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Sep 30
SI-BONE Q3 2025 Earnings Report
SI-BONE reported its Q3 2025 results with 21% revenue growth, a narrowed net loss, and positive adjusted EBITDA.
Key Takeaways
SI-BONE delivered strong revenue growth and positive adjusted EBITDA in Q3 2025, along with a reduced net loss, improved gross margin, and growth across both U.S. and international markets.
Revenue rose to $48.7 million, a 20.6% increase year-over-year.
Net loss improved to $4.6 million from $6.6 million in Q3 2024.
Positive adjusted EBITDA of $2.3 million, up from a loss of $0.2 million last year.
Active U.S. physicians reached 1,530, a 27% increase.
SI-BONE
SI-BONE
SI-BONE Revenue by Geographic Location
Revenue by Geographic Location
U.S. Revenue
CapyFin.comInternational Revenue
CapyFin.com Forward Guidance
SI-BONE raised its full-year 2025 revenue guidance to $198–$200 million and expects to maintain strong gross margins and positive adjusted EBITDA.
Positive Outlook
- Raised FY25 revenue guidance to $198M–$200M from $195M–$198M.
- Expects 18% to 20% year-over-year revenue growth.
- Maintained positive adjusted EBITDA outlook.
- Gross margin forecast improved to ~79.5%.
- Operating expenses expected to grow ~10% at revenue midpoint.
Challenges Ahead
- Continued operating losses despite improvements.
- Elevated general and administrative expenses.
- Ongoing investments needed for new product rollouts.
- Slight increase in cost of goods sold.
- International revenue growth remains lower than U.S. market.
Revenue & Expenses
Visualization of income flow from segment revenue to net income