Detailed financial statements for SI-BONE, Inc. (SIBN): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
SI-BONE, Inc. is a medical technology company that develops and markets specialized implantable solutions for musculoskeletal conditions affecting the sacropelvic region. These devices are utilized across the United States and internationally.
Analysis Summary
SI-BONE, Inc. reported revenue of $200.9M in the most recent fiscal year, growing at a 5-year CAGR of 22.3%.
Trailing-twelve-month margins: gross margin 79.5%, operating margin -8.3%, net margin -6.9%.
At the current price of $18.54, SIBN has negative trailing earnings (P/E not meaningful) and an ROE of -8.23%. Market capitalisation stands at $822M.
Balance sheet quality for SIBN: current ratio of 8.5, net cash position of $146.7M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $42.1M | $48.0M | $55.4M | $67.3M | $73.4M | $90.2M | $106.4M | $138.9M | $167.2M | $200.9M |
| Cost of Revenue | $5.2M | $5.1M | $4.8M | $6.8M | $8.9M | $10.4M | $15.7M | $29.5M | $35.1M | $41.0M |
| Gross Profit | $36.9M | $42.9M | $50.5M | $60.5M | $64.5M | $79.7M | $90.7M | $109.4M | $132.1M | $159.9M |
| Research & Development | $6.4M | $5.5M | $5.4M | $7.3M | $9.5M | $12.4M | $13.6M | $15.0M | $16.6M | $17.4M |
| Selling, General & Admin | $48.1M | $54.7M | $57.1M | $89.2M | $93.6M | $119.0M | $136.7M | $141.3M | $150.8M | $164.8M |
| Operating Expenses | $54.5M | $60.2M | $62.5M | $96.5M | $103.1M | $131.4M | $150.3M | $156.4M | $167.4M | $182.2M |
| Operating Income | -$17.6M | -$17.4M | -$12.0M | -$36.0M | -$38.6M | -$51.7M | -$59.6M | -$46.9M | -$35.2M | -$22.3M |
| EBITDA | -$16.2M | -$15.8M | -$11.6M | -$32.7M | -$36.5M | -$51.0M | -$55.0M | -$34.4M | -$23.1M | -$10.9M |
| Interest Expense | $3.3M | $6.2M | $5.1M | $4.9M | $6.1M | $5.4M | $2.8M | $3.5M | $3.4M | $5.3M |
| Pre-tax Income | -$20.6M | -$23.0M | -$17.5M | -$38.4M | -$43.7M | -$56.6M | -$61.3M | -$43.3M | -$30.9M | -$18.9M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$20.6M | -$23.0M | -$17.5M | -$38.4M | -$43.7M | -$56.6M | -$61.3M | -$43.3M | -$30.9M | -$18.9M |
| EPS | $-1.33 | $-1.66 | $-1.10 | $-1.72 | $-1.50 | $-1.71 | $-1.79 | $-1.13 | $-0.75 | $-0.44 |
| EPS (Diluted) | $-1.33 | $-1.66 | $-1.10 | $-1.72 | $-1.50 | $-1.71 | $-1.79 | $-1.13 | $-0.75 | $-0.44 |
| Shares Outstanding (Diluted) | $15.5M | $13.9M | $15.9M | $24.7M | $29.1M | $33.1M | $34.2M | $38.4M | $41.5M | $43.5M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $48.7M | $56.4M | $52.6M | $56.0M |
| Gross Profit | $38.8M | $44.5M | $41.9M | $44.5M |
| Operating Income | -$5.4M | -$2.5M | -$5.1M | -$4.8M |
| EBITDA | -$2.4M | $2.7M | -$2.1M | -$3.1M |
| Net Income | -$4.6M | -$1.6M | -$4.3M | -$4.1M |
| EPS | $-0.11 | $-0.04 | $-0.10 | $-0.09 |
| EPS (Diluted) | $-0.11 | $-0.04 | $-0.10 | $-0.09 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $27.9M | $22.4M | $25.1M | $10.4M | $53.6M | $63.4M | $20.7M | $33.3M | $34.9M | $42.2M |
| Short-term Investments | 0 | 0 | $97.1M | $81.3M | $142.9M | $83.6M | $76.6M | $132.7M | $115.1M | $105.6M |
| Receivables | $6.0M | $7.4M | $8.5M | $11.7M | $13.6M | $14.2M | $20.7M | $22.0M | $27.5M | $29.9M |
