SI-BONE, Inc. (SIBN) 10-Year Financial Performance & Capital Metrics

SIBN • • Industrial / General

HealthcareMedical DevicesOrthopedic & Musculoskeletal DevicesSpinal Implants & Fusion Systems

AboutSI-BONE, Inc., a medical device company, develops implantable devices used to solve musculoskeletal disorders of the sacropelvic anatomy in the United States and internationally. It offers iFuse, a minimally invasive surgical implant system to address sacroiliac joint dysfunction and degeneration, adult deformity, and pelvic ring traumatic fractures. The company also provides iFuse-3D, a titanium implant that combines the triangular cross-section of the iFuse implant with the proprietary 3D-printed porous surface and fenestrated design; and iFuse-TORQ, a set of 3D-printed threaded implants designed to treat fractures of the pelvis and for minimally invasive sacroiliac joint fusion. It markets its products primarily with a direct sales force, as well as through distributors. The company was incorporated in 2008 and is headquartered in Santa Clara, California.Show more

Revenue $167M +20.4%
EBITDA -$31M +25.6%
Net Income -$31M +28.7%
EPS (Diluted) -0.75 +33.6%
Gross Margin 79.03% +0.3%
EBITDA Margin -18.46% +38.2%
Operating Margin -21.08% +37.6%
Net Margin -18.49% +40.7%
ROE -18.38% +43.2%
ROIC -15.34% +36.3%
Debt/Equity 0.22 -2.5%
Interest Coverage -10.25 +24.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y sales CAGR of 20.0%

✗Weaknesses

✗Negative free cash flow
✗Low quality earnings: Net income not backed by cash flow

Price & Volume

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Growth Metrics

Revenue CAGR

10Y15.36%

5Y19.96%

3Y22.86%

TTM23.27%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM41.83%

EPS CAGR

10Y-

5Y-

3Y-

TTM44.57%

ROCE

10Y Avg-41.22%

5Y Avg-27%

3Y Avg-27.66%

Latest-17.18%

Peer Comparison

Spinal Implants & Fusion Systems

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
GMEDGlobus Medical, Inc.	10.46B	93.89	125.19	60.62%	15.3%	9.63%	3.87%	0.13
TNONTenon Medical, Inc.	10.6M	0.95	-0.08	11.92%	-396.26%	-267.01%		0.07
BBLGBone Biologics Corporation	3M	1.67	-0.35			-65.59%
OFIXOrthofix Medical Inc.	570.24M	14.40	-4.36	7.08%	-14.56%	-26.92%		0.36
XTNTXtant Medical Holdings, Inc.	91M	0.65	-5.42	28.44%	1.32%	3.48%		0.82
ATECAlphatec Holdings, Inc.	2.59B	17.46	-15.45	26.81%	-21.29%	-13.47%		64.65
SIBNSI-BONE, Inc.	762.82M	17.58	-23.44	20.37%	-11.24%	-12.64%		0.22

