SI-BONE Reports 25% Revenue Growth to $47.3 Million in Q1 2025

SI-BONE, Inc. reported a significant increase in financial performance for the first quarter of 2025, with revenue reaching $47.3 million, a 25% increase from $37.9 million in the same period last year. The company's gross profit also rose to $37.7 million, resulting in a gross margin of 80%, up from 79% in the prior year. This growth was primarily driven by increased case volumes attributed to an expanded product portfolio, particularly in the U.S. market, which accounted for approximately 95% of total revenue. The net loss for the quarter was $6.5 million, a notable improvement compared to a net loss of $10.9 million in Q1 2024.

In terms of operational metrics, SI-BONE's sales force has expanded, with 85 territory sales managers and 78 clinical support specialists employed directly, alongside 278 third-party sales agents as of March 31, 2025. This is an increase from 67 clinical support specialists and 183 third-party agents a year earlier. The company has also trained over 4,500 physicians in the U.S. and 38 other countries since the introduction of its iFuse product line in 2009, indicating a strong commitment to physician engagement and product adoption.

The company has continued to invest in research and development, spending $4.5 million in Q1 2025, which represents 10% of its revenue. This investment is aimed at enhancing its product offerings and addressing unmet clinical needs in the sacropelvic anatomy. SI-BONE has launched several new products, including the iFuse TORQ TNT in 2024, and is actively involved in clinical trials to validate the efficacy of its solutions. The company anticipates that the results from ongoing studies will further support its market position and drive future revenue growth.

Despite the positive financial results, SI-BONE reported an accumulated deficit of $437.9 million as of March 31, 2025, up from $431.4 million at the end of 2024. The company has indicated that it may need to raise additional capital to support its growth initiatives, particularly as it continues to expand its product offerings and sales capabilities. The outlook remains cautiously optimistic, with management expressing confidence in their ability to fund operations and capital expenditures over the next 12 months, although they acknowledge potential risks from economic downturns and market conditions.

Overall, SI-BONE's first-quarter performance reflects a strategic focus on expanding its market presence and enhancing its product portfolio, while also navigating the challenges of maintaining financial stability amid ongoing investments in growth and development.