Revenue growth has decelerated from a 26.1% peak in 2024Q4 to 11.2% in 2026Q1, while operating margins remain persistently negative at -9.7%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Sales/Revenue | 206.22M | 200.93M | 167.18M | 138.89M | 106.41M | 90.15M | 73.39M | 67.3M | 55.38M | 47.98M | 42.1M | 41.17M | 40.05M | 49M |
| Revenue Growth % | 16.77% | 20.19% | 20.37% | 30.52% | 18.03% | 22.84% | 9.04% | 21.53% | 15.42% | 13.97% | 2.25% | 2.79% | -18.26% | - |
| Cost of Goods Sold | 42.1M | 41.05M | 35.06M | 29.47M | 15.71M | 10.43M | 8.9M | 6.79M | 4.83M | 5.11M | 5.17M | 5.4M | 6.5M | 4.33M |
| COGS % of Revenue | - | 20.43% | 20.97% | 21.22% | 14.76% | 11.57% | 12.13% | 10.09% | 8.73% | 10.65% | 12.27% | 13.11% | 16.23% | 8.84% |
| Gross Profit | 164.13M | 159.88M | 132.12M | 109.42M | 90.7M | 79.72M | 64.48M | 60.51M | 50.55M | 42.87M | 36.94M | 35.77M | 33.55M | 44.67M |
| Gross Margin % | 79.59% | 79.57% | 79.03% | 78.78% | 85.24% | 88.43% | 87.87% | 89.91% | 91.27% | 89.35% | 87.73% | 86.89% | 83.77% | 91.16% |
| Gross Profit Growth % | - | 21.01% | 20.75% | 20.63% | 13.77% | 23.63% | 6.57% | 19.71% | 17.9% | 16.07% | 3.25% | 6.62% | -24.88% | - |
| Operating Expenses | 184.07M | 182.21M | 167.37M | 156.35M | 150.31M | 131.39M | 103.05M | 96.51M | 62.51M | 60.22M | 54.5M | 62.2M | 59.84M | 49.9M |
| OpEx % of Revenue | - | 90.68% | 100.11% | 112.58% | 141.26% | 145.75% | 140.42% | 143.41% | 112.88% | 125.5% | 129.45% | 151.06% | 149.39% | 101.84% |
| Selling, General & Admin | 166.97M | 164.76M | 150.81M | 141.32M | 136.69M | 118.95M | 93.59M | 89.23M | 57.14M | 54.71M | 48.12M | 53.59M | 50.68M | 41.59M |
| SG&A % of Revenue | - | 82% | 90.21% | 101.75% | 128.45% | 131.95% | 127.53% | 132.59% | 103.17% | 114.02% | 114.3% | 130.16% | 126.54% | 84.88% |
| Research & Development | 17.11M | 17.45M | 16.56M | 15.03M | 13.63M | 12.44M | 9.46M | 7.28M | 5.38M | 5.51M | 6.38M | 8.61M | 9.17M | 8.37M |
| R&D % of Revenue | - | 8.68% | 9.91% | 10.82% | 12.81% | 13.8% | 12.89% | 10.82% | 9.71% | 11.49% | 15.15% | 20.9% | 22.9% | 17.09% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 340K | 213K | 0 | 0 | 0 |
| Operating Income | -19.94M | -22.33M | -35.25M | -46.93M | -59.61M | -51.67M | -38.57M | -36M | -11.96M | -17.35M | -17.57M | -26.42M | -26.3M | -5.3M |
| Operating Margin % | -9.67% | -11.11% | -21.08% | -33.79% | -56.02% | -57.31% | -52.55% | -53.5% | -21.61% | -36.16% | -41.72% | -64.18% | -65.66% | -10.81% |
| Operating Income Growth % | - | 36.65% | 24.89% | 21.27% | -15.36% | -33.97% | -7.12% | -200.9% | 31.04% | 1.22% | 33.52% | -0.46% | -396.53% | - |
| EBITDA | -11.79M | -19.61M | -30.87M | -41.5M | -56.16M | -49.58M | -37.44M | -35.23M | -11.24M | -16.34M | -16.53M | -25.64M | -26.01M | -5.25M |
| EBITDA Margin % | -5.72% | -9.76% | -18.46% | -29.88% | -52.77% | -55% | -51.01% | -52.35% | -20.3% | -34.05% | -39.26% | -62.27% | -64.95% | -10.71% |
| EBITDA Growth % | 54.86% | 36.47% | 25.62% | 26.09% | -13.26% | -32.45% | -6.27% | -213.34% | 31.18% | 1.15% | 35.53% | 1.45% | -395.79% | - |
| D&A (Non-Cash Add-back) | 8.15M | 2.72M | 4.38M | 5.43M | 3.45M | 2.09M | 1.13M | 774K | 722K | 1.01M | 1.04M | 786K | 287K | 50K |
| EBIT | -15.49M | -13.63M | -27.47M | -39.87M | -58.44M | -53.05M | -37.6M | -33.45M | -12.35M | -16.84M | -17.28M | -26.47M | -26.27M | -5.23M |
| Net Interest Income | 3.27M | 790K | 4.41M | 3.45M | -1.51M | -5.18M | -5M | -2.4M | -4.34M | -6.03M | -3.24M | 0 | 0 | 0 |
| Interest Income | 5.83M | 6.07M | 7.85M | 6.92M | 1.3M | 186K | 1.1M | 2.55M | 769K | 175K | 71K | 1.66M | 1.52M | 909K |
| Interest Expense | 2.56M | 5.28M | 3.44M | 3.46M | 2.82M | 5.37M | 6.1M | 4.95M | 5.11M | 6.2M | 3.31M | 0 | 0 | 0 |
| Other Income/Expense | 3.24M | 3.42M | 4.33M | 3.6M | -1.65M | -4.9M | -5.13M | -2.4M | -5.49M | -5.69M | -3.02M | -1.73M | -1.5M | -847K |
| Pretax Income | -16.7M | -18.91M | -30.91M | -43.34M | -61.26M | -56.57M | -43.7M | -38.4M | -17.45M | -23.04M | -20.59M | -28.15M | -27.8M | -6.14M |
| Pretax Margin % | -8.1% | -9.41% | -18.49% | -31.2% | -57.57% | -62.75% | -59.54% | -57.06% | -31.51% | -48.01% | -48.9% | -68.38% | -69.42% | -12.54% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2K | 10K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -0.01% | -0.16% |
| Net Income | -16.7M | -18.91M | -30.91M | -43.34M | -61.26M | -56.57M | -43.7M | -38.4M | -17.45M | -23.04M | -20.59M | -28.15M | -27.81M | -6.15M |
| Net Margin % | -8.1% | -9.41% | -18.49% | -31.2% | -57.57% | -62.75% | -59.54% | -57.06% | -31.51% | -48.01% | -48.9% | -68.38% | -69.42% | -12.56% |