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	41.17M	42.1M	47.98M	55.38M	67.3M	73.39M	90.15M	106.41M	138.89M	167.18M
Revenue Growth %	0.03%	0.02%	0.14%	0.15%	0.22%	0.09%	0.23%	0.18%	0.31%	0.2%
Cost of Goods Sold+	5.4M	5.17M	5.11M	4.83M	6.79M	8.9M	10.43M	15.71M	29.47M	35.06M
COGS % of Revenue	0.13%	0.12%	0.11%	0.09%	0.1%	0.12%	0.12%	0.15%	0.21%	0.21%
Gross Profit+	35.77M	36.94M	42.87M	50.55M	60.51M	64.48M	79.72M	90.7M	109.42M	132.12M
Gross Margin %	0.87%	0.88%	0.89%	0.91%	0.9%	0.88%	0.88%	0.85%	0.79%	0.79%
Gross Profit Growth %	0.07%	0.03%	0.16%	0.18%	0.2%	0.07%	0.24%	0.14%	0.21%	0.21%
Operating Expenses+	62.2M	54.5M	60.22M	62.51M	96.51M	103.05M	131.39M	150.31M	156.35M	167.37M
OpEx % of Revenue	1.51%	1.29%	1.26%	1.13%	1.43%	1.4%	1.46%	1.41%	1.13%	1%
Selling, General & Admin	53.59M	48.12M	54.71M	57.14M	89.23M	93.59M	118.95M	136.69M	141.32M	150.81M
SG&A % of Revenue	1.3%	1.14%	1.14%	1.03%	1.33%	1.28%	1.32%	1.28%	1.02%	0.9%
Research & Development	8.61M	6.38M	5.51M	5.38M	7.28M	9.46M	12.44M	13.63M	15.03M	16.56M
R&D % of Revenue	0.21%	0.15%	0.11%	0.1%	0.11%	0.13%	0.14%	0.13%	0.11%	0.1%
Other Operating Expenses	0	213K	340K	0	0	0	0	0	0	0
Operating Income+	-26.42M	-17.57M	-17.35M	-11.96M	-36M	-38.57M	-51.67M	-59.61M	-46.93M	-35.25M
Operating Margin %	-0.64%	-0.42%	-0.36%	-0.22%	-0.53%	-0.53%	-0.57%	-0.56%	-0.34%	-0.21%
Operating Income Growth %	-0%	0.34%	0.01%	0.31%	-2.01%	-0.07%	-0.34%	-0.15%	0.21%	0.25%
EBITDA+	-25.64M	-16.53M	-16.34M	-11.24M	-35.23M	-37.44M	-49.58M	-56.16M	-41.5M	-30.87M
EBITDA Margin %	-0.62%	-0.39%	-0.34%	-0.2%	-0.52%	-0.51%	-0.55%	-0.53%	-0.3%	-0.18%
EBITDA Growth %	0.01%	0.36%	0.01%	0.31%	-2.13%	-0.06%	-0.32%	-0.13%	0.26%	0.26%
D&A (Non-Cash Add-back)	786K	1.04M	1.01M	722K	774K	1.13M	2.09M	3.45M	5.43M	4.38M
EBIT	-26.47M	-17.28M	-16.84M	-12.35M	-33.45M	-37.6M	-53.05M	-58.44M	-39.87M	-27.47M
Net Interest Income+	0	-3.24M	-6.03M	-4.34M	-2.4M	-5M	-5.18M	-1.51M	3.45M	4.41M
Interest Income	1.66M	71K	175K	769K	2.55M	1.1M	186K	1.3M	6.92M	7.85M
Interest Expense	0	3.31M	6.2M	5.11M	4.95M	6.1M	5.37M	2.82M	3.46M	3.44M
Other Income/Expense	-1.73M	-3.02M	-5.69M	-5.49M	-2.4M	-5.13M	-4.9M	-1.65M	3.6M	4.33M
Pretax Income+	-28.15M	-20.59M	-23.04M	-17.45M	-38.4M	-43.7M	-56.57M	-61.26M	-43.34M	-30.91M
Pretax Margin %	-0.68%	-0.49%	-0.48%	-0.32%	-0.57%	-0.6%	-0.63%	-0.58%	-0.31%	-0.18%
Income Tax+	0	0	0	0	0	0	0	0	0	0
Effective Tax Rate %	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%
Net Income+	-28.15M	-20.59M	-23.04M	-17.45M	-38.4M	-43.7M	-56.57M	-61.26M	-43.34M	-30.91M
Net Margin %	-0.68%	-0.49%	-0.48%	-0.32%	-0.57%	-0.6%	-0.63%	-0.58%	-0.31%	-0.18%
Net Income Growth %	-0.01%	0.27%	-0.12%	0.24%	-1.2%	-0.14%	-0.29%	-0.08%	0.29%	0.29%
Net Income (Continuing)	-28.15M	-20.59M	-23.04M	-17.45M	-38.4M	-43.7M	-56.57M	-61.26M	-43.34M	-30.91M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-1.17	-1.33	-1.66	-1.10	-1.72	-1.50	-1.71	-1.79	-1.13	-0.75
EPS Growth %	0.89%	-0.14%	-0.25%	0.34%	-0.56%	0.13%	-0.14%	-0.05%	0.37%	0.34%
EPS (Basic)	-1.17	-1.33	-1.66	-1.10	-1.72	-1.50	-1.71	-1.79	-1.13	-0.75
Diluted Shares Outstanding	24.08M	15.48M	13.87M	15.9M	24.71M	29.06M	33.15M	34.2M	38.43M	41.47M
