SI-BONE, Inc. is a medical technology company that develops and markets specialized implantable solutions for musculoskeletal conditions affecting the sacropelvic region. These ...
SI-BONE, Inc. is a global medical device company focused on developing and commercializing innovative technologies for the surgical treatment of musculoskeletal disorders affecting the sacropelvic region, particularly the sacroiliac (SI) joint. The company's flagship product, the iFuse Implant System, was pioneered in 2009 and has become a leading minimally invasive ...SI-BONE, Inc. is a global medical device company focused on developing and commercializing innovative technologies for the surgical treatment of musculoskeletal disorders affecting the sacropelvic region, particularly the sacroiliac (SI) joint. The company's flagship product, the iFuse Implant System, was pioneered in 2009 and has become a leading minimally invasive solution for SI joint dysfunction, degeneration, and related conditions. The product portfolio includes iFuse-3D, which features a 3D-printed porous surface to enhance fixation, and iFuse-TORQ, designed for pelvic fractures and minimally invasive SI joint fusion. SI-BONE operates with a direct sales force and independent distributors, primarily serving the US and international markets. The company was founded in 2008 by Dr. Mark Reiley, inventor of kyphoplasty, and is headquartered in Santa Clara, California. Financially, SI-BONE has a market cap of approximately $825 million, a gross profit margin of 79.5%, but remains in a growth phase with net losses and negative free cash flow, reflecting ongoing investment in sales expansion and R&D. The R&D expenditure is about 8.4% of revenue, and the company maintains a strong balance sheet with a current ratio of 9.147 and minimal debt. With a dedicated team of around 376 employees, SI-BONE is committed to addressing an under-served area in orthopedics and is led by CEO Laura A. Francis, who has been at the helm since April 2021.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$200.9M
+20.2%
+6.5%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$-18.9M
+38.8%
+5.7%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+79.6%
+0.7%
-0.3%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
-11.1%
+47.3%
+11.4%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
-9.4%
+49.1%
+11.4%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$-9.1M
+60.3%
+77.7%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
-4.5%
+67.0%
+79.0%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
0.6%
-97.2%
-4.3%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
8.55x
+11.6%
-8.5%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Good afternoon, and welcome to SI-BONE's Second Quarter 2026 Earnings Conference Call. [Operator Instructions] As a reminder, this call is being recorded for replay purposes. I would now like to turn the call over to Saqib Iqbal, Vice President, FP&A and Investor Relations at SI-BONE. Please go ahead.
Saqib Iqbal: Earlier today, SI-BONE released financial results for the quarter ended June 30, 2026. A copy of the press release is available on the company's website. Before we begin, I'd like to remind you that management's remarks today may include forward-looking statements within the meaning of federal securities laws, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward looking statements are subject to a number of risks and uncertainties, including those set forth in our SEC filings, such as our most recent Form 10-K, and actual results may differ materially from any forward-looking statements that we make today. Accordingly, you should not place undue reliance on these statements. These forward-looking statements speak only as of the date that they are made, and we do not assume any obligation to update any forward-looking statements, except as required by law. During the call, management may also discuss certain non-GAAP measures, including adjusted EBITDA and free cash flow. Unless otherwise noted, any reference to profitability is in terms of positive adjusted EBITDA. For a reconciliation of these non-GAAP measures to GAAP accounting, please see the company's full earnings release issued earlier today. Unless otherwise noted, all results are compared to the comparable period in the prior year. With that, I'll turn the call over to Laura.
Laura Francis: Thanks, Saqib. Good afternoon and thank you for joining us. Our second quarter results demonstrate the strength of our core competencies and the momentum they've created in the business. We founded the company with a clear clinical objective to develop differentiated solutions that enable durable fixation and fusion in high-risk patients with compromised, often osteoporotic bone. Our target patients often live with debilitating pain and diminished quality of life. Our focus has allowed us to identify large addressable markets, establish compelling technical and clinical moats, and create a diversified business with multiple avenues for growth. During the quarter, we continued to translate that strategy into new products and markets. We extended the application of our biomechanical expertise and proprietary technology beyond the sacroiliac joint into high-value adjacencies across musculoskeletal care. In June, we submitted the 510(k) application for our third technology with breakthrough device designation. This is our first platform designed for use outside the pelvis and is intended to address a recognized failure point in complex spine procedures. Subject to the 510(k) clearance, we remain on track to begin …
