 | 52.3% |
P/S = 3.2516
P/B = 3.8217
Revenue TTM = 206.2m USD
EBIT TTM = -14.1m USD
EBITDA TTM = -5.99m USD
Long Term Debt = 35.6m USD (from longTermDebt, last quarter)
Short Term Debt = 658k USD (from shortTermDebt, last quarter)
Debt = 43.6m USD (corrected: LT Debt 35.6m + ST Debt 658k) + Leases 7.35m
Net Debt = -101.1m USD (calculated: Debt 43.6m - CCE 144.7m)
Enterprise Value = 569.5m USD (670.6m + Debt 43.6m - CCE 144.7m)
Interest Coverage Ratio = -5.53 (Ebit TTM -14.1m / Interest Expense TTM 2.56m)
EV/FCF = 63.81x (Enterprise Value 569.5m / FCF TTM 8.93m)
FCF Yield = 1.57% (FCF TTM 8.93m / Enterprise Value 569.5m)
FCF Margin = 4.33% (FCF TTM 8.93m / Revenue TTM 206.2m)
Net Margin = -8.10% (Net Income TTM -16.7m / Revenue TTM 206.2m)
Gross Margin = 79.59% ((Revenue TTM 206.2m - Cost of Revenue TTM 42.1m) / Revenue TTM)
Gross Margin QoQ = 79.76% (prev 79.03%)
Tobins Q-Ratio = 2.35 (Enterprise Value 569.5m / Total Assets 242.7m)
Interest Expense / Debt = 5.86% (Interest Expense 2.56m / Debt 43.6m)
Taxrate = 21.0% (US federal default 21%)
NOPAT = -11.2m (EBIT -14.1m * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 7.60 (Total Current Assets 214.7m / Total Current Liabilities 28.2m)
Debt / Equity = 0.24 (Debt 43.6m / totalStockholderEquity, last quarter 178.9m)
Debt / EBITDA = 16.88 (negative EBITDA) (Net Debt -101.1m / EBITDA -5.99m)
Debt / FCF = -11.33 (Net Debt -101.1m / FCF TTM 8.93m)
Total Stockholder Equity = 174.7m (last 4 quarters mean from totalStockholderEquity)
RoA = -7.11% (Net Income -16.7m / Total Assets 242.7m)
RoE = -9.56% (Net Income TTM -16.7m / Total Stockholder Equity 174.7m)
RoCE = -6.72% (EBIT -14.1m / Capital Employed (Equity 174.7m + L.T.Debt 35.6m))
RoIC = -5.28% (negative operating profit) (NOPAT -11.2m / Invested Capital 211.6m)
WACC = 9.03% (E(670.6m)/V(714.2m) * Re(9.32%) + D(43.6m)/V(714.2m) * Rd(5.86%) * (1-Tc(0.21)))
Discount Rate = 9.32% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 100.00 | Cagr: 3.62%
[DCF] Terminal Value 73.07% ; FCFF base≈8.93m ; Y1≈8.96m ; Y5≈9.49m
[DCF] Fair Price = 5.26 (EV 132.3m - Net Debt -101.1m = Equity 233.3m / Shares 44.3m; r=9.03% [WACC]; 5y FCF grow 0.0% → 2.50% )
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 4.0 | # QB: 5
Revenue Correlation: 99.81 | Revenue CAGR: 20.72% | SUE: 1.48 | # QB: 1
EPS current Quarter (2026-06-30): EPS=-0.15 | Chg30d=+3.56% | Revisions=+14% | Analysts=7
EPS next Quarter (2026-09-30): EPS=-0.13 | Chg30d=-13.74% | Revisions=-50% | Analysts=7
EPS current Year (2026-12-31): EPS=-0.43 | Chg30d=+14.28% | Revisions=+56% | GrowthEPS=+2.6% | GrowthRev=+15.3%
EPS next Year (2027-12-31): EPS=-0.35 | Chg30d=+7.47% | Revisions=+25% | GrowthEPS=+17.7% | GrowthRev=+15.1%
[Analyst] Revisions Ratio: +56%