Basic Shares Outstanding	24.08M	15.48M	13.87M	15.9M	24.71M	29.06M	33.15M	34.2M	38.43M	41.47M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	29.9M	36.32M	33.63M	136.04M	111.46M	218.24M	175.87M	137.61M	211.39M	207.78M
Cash & Short-Term Investments	20.27M	27.9M	22.41M	122.22M	91.78M	196.43M	146.98M	97.29M	166.02M	150.04M
Cash Only	20.27M	27.9M	22.41M	25.12M	10.44M	53.58M	63.42M	20.72M	33.27M	34.95M
Short-Term Investments	0	0	0	97.1M	81.34M	142.85M	83.56M	76.57M	132.75M	115.09M
Accounts Receivable	5.77M	5.95M	7.42M	8.49M	11.72M	13.61M	14.25M	20.67M	21.95M	27.46M
Days Sales Outstanding	51.14	51.59	56.41	55.93	63.56	67.7	57.68	70.92	57.69	59.95
Inventory	2.7M	1.51M	2.55M	3.34M	5.45M	5.63M	11.5M	17.28M	20.25M	27.07M
Days Inventory Outstanding	182.57	106.99	182.29	252.47	293.08	230.96	402.45	401.65	250.83	281.88
Other Current Assets	1.16M	0	0	1.99M	0	0	0	2.37M	3.17M	3.2M
Total Non-Current Assets+	6.16M	3.11M	2.21M	2.48M	5.55M	4.9M	14.64M	19.94M	19.03M	22.66M
Property, Plant & Equipment	3.53M	2.61M	1.9M	2.15M	3.95M	4.53M	14.24M	19.57M	18.71M	22.36M
Fixed Asset Turnover	11.65x	16.14x	25.31x	25.71x	17.02x	16.21x	6.33x	5.44x	7.42x	7.48x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	55K	47K	7.42M	0	0	0	0	0	0	0
Long-Term Investments	634K	521K	0	0	1.28M	0	0	0	0	0
Other Non-Current Assets	1.93M	457K	269K	325K	315K	374K	400K	375K	325K	300K
Total Assets+	36.05M	39.44M	35.83M	138.52M	117.01M	223.14M	190.51M	157.55M	230.43M	230.44M
Asset Turnover	1.14x	1.07x	1.34x	0.40x	0.58x	0.33x	0.47x	0.68x	0.60x	0.73x
Asset Growth %	0.24%	0.09%	-0.09%	2.87%	-0.16%	0.91%	-0.15%	-0.17%	0.46%	0%
Total Current Liabilities+	6.81M	13.39M	7.54M	9.01M	18.77M	13.47M	16.89M	21.18M	23.46M	27.13M
Accounts Payable	2.49M	1.02M	1.81M	2.15M	2.81M	3.27M	3.2M	6.28M	4.59M	6.49M
Days Payables Outstanding	168.64	72.43	129.52	162.07	151.11	134.12	111.94	145.93	56.83	67.55
Short-Term Debt	0	8.24M	0	0	4.36M	0	0	0	0	0
Deferred Revenue (Current)	0	1000K	0	0	0	0	0	0	0	0
Other Current Liabilities	4.32M	3.06M	1.53M	5.56M	8.01M	9.69M	11.36M	12.34M	15.16M	14.85M
Current Ratio	4.39x	2.71x	4.46x	15.11x	5.94x	16.20x	10.41x	6.50x	9.01x	7.66x
Quick Ratio	3.99x	2.60x	4.12x	14.73x	5.65x	15.78x	9.73x	5.68x	8.15x	6.66x
Cash Conversion Cycle	65.07	86.15	109.18	146.33	205.53	164.54	348.19	326.64	251.69	274.28
Total Non-Current Liabilities+	26.01M	134.78M	157.67M	39.32M	35.23M	40.31M	39.2M	38.07M	37.59M	36.34M
Long-Term Debt	25.06M	21.07M	38.7M	38.96M	34.87M	39.45M	34.97M	35.17M	36.06M	35.45M
Capital Lease Obligations	0	0	0	0	0	0	4.17M	2.87M	1.51M	879K
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	957K	113.71M	118.97M	360K	362K	854K	57K	30K	18K	10K
Total Liabilities	32.82M	148.17M	165.21M	48.33M	54M	53.78M	56.09M	59.25M	61.05M	63.47M
Total Debt+	25.06M	29.31M	38.7M	38.96M	39.22M	39.45M	40.48M	39.43M	38.99M	37.48M
Net Debt	4.78M	1.41M	16.3M	13.84M	28.79M	-14.13M	-22.94M	18.71M	5.72M	2.54M
Debt / Equity	7.75x	-	-	0.43x	0.62x	0.23x	0.30x	0.40x	0.23x	0.22x
Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Net Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Interest Coverage	-	-5.31x	-2.80x	-2.34x	-7.27x	-6.32x	-9.63x	-21.15x	-13.56x	-10.25x
Total Equity+	3.23M	-108.73M	-129.38M	90.19M	63.01M	169.36M	134.42M	98.3M	169.38M	166.96M
Equity Growth %	-0.53%	-34.63%	-0.19%	1.7%	-0.3%	1.69%	-0.21%	-0.27%	0.72%	-0.01%
