SI-BONE Accelerated Growth and Raised Revenue Outlook
Second-quarter revenue reached $56.0 million as U.S. procedure volume strengthened.
SI-BONE Inc. (SIBN), the medical-device maker focused on sacropelvic disorders, accelerated second-quarter revenue growth to 15.2% from 11.2% in the first quarter.
The stronger pace reflected renewed momentum in the U.S., where revenue growth exceeded both the first-quarter rate and the pace recorded in late 2025. A larger physician base supported procedure growth, while international sales continued to expand at a slower rate.
Revenue increased 6.5% sequentially, though it remained slightly below the fourth-quarter 2025 level. The net loss narrowed 33.6% to $4.1 million, or $0.09 a share, from $6.2 million, or $0.14 a share, a year earlier. The loss also improved from $4.3 million, or $0.10 a share, in the first quarter.
U.S. revenue rose 14.7% to $53.2 million as procedure volume increased 14.9%. Active U.S. physicians climbed 19% to 1,715, extending the network by at least 65 physicians from the first quarter. Trailing-12-month average revenue per territory held at $2.2 million, while its growth slowed to 5% from 11%.
International revenue increased 25.9% to $2.8 million, supported by the initial reception for iFuse TORQ and iFuse TORQ TNT, the company said. Growth slowed from 33.9% in the first quarter, and revenue declined sequentially from $3.3 million.
Gross margin slipped 30 basis points to 79.5%. Operating expenses rose 7.7% to $49.4 million as research-and-development spending and commercial and product-rollout costs increased, but revenue growth outpaced that rise. The operating loss narrowed 31.4% to $4.8 million, while adjusted EBITDA increased to $2.8 million from $1.0 million a year earlier.
SI-BONE now expects 2026 revenue of $231 million to $233 million, raising the bottom of its prior range by $1 million and lifting the implied growth floor to about 15%. The company expects operating expenses to grow about 12%, down from its previous 12.5% estimate, and continues to project gross margin of about 79% and positive adjusted EBITDA.
Cash and equivalents increased $1.3 million sequentially to $145.9 million as SI-BONE generated net cash during the quarter. The company also submitted a third breakthrough device for regulatory clearance in June ahead of a targeted fourth-quarter launch, while a higher-paying Medicare reimbursement classification for complex spinal fusions using iFuse Bedrock Granite takes effect Oct. 1.