SI-BONE, Inc. (SIBN) Stock

SI-BONE, Inc. (SIBN) is a Healthcare stock trading at $19.46 (as of 2026-08-20), with a market capitalization of $872.17M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

SI-BONE, Inc. develops implantable medical devices for musculoskeletal conditions affecting the sacropelvic region, including sacroiliac joint dysfunction and related degeneration, adult deformity, and pelvic ring traumatic fractures. Its product lines include the iFuse implant system and variants such as iFuse-3D and iFuse-TORQ, which are sold in the United States and internationally through a direct sales force and distributors.

Understand SI-BONE, Inc.: how it makes money

SI-BONE develops implantable medical devices for musculoskeletal sacropelvic disorders, selling minimally invasive surgical implant systems such as iFuse, iFuse-3D, and iFuse-TORQ that are used in sacroiliac joint and related orthopedic procedures.

The company appears to generate sales as surgeons adopt its iFuse implant system and patients receive iFuse-based procedures, reflected in operating metrics like Active Surgeons and Procedures Performed Worldwide.

Business quality (Weak): Strong gross margin alongside an operating loss suggests manufacturing or product economics may be favorable, but overall execution and cost structure are not yet producing operating profit (gross margin 79.8%, operating margin -9.7% for the latest period).

Bull case

High gross margin: For the latest period, gross margin was 79.8%, which indicates the company’s product economics are not primarily driven by low margins.
Adoption scale in surgical practice: The company reports 3,500 Active Surgeons and 80,000 Procedures Performed Worldwide, suggesting its implant system is in active use.
Product line for different clinical needs: SI-BONE offers iFuse, iFuse-3D, and iFuse-TORQ, which broadens the set of implant designs used for sacroiliac joint dysfunction, degeneration, adult deformity, and pelvic ring traumatic fractures.

Bear case

Operating losses: Operating margin was -9.7% in the latest period, indicating costs and operating expenses are exceeding operating contribution.
International revenue appears limited in the provided data: The provided International Revenue metric is 0.0, which may imply limited scale outside the United States, or at least limited recognition in the dataset.
Dependence on procedure adoption dynamics: Key operating metrics focus on surgeons and procedure volume, so revenue outcomes may be sensitive to adoption pace across the surgeon community and procedure growth.

Valuation — source: SEC EDGAR (first-party)
Price	$19.46
Market Cap	$872.17M
Price / Book	4.78
Price / Sales	4.16
FCF Yield	-2.4%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$200.93M
Net Margin	-9.4%
Revenue Growth (YoY)	20.2%
EPS Growth (YoY)	-41.3%
FCF Growth (YoY)	-60.3%

Financial Health — source: SEC EDGAR
Altman Z-Score	7.30 (safe)
Piotroski F-Score	6/9 (moderate)

Valuation vs Sector & Industry
Sector P/E (Healthcare)	21.6
Industry P/E (Medical Equipment)	32.9

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	First Light Asset Management, LLC ($67.61M)
Institutional Holders Tracked	10

Company
Sector	Healthcare
Industry	Medical Equipment
CEO	Laura A. Francis
Employees	349
Country	US
IPO Date	2018-10-17

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Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.