| Inventory | $1.5M | $2.6M | $3.3M | $5.5M | $5.6M | $11.5M | $17.3M | $20.2M | $27.1M | $33.9M |
| Total Current Assets | $36.3M | $33.6M | $136.0M | $111.5M | $218.2M | $175.9M | $137.6M | $211.4M | $207.8M | $216.1M |
| Property, Plant & Equipment | $2.6M | $1.9M | $2.2M | $4.0M | $4.5M | $14.2M | $19.6M | $18.7M | $22.4M | $22.4M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | $47000 | $7.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $39.4M | $35.8M | $138.5M | $117.0M | $223.1M | $190.5M | $157.6M | $230.4M | $230.4M | $238.6M |
| Accounts Payable | $1.0M | $1.8M | $2.1M | $2.8M | $3.3M | $3.2M | $6.3M | $4.6M | $6.5M | $4.6M |
| Short-term Debt | $8.2M | 0 | 0 | $4.4M | 0 | 0 | 0 | 0 | 0 | $944000 |
| Total Current Liabilities | $13.4M | $7.5M | $9.0M | $18.8M | $13.5M | $16.9M | $21.2M | $23.5M | $27.1M | $25.3M |
| Long-term Debt | $21.1M | $38.7M | $39.0M | $34.9M | $39.5M | $35.0M | $35.2M | $36.1M | $35.5M | $175000 |
| Total Liabilities | $148.2M | $165.2M | $48.3M | $54.0M | $53.8M | $56.1M | $59.2M | $61.0M | $63.5M | $61.0M |
| Retained Earnings | -$116.7M | -$139.7M | -$157.2M | -$195.6M | -$239.3M | -$295.8M | -$357.1M | -$400.4M | -$431.4M | -$450.3M |
| Total Equity | -$108.7M | -$129.4M | $90.2M | $63.0M | $169.4M | $134.4M | $98.3M | $169.4M | $167.0M | $177.5M |
| Total Debt | $29.3M | $38.7M | $39.0M | $39.2M | $39.5M | $40.5M | $39.4M | $39.0M | $37.5M | $1.1M |
| Net Debt | $1.4M | $16.3M | -$83.3M | -$52.6M | -$157.0M | -$106.5M | -$57.9M | -$127.0M | -$112.6M | -$146.7M |
| Working Capital | $22.9M | $26.1M | $127.0M | $92.7M | $204.8M | $159.0M | $116.4M | $187.9M | $180.6M | $190.8M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $26.5M | $42.2M | $33.5M | $33.1M |
| Total Assets | $234.3M | $238.6M | $242.7M | $248.8M |
| Total Liabilities | $62.1M | $61.0M | $63.8M | $66.4M |
| Total Equity | $172.1M | $177.5M | $178.9M | $182.3M |
| Total Debt | $36.8M | $1.1M | $7.3M | $7.2M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$20.6M | -$23.0M | -$17.5M | -$38.4M | -$43.7M | -$56.6M | -$61.3M | -$43.3M | -$30.9M | -$18.9M |
| Depreciation & Amortization | $1.0M | $1.0M | $722000 | $774000 | $1.1M | $2.1M | $3.5M | $5.4M | $4.4M | $2.7M |
| Stock-based Compensation | $1.4M | $1.4M | $2.3M | $7.5M | $11.9M | $16.9M | $23.1M | $24.1M | $25.9M | $25.5M |
| Change in Working Capital | -$198000 | $382000 | -$1.0M | -$479000 | -$2.5M | -$5.8M | -$7.6M | -$4.8M | -$10.1M | -$14.3M |
| Operating Cash Flow | -$16.8M | -$17.5M | -$14.5M | -$31.6M | -$30.7M | -$39.5M | -$41.7M | -$18.7M | -$12.4M | -$675000 |
| Capital Expenditure | -$441000 | -$478000 | -$942000 | -$2.4M | -$2.6M | -$6.4M | -$9.5M | -$7.8M | -$10.5M | -$8.4M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | -$58.0M | 0 | 0 | 0 | 0 |
| Stock Repurchased | -$3000 | 0 | -$73000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$17.2M | -$18.0M | -$15.5M | -$34.1M | -$33.2M | -$45.9M | -$51.2M | -$26.5M | -$22.9M | -$9.1M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $2.3M | $1.7M | -$2.4M | $777000 |
| Capital Expenditure | -$3.0M | -$1.3M | -$1.1M | -$1.5M |