Book Value per Share	0.13	-7.02	-9.33	5.67	2.55	5.83	4.06	2.87	4.41	4.03
Total Shareholders' Equity	3.23M	-108.73M	-129.38M	90.19M	63.01M	169.36M	134.42M	98.3M	169.38M	166.96M
Common Stock	7K	1K	1K	3K	3K	3K	3K	3K	4K	4K
Retained Earnings	-96.1M	-116.69M	-139.72M	-157.18M	-195.58M	-239.28M	-295.85M	-357.11M	-400.44M	-431.35M
Treasury Stock	0	-8.01M	-9.94M	0	0	0	0	0	0	0
Accumulated OCI	405K	472K	402K	439K	464K	524K	352K	232K	335K	244K
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-26.72M	-16.75M	-17.53M	-14.52M	-31.63M	-30.66M	-39.53M	-41.66M	-18.71M	-12.43M
Operating CF Margin %	-0.65%	-0.4%	-0.37%	-0.26%	-0.47%	-0.42%	-0.44%	-0.39%	-0.13%	-0.07%
Operating CF Growth %	-0.01%	0.37%	-0.05%	0.17%	-1.18%	0.03%	-0.29%	-0.05%	0.55%	0.34%
Net Income	-28.15M	-20.59M	-23.04M	-17.45M	-38.4M	-43.7M	-56.57M	-61.26M	-43.34M	-30.91M
Depreciation & Amortization	786K	1.04M	1.01M	722K	774K	1.13M	2.09M	3.45M	5.43M	4.38M
Stock-Based Compensation	1.23M	1.4M	1.44M	2.31M	0	0	16.87M	23.06M	24.06M	25.87M
Deferred Taxes	-201K	1.3M	1.95M	664K	0	0	3.56M	0	0	0
Other Non-Cash Items	5.13M	299K	722K	259K	6.48M	14.43M	288K	730K	-29K	-1.64M
Working Capital Changes	-1.38M	-198K	382K	-1.02M	-479K	-2.53M	-5.76M	-7.64M	-4.83M	-10.12M
Change in Receivables	-15K	-98K	-1.31M	-1.02M	-3.24M	-2.19M	-569K	-6.48M	-2.12M	-5.84M
Change in Inventory	-1.01M	1.19M	-980K	-759K	-2.1M	-274K	-5.78M	-5.71M	-4.72M	-8.05M
Change in Payables	-499K	-1.47M	811K	251K	383K	835K	-532K	2.53M	-1.12M	1.86M
Cash from Investing+	-2.24M	-441K	-478K	-97.83M	13.49M	-62.92M	51.58M	-2.81M	-59.8M	12.62M
Capital Expenditures	-2.24M	-441K	-478K	-942K	-2.44M	-2.56M	-6.39M	-9.51M	-7.8M	-10.5M
CapEx % of Revenue	0.05%	0.01%	0.01%	0.02%	0.04%	0.03%	0.07%	0.09%	0.06%	0.06%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	0	0	-96.88M	0	0	57.97M	0	0	0
Cash from Financing+	31.38M	24.75M	12.86M	115.15M	3.49M	136.4M	-1.71M	2.2M	90.93M	1.96M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	20K	433K	-6.25M	-356K	-38K	-843K	0	0	6.54M	1.96M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-28.96M	-17.19M	-18.01M	-15.46M	-34.07M	-33.22M	-45.92M	-51.16M	-26.51M	-22.92M
FCF Margin %	-0.7%	-0.41%	-0.38%	-0.28%	-0.51%	-0.45%	-0.51%	-0.48%	-0.19%	-0.14%
FCF Growth %	0.01%	0.41%	-0.05%	0.14%	-1.2%	0.02%	-0.38%	-0.11%	0.48%	0.14%
FCF per Share	-1.20	-1.11	-1.30	-0.97	-1.38	-1.14	-1.39	-1.50	-0.69	-0.55
FCF Conversion (FCF/Net Income)	0.95x	0.81x	0.76x	0.83x	0.82x	0.70x	0.70x	0.68x	0.43x	0.40x
Interest Paid	0	0	0	0	0	0	0	0	0	3.35M
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-556.13%	-	-	-19.35%	-50.13%	-37.61%	-37.24%	-52.64%	-32.38%	-18.38%
Return on Invested Capital (ROIC)	-318.07%	-	-	-	-27.58%	-23.42%	-29.06%	-39.13%	-24.1%	-15.34%
Gross Margin	86.89%	87.73%	89.35%	91.27%	89.91%	87.87%	88.43%	85.24%	78.78%	79.03%
Net Margin	-68.38%	-48.9%	-48.01%	-31.51%	-57.06%	-59.54%	-62.75%	-57.57%	-31.2%	-18.49%
Debt / Equity	7.75x	-	-	0.43x	0.62x	0.23x	0.30x	0.40x	0.23x	0.22x
Interest Coverage	-	-5.31x	-2.80x	-2.34x	-7.27x	-6.32x	-9.63x	-21.15x	-13.56x	-10.25x
FCF Conversion	0.95x	0.81x	0.76x	0.83x	0.82x	0.70x	0.70x	0.68x	0.43x	0.40x
Revenue Growth	2.79%	2.25%	13.97%	15.42%	21.53%	9.04%	22.84%	18.03%	30.52%	20.37%