| Net Income Growth % | 37.1% | 38.83% | 28.67% | 29.25% | -8.28% | -29.46% | -13.79% | -120.04% | 24.25% | -11.9% | 26.87% | -1.25% | -351.84% | - |
| Net Income (Continuing) | -16.7M | -18.91M | -30.91M | -43.34M | -61.26M | -56.57M | -43.7M | -38.4M | -17.45M | -23.04M | -20.59M | -28.15M | -27.81M | -6.15M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.38 | -0.44 | -0.75 | -1.13 | -1.79 | -1.71 | -1.50 | -1.72 | -1.10 | -1.66 | -1.33 | -1.17 | -10.42 | -2.69 |
| EPS Growth % | 39.39% | 41.33% | 33.63% | 36.87% | -4.68% | -14% | 12.79% | -56.36% | 33.73% | -24.81% | -13.68% | 88.77% | -287.36% | - |
| EPS (Basic) | - | -0.44 | -0.75 | -1.13 | -1.79 | -1.71 | -1.50 | -1.72 | -1.10 | -1.66 | -1.33 | -1.17 | -10.42 | -2.69 |
| Diluted Shares Outstanding | 43.96M | 43.51M | 41.47M | 38.43M | 34.2M | 33.15M | 29.06M | 24.71M | 15.9M | 13.87M | 15.48M | 24.08M | 2.67M | 2.29M |
| Basic Shares Outstanding | 43.96M | 43.51M | 41.47M | 38.43M | 34.2M | 33.15M | 29.06M | 24.71M | 15.9M | 13.87M | 15.48M | 24.08M | 2.67M | 2.29M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Persistent Operating Margin Deficit
As reported in recent financial filings, SIBN's year-over-year revenue growth has decelerated from a peak of 26.1% in 2024Q4 to 11.2% in 2026Q1, suggesting that the initial rapid adoption phase of the iFuse platform may be encountering market saturation or increased competitive friction in elective procedures.
The sequential decline in growth rates indicates that the company's reliance on elective sacroiliac fusion may be reaching a plateau. Investors should monitor whether the newer trauma-focused iFuse-TORQ applications can provide a sufficient secondary growth engine to offset the cooling demand in the core elective segment.
Based on the company's reported figures, gross margins have remained remarkably consistent near the 80% threshold over the last ten quarters, demonstrating that SIBN maintains significant pricing power despite the introduction of newer product generations and potential competitive pressure from larger, diversified medical device manufacturers.
This high margin profile underscores the premium value placed on the company's specialized titanium implants and clinical evidence base. However, the stability of these margins warrants further investigation into whether future shifts toward 3D-printed manufacturing or aggressive pricing strategies by peers could eventually erode this core profitability advantage.
According to the income statement data, operating expenses continue to track closely with revenue, as evidenced by the persistent negative operating margin of -9.7% in 2026Q1, which suggests that the company has yet to achieve the necessary scale to decouple revenue growth from its heavy sales force investment.
The high variable cost structure, driven by direct sales commissions and surgeon education, appears to be the primary barrier to achieving GAAP profitability. Until the company can demonstrate that incremental revenue growth significantly outpaces the expansion of SG&A, the path to positive operating income remains speculative.
Analysis of the provided financial statements reveals that stock-based compensation consistently exceeds $6 million per quarter, a non-cash expense that effectively obscures the true magnitude of the company's cash consumption and complicates the assessment of underlying operational efficiency during this high-growth, pre-profitability phase of development.
Investors should be cautious when evaluating the narrowing net losses, as the reliance on equity-based incentives may be inflating the reported earnings profile. The persistent gap between net income and cash flow suggests that the company's path to self-sustainability is more challenging than the headline EPS figures might imply.
Quick answers to the most common questions about buying SIBN stock.
For fiscal year 2025, SI-BONE, Inc. (SIBN) reported total revenue of $200.9M. This represents a 310.1% increase compared to $49.0M in 2013.
SI-BONE, Inc. (SIBN) reported a net loss of $18.9M for the fiscal year ending 2025.
SI-BONE, Inc. (SIBN) reported an operating income of $-22.3M, resulting in an operating profit margin of -11.1%. This margin reflects the operational efficiency of the business before interest and taxes.
SI-BONE, Inc. (SIBN) generated $159.9M in gross profit for the year, representing a gross profit margin of 79.6%. This demonstrates the company's core pricing power and production efficiency.