SI-BONE Reports 21.7% Revenue Growth to $48.6 Million in Q2 2025

SI-BONE, Inc. reported a significant increase in financial performance for the second quarter of 2025, with revenue reaching $48.6 million, a 21.7% increase from $40.0 million in the same period last year. For the first half of 2025, the company generated $95.9 million in revenue, up 23.2% from $77.8 million in the first half of 2024. The gross profit for the second quarter was $38.8 million, resulting in a gross margin of 79.8%, compared to 79.0% in the prior year. Despite the revenue growth, SI-BONE reported a net loss of $6.2 million for the quarter, an improvement from a loss of $8.9 million in Q2 2024.

The company’s operational metrics indicate a positive trend, with over 127,000 procedures performed using its products by more than 4,600 physicians across the U.S. and 38 other countries since the introduction of its iFuse product line in 2009. The U.S. sales force has expanded to include 85 territory sales managers and 75 clinical support specialists, alongside 295 third-party sales agents, reflecting a strategic focus on enhancing market penetration and physician engagement. The increase in customer engagement is evident, with more than 3,600 U.S. physicians trained on SI-BONE products as of June 30, 2025, compared to 2,900 in the previous year.

In terms of expenses, total operating expenses for the second quarter were $45.8 million, a 10% increase from $41.7 million in Q2 2024. The rise in expenses was primarily driven by a $2.5 million increase in sales and marketing costs, attributed to higher commissions and personnel costs. General and administrative expenses also rose significantly, increasing by 28.7% to $10.7 million, largely due to higher personnel costs and legal expenses. Research and development expenses remained stable at $4.3 million, reflecting the company's commitment to innovation and product development.

Looking ahead, SI-BONE anticipates continued revenue growth driven by its expanding product portfolio and increased adoption of its surgical solutions. The company is focused on enhancing its sales force productivity and operational efficiency, with plans to further engage physicians and expand its market presence. As of June 30, 2025, SI-BONE had cash and marketable securities totaling $145.5 million, down from $150.0 million at the end of 2024, and an accumulated deficit of $444.0 million. The company expects to incur additional losses in the future but believes its current cash reserves will support operations for the next 12 months.