Revenue by Geography

	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	50.14M	61.84M	68.12M	82.74M	98.75M	130.62M	158.42M
UNITED STATES Growth	-	23.35%	10.15%	21.46%	19.35%	32.27%	21.28%
Non-US	5.24M	5.46M	5.27M	7.41M	7.66M	8.27M	8.76M
Non-US Growth	-	4.10%	-3.46%	40.69%	3.31%	7.93%	6.01%

Frequently Asked Questions

Growth & Financials

SI-BONE, Inc. (SIBN) reported $193.6M in revenue for fiscal year 2024. This represents a 295% increase from $49.0M in 2013.

SI-BONE, Inc. (SIBN) grew revenue by 20.4% over the past year. This is strong growth.

SI-BONE, Inc. (SIBN) reported a net loss of $21.8M for fiscal year 2024.

Dividend & Returns

SI-BONE, Inc. (SIBN) has a return on equity (ROE) of -18.4%. Negative ROE indicates the company is unprofitable.

SI-BONE, Inc. (SIBN) had negative free cash flow of $10.6M in fiscal year 2024, likely due to heavy capital investments.

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SI-BONE, Inc. (SIBN) 10-Year Financial Performance & Capital Metrics

SIBN • • Industrial / General

HealthcareMedical DevicesOrthopedic & Musculoskeletal DevicesSpinal Implants & Fusion Systems

Revenue $167M +20.4%
EBITDA -$31M +25.6%
Net Income -$31M +28.7%
EPS (Diluted) -0.75 +33.6%
Gross Margin 79.03% +0.3%
EBITDA Margin -18.46% +38.2%
Operating Margin -21.08% +37.6%
Net Margin -18.49% +40.7%
ROE -18.38% +43.2%
ROIC -15.34% +36.3%
Debt/Equity 0.22 -2.5%
Interest Coverage -10.25 +24.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y sales CAGR of 20.0%

✗Weaknesses

✗Negative free cash flow
✗Low quality earnings: Net income not backed by cash flow

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y15.36%

5Y19.96%

3Y22.86%

TTM23.27%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM41.83%

EPS CAGR

10Y-

5Y-

3Y-

TTM44.57%

ROCE

10Y Avg-41.22%

5Y Avg-27%

3Y Avg-27.66%

Latest-17.18%

Peer Comparison

Spinal Implants & Fusion Systems

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
GMEDGlobus Medical, Inc.	10.46B	93.89	125.19	60.62%	15.3%	9.63%	3.87%	0.13
TNONTenon Medical, Inc.	10.6M	0.95	-0.08	11.92%	-396.26%	-267.01%		0.07
BBLGBone Biologics Corporation	3M	1.67	-0.35			-65.59%
OFIXOrthofix Medical Inc.	570.24M	14.40	-4.36	7.08%	-14.56%	-26.92%		0.36
XTNTXtant Medical Holdings, Inc.	91M	0.65	-5.42	28.44%	1.32%	3.48%		0.82
ATECAlphatec Holdings, Inc.	2.59B	17.46	-15.45	26.81%	-21.29%	-13.47%		64.65
SIBNSI-BONE, Inc.	762.82M	17.58	-23.44	20.37%	-11.24%	-12.64%		0.22