| Free Cash Flow | -$620000 | $440000 | -$3.4M | -$768000 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $6.2M | $6.0M | $6.0M | $6.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +14.0% | +15.4% | +21.5% | +9.0% | +22.8% | +18.0% | +30.5% | +20.4% | +20.2% | |
| Net Income Growth (YoY) | -11.9% | +24.2% | -120.0% | -13.8% | -29.5% | -8.3% | +29.3% | +28.7% | +38.8% | |
| EPS Growth (YoY) | -24.8% | +33.7% | -56.4% | +12.8% | -14.0% | -4.7% | +36.9% | +33.6% | +41.3% | |
| Shares Change (YoY) | -10.4% | +14.7% | +55.4% | +17.6% | +14.1% | +3.2% | +12.4% | +7.9% | +4.9% | |
| FCF Growth (YoY) | -4.7% | +14.1% | -120.4% | +2.5% | -38.2% | -11.4% | +48.2% | +13.5% | +60.3% | |
| Gross Margin | 87.7% | 89.3% | 91.3% | 89.9% | 87.9% | 88.4% | 85.2% | 78.8% | 79.0% | 79.6% |
| Operating Margin | -41.7% | -36.2% | -21.6% | -53.5% | -52.6% | -57.3% | -56.0% | -33.8% | -21.1% | -11.1% |
| EBITDA Margin | -38.6% | -33.0% | -21.0% | -48.6% | -49.7% | -56.5% | -51.7% | -24.8% | -13.8% | -5.4% |
| Net Margin | -48.9% | -48.0% | -31.5% | -57.1% | -59.5% | -62.8% | -57.6% | -31.2% | -18.5% | -9.4% |
| FCF Margin | -40.8% | -37.5% | -27.9% | -50.6% | -45.3% | -50.9% | -48.1% | -19.1% | -13.7% | -4.5% |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-1.11 | $-1.30 | $-0.97 | $-1.38 | $-1.14 | $-1.39 | $-1.50 | $-0.69 | $-0.55 | $-0.21 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $15.5M | $13.9M | $15.9M | $24.7M | $29.1M | $33.1M | $34.2M | $38.4M | $41.5M | $43.5M |
What to look at in Healthcare / Pharma
The R&D pipeline is the invisible asset. Patents expiring = revenues evaporating. Look at innovation and cash flow.
- R&D / Revenue — Shows investment in future pipeline. Serious pharma reinvests 15-20%
- 5y EPS growth — After patent expirations, are they still growing?
- Gross margin — Branded pharma >70%. Generics much lower — defines the business type
- FCF / Net Income — Earnings quality — big pharma should convert >90%
- ROIC — Capital reinvested efficiently — key in pharma due to long R&D cycles
- Net debt / EBITDA — Pharma acquisitions pile up debt — watch the post-M&A picture
- P/E vs own 10y history — The best comparison is with its own history, not with peers
Profitability
| Return on Equity | -8.23% |
| Return on Invested Capital | -7.88% |
| Return on Assets | -5.88% |
| Gross Margin | 79.53% |
| Operating Margin | -8.31% |
| Net Margin | -6.85% |
Financial Health
| Debt / Equity | 0.04 |
| Current Ratio | 9.15 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 7.29 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -15.08 | -12.08 | -18.99 | -12.50 | -19.93 | -12.99 | -7.60 | -18.58 | -18.69 | -44.82 |
| P/B | -2.86 | -2.15 | 3.68 | 8.43 | 5.13 | 5.48 | 4.73 | 4.76 | 3.48 | 4.83 |
| P/S | 7.38 | 5.80 | 6.00 | 7.89 | 11.84 | 8.17 | 4.37 | 5.81 | 3.48 | 4.27 |
| Gross Margin | 87.7% | 89.3% | 91.3% | 89.9% | 87.9% | 88.4% | 85.2% | 78.8% | 79.0% | 79.6% |
| Operating Margin | -41.7% | -36.2% | -21.6% | -53.5% | -52.6% | -57.3% | -56.0% | -33.8% | -21.1% | -11.1% |
| Net Margin | -48.9% | -48.0% | -31.5% | -57.1% | -59.5% | -62.8% | -57.6% | -31.2% | -18.5% | -9.4% |
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Explore sector: Healthcare · Medical - Devices
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