SI-BONE, Inc. reported a significant increase in financial performance for the fiscal year ending December 31, 2025, with total revenue reaching $200.9 million, a 20.2% increase from $167.2 million in 2024. The company’s gross profit also rose to $159.9 million, reflecting a gross margin of 79.6%, up from 79.0% the previous year. Despite this growth, SI-BONE continued to incur net losses, reporting a loss of $18.9 million for 2025, an improvement from the $30.9 million loss in 2024. The accumulated deficit as of December 31, 2025, stood at $450.3 million.
The company attributed its revenue growth primarily to increased case volumes driven by an expanded product portfolio and a growing base of active physicians. U.S. sales accounted for 95% of total revenue, with international sales contributing the remaining 5%. The increase in revenue was complemented by a rise in operating expenses, which totaled $182.2 million, up 8.9% from the previous year. Notably, sales and marketing expenses increased by 6.1% to $124.2 million, reflecting higher commissions and employee-related costs associated with the revenue growth.
Strategically, SI-BONE has focused on expanding its product offerings and enhancing its sales force. The company launched several new products, including the iFuse INTRA and iFuse TORQ TNT in 2024, and has invested in training programs for healthcare professionals to drive adoption of its products. As of December 31, 2025, the company employed 376 individuals, including 89 territory sales managers and 83 clinical specialists in the U.S., alongside a network of third-party sales agents.
Looking ahead, SI-BONE remains optimistic about its growth trajectory, with plans to continue investing in research and development, which accounted for 9% of its revenue in 2025. The company aims to leverage its established technology platform to address unmet needs in thoracolumbar fixation and pelvic trauma, while also navigating challenges such as pricing pressures and regulatory scrutiny. The management anticipates that existing cash and marketable securities of $147.8 million will support its operational needs over the next 12 months, although it may seek additional capital to fund future growth initiatives.
About SI-BONE, Inc.
SI-BONE, Inc. develops minimally invasive surgical implant systems for musculoskeletal disorders of the sacropelvic anatomy, focusing on sacroiliac joint dysfunction, pelvic fixation, and fractures. Its core products include patented titanium implants and related instruments, supported by extensive clinical evidence. Serving global markets, the company emphasizes innovative solutions, physician training, and strong regulatory compliance to improve patient outcomes in spine and pelvic surgeries.
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