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	41.17M	42.1M	47.98M	55.38M	67.3M	73.39M	90.15M	106.41M	138.89M	167.18M
Revenue Growth %	0.03%	0.02%	0.14%	0.15%	0.22%	0.09%	0.23%	0.18%	0.31%	0.2%
Cost of Goods Sold+	5.4M	5.17M	5.11M	4.83M	6.79M	8.9M	10.43M	15.71M	29.47M	35.06M
COGS % of Revenue	0.13%	0.12%	0.11%	0.09%	0.1%	0.12%	0.12%	0.15%	0.21%	0.21%
Gross Profit+	35.77M	36.94M	42.87M	50.55M	60.51M	64.48M	79.72M	90.7M	109.42M	132.12M
Gross Margin %	0.87%	0.88%	0.89%	0.91%	0.9%	0.88%	0.88%	0.85%	0.79%	0.79%
Gross Profit Growth %	0.07%	0.03%	0.16%	0.18%	0.2%	0.07%	0.24%	0.14%	0.21%	0.21%
Operating Expenses+	62.2M	54.5M	60.22M	62.51M	96.51M	103.05M	131.39M	150.31M	156.35M	167.37M
OpEx % of Revenue	1.51%	1.29%	1.26%	1.13%	1.43%	1.4%	1.46%	1.41%	1.13%	1%
Selling, General & Admin	53.59M	48.12M	54.71M	57.14M	89.23M	93.59M	118.95M	136.69M	141.32M	150.81M
SG&A % of Revenue	1.3%	1.14%	1.14%	1.03%	1.33%	1.28%	1.32%	1.28%	1.02%	0.9%
Research & Development	8.61M	6.38M	5.51M	5.38M	7.28M	9.46M	12.44M	13.63M	15.03M	16.56M
R&D % of Revenue	0.21%	0.15%	0.11%	0.1%	0.11%	0.13%	0.14%	0.13%	0.11%	0.1%
Other Operating Expenses	0	213K	340K	0	0	0	0	0	0	0
Operating Income+	-26.42M	-17.57M	-17.35M	-11.96M	-36M	-38.57M	-51.67M	-59.61M	-46.93M	-35.25M
Operating Margin %	-0.64%	-0.42%	-0.36%	-0.22%	-0.53%	-0.53%	-0.57%	-0.56%	-0.34%	-0.21%
Operating Income Growth %	-0%	0.34%	0.01%	0.31%	-2.01%	-0.07%	-0.34%	-0.15%	0.21%	0.25%
EBITDA+	-25.64M	-16.53M	-16.34M	-11.24M	-35.23M	-37.44M	-49.58M	-56.16M	-41.5M	-30.87M
EBITDA Margin %	-0.62%	-0.39%	-0.34%	-0.2%	-0.52%	-0.51%	-0.55%	-0.53%	-0.3%	-0.18%
EBITDA Growth %	0.01%	0.36%	0.01%	0.31%	-2.13%	-0.06%	-0.32%	-0.13%	0.26%	0.26%
D&A (Non-Cash Add-back)	786K	1.04M	1.01M	722K	774K	1.13M	2.09M	3.45M	5.43M	4.38M
EBIT	-26.47M	-17.28M	-16.84M	-12.35M	-33.45M	-37.6M	-53.05M	-58.44M	-39.87M	-27.47M
Net Interest Income+	0	-3.24M	-6.03M	-4.34M	-2.4M	-5M	-5.18M	-1.51M	3.45M	4.41M
Interest Income	1.66M	71K	175K	769K	2.55M	1.1M	186K	1.3M	6.92M	7.85M
Interest Expense	0	3.31M	6.2M	5.11M	4.95M	6.1M	5.37M	2.82M	3.46M	3.44M
Other Income/Expense	-1.73M	-3.02M	-5.69M	-5.49M	-2.4M	-5.13M	-4.9M	-1.65M	3.6M	4.33M
Pretax Income+	-28.15M	-20.59M	-23.04M	-17.45M	-38.4M	-43.7M	-56.57M	-61.26M	-43.34M	-30.91M
Pretax Margin %	-0.68%	-0.49%	-0.48%	-0.32%	-0.57%	-0.6%	-0.63%	-0.58%	-0.31%	-0.18%
Income Tax+	0	0	0	0	0	0	0	0	0	0
Effective Tax Rate %	1%	1%	1%	1%	1%	1%	1%	1%	1%	1%
Net Income+	-28.15M	-20.59M	-23.04M	-17.45M	-38.4M	-43.7M	-56.57M	-61.26M	-43.34M	-30.91M
Net Margin %	-0.68%	-0.49%	-0.48%	-0.32%	-0.57%	-0.6%	-0.63%	-0.58%	-0.31%	-0.18%
Net Income Growth %	-0.01%	0.27%	-0.12%	0.24%	-1.2%	-0.14%	-0.29%	-0.08%	0.29%	0.29%
Net Income (Continuing)	-28.15M	-20.59M	-23.04M	-17.45M	-38.4M	-43.7M	-56.57M	-61.26M	-43.34M	-30.91M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-1.17	-1.33	-1.66	-1.10	-1.72	-1.50	-1.71	-1.79	-1.13	-0.75
EPS Growth %	0.89%	-0.14%	-0.25%	0.34%	-0.56%	0.13%	-0.14%	-0.05%	0.37%	0.34%
EPS (Basic)	-1.17	-1.33	-1.66	-1.10	-1.72	-1.50	-1.71	-1.79	-1.13	-0.75
Diluted Shares Outstanding	24.08M	15.48M	13.87M	15.9M	24.71M	29.06M	33.15M	34.2M	38.43M	41.47M
Basic Shares Outstanding	24.08M	15.48M	13.87M	15.9M	24.71M	29.06M	33.15M	34.2M	38.43M	41.47M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	29.9M	36.32M	33.63M	136.04M	111.46M	218.24M	175.87M	137.61M	211.39M	207.78M
Cash & Short-Term Investments	20.27M	27.9M	22.41M	122.22M	91.78M	196.43M	146.98M	97.29M	166.02M	150.04M
Cash Only	20.27M	27.9M	22.41M	25.12M	10.44M	53.58M	63.42M	20.72M	33.27M	34.95M
