Company Overview
SI-BONE, Inc. operates as a medical device company focused on developing procedural solutions for compromised bone, utilizing expertise in biomechanical design and anatomy-specific applications across both domestic and international markets. The firm specializes in offering a range of patented titanium implants alongside the specialized instruments required to deploy them effectively in clinical settings. This entity functions within the Healthcare sector, specifically targeting the Medical Devices industry, which encompasses companies manufacturing equipment and supplies used by hospitals and physicians to diagnose and treat disease. With a market capitalization of $585.41M, an annual revenue of $200.92M, and an employee base of 376, SI-BONE, Inc. has established a significant operational footprint. These valuation and revenue figures indicate that the company occupies a substantial position within its niche, supported by a workforce large enough to sustain R&D and commercialization efforts while maintaining a multi-hundred-million-dollar market valuation.
Financial Health
The company reported revenue of $200.92M over the trailing twelve months, yet recorded a net income of $-18,904,000 and an EBITDA of $-16,560,000. The substantial gap between the positive revenue of $200.92M and the negative net income reveals a cost structure where operating expenses and cost of goods sold exceed total sales proceeds, resulting in an operating loss. Free cash flow stands at $-4,801,750, indicating that current cash generation is insufficient to cover capital expenditures and working capital needs without external financing. Gross margin is reported at 79.6%, suggesting a high pricing power or low direct production costs relative to sales, while the operating margin of -4.4% and profit margin of -9.4% reflect significant overhead burdens and the impact of non-operating expenses on the bottom line. On the balance sheet, the company holds $147.82M in cash against $36.69M in debt, supported by a debt-to-equity ratio of 20.67, which indicates a conservative leverage profile given the robust cash buffer. The current ratio of 8.55 demonstrates strong short-term liquidity, showing that the company possesses more than eight times the current assets necessary to cover its current liabilities. Furthermore, the return on equity is -11.0% and the return on assets is -6.0%, metrics that reveal management is currently utilizing shareholder capital and assets to generate losses rather than profits.
Valuation Assessment
Valuation multiples for SI-BONE, Inc. include a P/E ratio (TTM) of N/A and a forward P/E of -32.53, implying that expected earnings remain negative and traditional earnings-based valuation models are not applicable at this time. The price-to-book ratio is 3.26, indicating that the market values the company at more than three times its net asset value, which suggests a premium placed on the company's intangible assets and growth potential despite current losses. Alternative valuation metrics such as a price-to-sales ratio of 2.91 and an EV/EBITDA of -27.40 suggest that investors are pricing the stock based on revenue scale and future profitability expectations rather than current earnings or cash flow. The stock has traded between a 52-week high of $21.89 and a 52-week low of $12.50, with the current price trading at a level that reflects recent market sentiment within this specific range. The beta value is 0.69, which indicates that the stock's price volatility is lower than the broader market, moving less sharply in response to general market fluctuations.
Growth & Income
Revenue growth over the last year stands at 15.0%, while earnings growth is N/A due to the company's ongoing losses, implying that top-line expansion is occurring while profitability has yet to be achieved. As a non-dividend payer, the company maintains a dividend yield of N/A and a payout ratio of 0.0%, meaning that earnings are not distributed to shareholders but are instead retained to fund operations and growth initiatives. The absence of a dividend payout confirms that the firm prioritizes reinvesting available resources into its medical device development and market expansion strategies rather than providing immediate income to investors. The overall growth and income profile is characterized by double-digit revenue expansion paired with a complete absence of current dividend income or earnings growth, reflecting a classic high-growth, pre-profitability stage for a specialized medical device manufacturer.