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Dec 31, 2025
SI-BONE Q4 2025 Earnings Report
SI-BONE reported record Q4 2025 revenue with improved profitability, positive adjusted EBITDA, and positive free cash flow.
Key Takeaways
In Q4 2025, SI-BONE generated worldwide revenue of 56350000, delivered positive adjusted EBITDA of 5150000, narrowed its net loss to 1648000, and produced positive free cash flow, ending the quarter with strong cash reserves.
Worldwide revenue increased 15.0% year over year to 56350000.
Gross margin remained strong at 79.0%.
Net loss improved to 1648000 from 4495000 in the prior year period.
Adjusted EBITDA was positive at 5150000 and free cash flow was positive.
Revenue by Geographic Location
Forward Guidance
For 2026, SI-BONE expects worldwide revenue between 228500000 and 232500000, gross margin of approximately 78%, operating expense growth of about 12.5% at the midpoint, and increased positive adjusted EBITDA.
Positive Outlook
- 2026 revenue guidance of 228500000 to 232500000.
- Expected year-over-year revenue growth of approximately 14% to 16%.
- Projected gross margin of approximately 78%.
- Expectation of increased positive adjusted EBITDA in 2026.
- Continued commercial expansion and product launches supporting growth.
Challenges Ahead
- Operating expenses expected to grow approximately 12.5% at midpoint.
- Gross margin expected to decline from 79.0% in Q4 2025 to approximately 78% in 2026.
- Exposure to healthcare operating environment normalization risks.
- Dependence on maintaining favorable reimbursement dynamics.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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