Short-Term Investments	0	0	0	97.1M	81.34M	142.85M	83.56M	76.57M	132.75M	115.09M
Accounts Receivable	5.77M	5.95M	7.42M	8.49M	11.72M	13.61M	14.25M	20.67M	21.95M	27.46M
Days Sales Outstanding	51.14	51.59	56.41	55.93	63.56	67.7	57.68	70.92	57.69	59.95
Inventory	2.7M	1.51M	2.55M	3.34M	5.45M	5.63M	11.5M	17.28M	20.25M	27.07M
Days Inventory Outstanding	182.57	106.99	182.29	252.47	293.08	230.96	402.45	401.65	250.83	281.88
Other Current Assets	1.16M	0	0	1.99M	0	0	0	2.37M	3.17M	3.2M
Total Non-Current Assets+	6.16M	3.11M	2.21M	2.48M	5.55M	4.9M	14.64M	19.94M	19.03M	22.66M
Property, Plant & Equipment	3.53M	2.61M	1.9M	2.15M	3.95M	4.53M	14.24M	19.57M	18.71M	22.36M
Fixed Asset Turnover	11.65x	16.14x	25.31x	25.71x	17.02x	16.21x	6.33x	5.44x	7.42x	7.48x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	55K	47K	7.42M	0	0	0	0	0	0	0
Long-Term Investments	634K	521K	0	0	1.28M	0	0	0	0	0
Other Non-Current Assets	1.93M	457K	269K	325K	315K	374K	400K	375K	325K	300K
Total Assets+	36.05M	39.44M	35.83M	138.52M	117.01M	223.14M	190.51M	157.55M	230.43M	230.44M
Asset Turnover	1.14x	1.07x	1.34x	0.40x	0.58x	0.33x	0.47x	0.68x	0.60x	0.73x
Asset Growth %	0.24%	0.09%	-0.09%	2.87%	-0.16%	0.91%	-0.15%	-0.17%	0.46%	0%
Total Current Liabilities+	6.81M	13.39M	7.54M	9.01M	18.77M	13.47M	16.89M	21.18M	23.46M	27.13M
Accounts Payable	2.49M	1.02M	1.81M	2.15M	2.81M	3.27M	3.2M	6.28M	4.59M	6.49M
Days Payables Outstanding	168.64	72.43	129.52	162.07	151.11	134.12	111.94	145.93	56.83	67.55
Short-Term Debt	0	8.24M	0	0	4.36M	0	0	0	0	0
Deferred Revenue (Current)	0	1000K	0	0	0	0	0	0	0	0
Other Current Liabilities	4.32M	3.06M	1.53M	5.56M	8.01M	9.69M	11.36M	12.34M	15.16M	14.85M
Current Ratio	4.39x	2.71x	4.46x	15.11x	5.94x	16.20x	10.41x	6.50x	9.01x	7.66x
Quick Ratio	3.99x	2.60x	4.12x	14.73x	5.65x	15.78x	9.73x	5.68x	8.15x	6.66x
Cash Conversion Cycle	65.07	86.15	109.18	146.33	205.53	164.54	348.19	326.64	251.69	274.28
Total Non-Current Liabilities+	26.01M	134.78M	157.67M	39.32M	35.23M	40.31M	39.2M	38.07M	37.59M	36.34M
Long-Term Debt	25.06M	21.07M	38.7M	38.96M	34.87M	39.45M	34.97M	35.17M	36.06M	35.45M
Capital Lease Obligations	0	0	0	0	0	0	4.17M	2.87M	1.51M	879K
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	957K	113.71M	118.97M	360K	362K	854K	57K	30K	18K	10K
Total Liabilities	32.82M	148.17M	165.21M	48.33M	54M	53.78M	56.09M	59.25M	61.05M	63.47M
Total Debt+	25.06M	29.31M	38.7M	38.96M	39.22M	39.45M	40.48M	39.43M	38.99M	37.48M
Net Debt	4.78M	1.41M	16.3M	13.84M	28.79M	-14.13M	-22.94M	18.71M	5.72M	2.54M
Debt / Equity	7.75x	-	-	0.43x	0.62x	0.23x	0.30x	0.40x	0.23x	0.22x
Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Net Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Interest Coverage	-	-5.31x	-2.80x	-2.34x	-7.27x	-6.32x	-9.63x	-21.15x	-13.56x	-10.25x
Total Equity+	3.23M	-108.73M	-129.38M	90.19M	63.01M	169.36M	134.42M	98.3M	169.38M	166.96M
Equity Growth %	-0.53%	-34.63%	-0.19%	1.7%	-0.3%	1.69%	-0.21%	-0.27%	0.72%	-0.01%
Book Value per Share	0.13	-7.02	-9.33	5.67	2.55	5.83	4.06	2.87	4.41	4.03
Total Shareholders' Equity	3.23M	-108.73M	-129.38M	90.19M	63.01M	169.36M	134.42M	98.3M	169.38M	166.96M
Common Stock	7K	1K	1K	3K	3K	3K	3K	3K	4K	4K
Retained Earnings	-96.1M	-116.69M	-139.72M	-157.18M	-195.58M	-239.28M	-295.85M	-357.11M	-400.44M	-431.35M
Treasury Stock	0	-8.01M	-9.94M	0	0	0	0	0	0	0
Accumulated OCI	405K	472K	402K	439K	464K	524K	352K	232K	335K	244K
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-26.72M	-16.75M	-17.53M	-14.52M	-31.63M	-30.66M	-39.53M	-41.66M	-18.71M	-12.43M
Operating CF Margin %	-0.65%	-0.4%	-0.37%	-0.26%	-0.47%	-0.42%	-0.44%	-0.39%	-0.13%	-0.07%
Operating CF Growth %	-0.01%	0.37%	-0.05%	0.17%	-1.18%	0.03%	-0.29%	-0.05%	0.55%	0.34%
Net Income	-28.15M	-20.59M	-23.04M	-17.45M	-38.4M	-43.7M	-56.57M	-61.26M	-43.34M	-30.91M
Depreciation & Amortization	786K	1.04M	1.01M	722K	774K	1.13M	2.09M	3.45M	5.43M	4.38M
Stock-Based Compensation	1.23M	1.4M	1.44M	2.31M	0	0	16.87M	23.06M	24.06M	25.87M
Deferred Taxes	-201K	1.3M	1.95M	664K	0	0	3.56M	0	0	0
Other Non-Cash Items	5.13M	299K	722K	259K	6.48M	14.43M	288K	730K	-29K	-1.64M
Working Capital Changes	-1.38M	-198K	382K	-1.02M	-479K	-2.53M	-5.76M	-7.64M	-4.83M	-10.12M
Change in Receivables	-15K	-98K	-1.31M	-1.02M	-3.24M	-2.19M	-569K	-6.48M	-2.12M	-5.84M
Change in Inventory	-1.01M	1.19M	-980K	-759K	-2.1M	-274K	-5.78M	-5.71M	-4.72M	-8.05M
Change in Payables	-499K	-1.47M	811K	251K	383K	835K	-532K	2.53M	-1.12M	1.86M
Cash from Investing+	-2.24M	-441K	-478K	-97.83M	13.49M	-62.92M	51.58M	-2.81M	-59.8M	12.62M
Capital Expenditures	-2.24M	-441K	-478K	-942K	-2.44M	-2.56M	-6.39M	-9.51M	-7.8M	-10.5M
CapEx % of Revenue	0.05%	0.01%	0.01%	0.02%	0.04%	0.03%	0.07%	0.09%	0.06%	0.06%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	0	0	-96.88M	0	0	57.97M	0	0	0
Cash from Financing+	31.38M	24.75M	12.86M	115.15M	3.49M	136.4M	-1.71M	2.2M	90.93M	1.96M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	20K	433K	-6.25M	-356K	-38K	-843K	0	0	6.54M	1.96M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-28.96M	-17.19M	-18.01M	-15.46M	-34.07M	-33.22M	-45.92M	-51.16M	-26.51M	-22.92M
FCF Margin %	-0.7%	-0.41%	-0.38%	-0.28%	-0.51%	-0.45%	-0.51%	-0.48%	-0.19%	-0.14%
FCF Growth %	0.01%	0.41%	-0.05%	0.14%	-1.2%	0.02%	-0.38%	-0.11%	0.48%	0.14%
FCF per Share	-1.20	-1.11	-1.30	-0.97	-1.38	-1.14	-1.39	-1.50	-0.69	-0.55
FCF Conversion (FCF/Net Income)	0.95x	0.81x	0.76x	0.83x	0.82x	0.70x	0.70x	0.68x	0.43x	0.40x
Interest Paid	0	0	0	0	0	0	0	0	0	3.35M
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-556.13%	-	-	-19.35%	-50.13%	-37.61%	-37.24%	-52.64%	-32.38%	-18.38%
Return on Invested Capital (ROIC)	-318.07%	-	-	-	-27.58%	-23.42%	-29.06%	-39.13%	-24.1%	-15.34%
Gross Margin	86.89%	87.73%	89.35%	91.27%	89.91%	87.87%	88.43%	85.24%	78.78%	79.03%
Net Margin	-68.38%	-48.9%	-48.01%	-31.51%	-57.06%	-59.54%	-62.75%	-57.57%	-31.2%	-18.49%
Debt / Equity	7.75x	-	-	0.43x	0.62x	0.23x	0.30x	0.40x	0.23x	0.22x
Interest Coverage	-	-5.31x	-2.80x	-2.34x	-7.27x	-6.32x	-9.63x	-21.15x	-13.56x	-10.25x
FCF Conversion	0.95x	0.81x	0.76x	0.83x	0.82x	0.70x	0.70x	0.68x	0.43x	0.40x
Revenue Growth	2.79%	2.25%	13.97%	15.42%	21.53%	9.04%	22.84%	18.03%	30.52%	20.37%

Revenue by Geography

	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	50.14M	61.84M	68.12M	82.74M	98.75M	130.62M	158.42M
UNITED STATES Growth	-	23.35%	10.15%	21.46%	19.35%	32.27%	21.28%
Non-US	5.24M	5.46M	5.27M	7.41M	7.66M	8.27M	8.76M
Non-US Growth	-	4.10%	-3.46%	40.69%	3.31%	7.93%	6.01%

Frequently Asked Questions

Growth & Financials

SI-BONE, Inc. (SIBN) reported $193.6M in revenue for fiscal year 2024. This represents a 295% increase from $49.0M in 2013.

SI-BONE, Inc. (SIBN) grew revenue by 20.4% over the past year. This is strong growth.

SI-BONE, Inc. (SIBN) reported a net loss of $21.8M for fiscal year 2024.

Dividend & Returns

SI-BONE, Inc. (SIBN) has a return on equity (ROE) of -18.4%. Negative ROE indicates the company is unprofitable.

SI-BONE, Inc. (SIBN) had negative free cash flow of $10.6M in fiscal year 2024, likely due to heavy capital investments.