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Here are 1-3 brief analogies to describe SI-BONE:

• Think of SI-BONE as the Stryker or Zimmer Biomet for sacroiliac joint issues.

• Imagine them as the Align Technology (maker of Invisalign) for sacroiliac joint implants.

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• iFuse: A minimally invasive surgical implant system designed to address sacroiliac joint dysfunction and degeneration, adult deformity, and pelvic ring traumatic fractures.
• iFuse-3D: A titanium implant that combines the triangular cross-section of the iFuse with a proprietary 3D-printed porous surface and fenestrated design.
• iFuse-TORQ: A set of 3D-printed threaded implants designed to treat fractures of the pelvis and for minimally invasive sacroiliac joint fusion.

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Laura A. Francis, Chief Executive Officer

Laura A. Francis has served as SI-BONE's Chief Executive Officer and a Director on its Board since April 2021. She previously held the roles of Chief Financial Officer (since May 2015) and Chief Operating Officer (since July 2019) at SI-BONE, playing a fundamental role in the company's public offering in October 2018. Prior to joining SI-BONE, Ms. Francis held executive and leadership positions at various public and private life science companies, including Auxogyn (a venture-backed life science startup, now part of Progyny), Promega Corporation (where she led multiple acquisitions), and Bruker Corporation (where she led a post-IPO merger and secondary offering). Her earlier career includes serving as an Engagement Manager with McKinsey & Company and an Audit Manager with Coopers & Lybrand (now PricewaterhouseCoopers). Ms. Francis is also a Board Director for Shockwave Medical, Inc.

Anshul Maheshwari, Chief Operating Officer and Chief Financial Officer

Anshul Maheshwari has served as Chief Operating Officer and Chief Financial Officer of SI-BONE since February 2026, having initially joined the company as Chief Financial Officer in 2021. In his role, he oversees Finance, Investor Relations, Global Operations, Information Technology, and Project Management. Before joining SI-BONE, Mr. Maheshwari gained over 15 years of experience in corporate finance, banking, treasury, and strategy, including serving as Vice President of Finance, Investor Relations and Treasurer for Varian Medical Systems. He was also Assistant Treasurer for Bechtel Corporation and spent the majority of his early career in corporate and investment banking at Bank of America.

Nikolas Kerr, Chief Commercial Officer

Nikolas F. Kerr was named Chief Commercial Officer in February 2026, after serving as Vice President, Product Management for SI-BONE since August 2016. Before his tenure at SI-BONE, Mr. Kerr was President of Kerr Consulting Group, where he provided advisory services to leading medical device companies on product strategy.

Michael Pisetsky, Chief Business & Legal Affairs Officer

Michael A. Pisetsky was appointed Chief Business & Legal Affairs Officer in April 2023. In this position, he is responsible for leading all aspects of SI-BONE's supply chain and customer service operations, as well as its Legal, Quality Assurance, Program Management, and IT organizations.

Daniel Cher, MD, Senior Vice President, Clinical, Regulatory Affairs and Quality

Daniel J. Cher, MD, assumed the role of Senior Vice President Clinical, Regulatory Affairs and Quality in June 2021. He has been with SI-BONE as Vice President of Clinical Affairs since January 2012. From May 2008 to December 2011, Dr. Cher served as Vice President of Clinical and Regulatory Affairs at Chestnut Medical.

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The most significant risk to SI-BONE is its ability to **achieve and sustain profitability**. The company has reported continued operating losses and an accumulated deficit, highlighting the ongoing challenge of transitioning to consistent financial success despite a large estimated addressable market and growing clinical adoption.

Another crucial risk involves **reimbursement and pricing pressures**. As a medical device company, SI-BONE's commercial success heavily relies on maintaining favorable reimbursement policies and managing pricing for procedures utilizing its products. Changes or reductions in reimbursement rates can directly impact the adoption and profitability of its iFuse implant system and other devices.

Finally, SI-BONE operates in an environment of **intense competition**. The medical device market for musculoskeletal disorders, particularly those related to sacropelvic anatomy, is highly competitive. This competition could limit SI-BONE's ability to grow its market share, maintain pricing power, and commercialize new products effectively.

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SI-BONE, Inc. (SIBN) operates in several distinct addressable markets for its main products and services, primarily within the United States. The company estimates its total addressable market in the U.S. to exceed $3.5 billion, encompassing approximately 470,000 target annual procedures.

The addressable markets for SI-BONE's products are as follows:

• Sacroiliac (SI) Joint Dysfunction: This is the largest segment of SI-BONE's market, representing an estimated $2.4 billion opportunity in the U.S., accounting for approximately 280,000 procedures annually.
• Sacropelvic Fixation for Adult Deformity and Degenerative Spine (including thoracolumbar fixation and fusion): This market segment represents an estimated $1.0 billion opportunity in the U.S., with approximately 130,000 procedures.
• Pelvic Trauma: The addressable market for pelvic trauma is estimated to be between $0.3 billion and $350 million in the U.S., covering approximately 60,000 procedures.

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Here are 3-5 expected drivers of future revenue growth for SI-BONE (SIBN) over the next 2-3 years:

1. New Product Launches: SI-BONE anticipates revenue growth from recently launched and upcoming products. The company launched INTRA Ti, a new addition to its SI Joint Fusion platform, in February 2026, with expected adoption ramping up throughout 2026. Furthermore, a third breakthrough device is on track for 510(k) clearance in Q3 2026, with commercialization projected for late 2026. These new product introductions are expected to attract new physicians and increase procedural volume.

2. Expansion into the Trauma Market via Strategic Partnership: A significant driver is the strategic partnership formed with Smith+Nephew, an orthopedic industry leader. This collaboration, effective March 2026, aims to distribute SI-BONE's iFuse TORQ and iFuse TORQ TNT across Level 1 and Level 2 trauma centers nationwide for pelvic trauma. This partnership is expected to substantially expand SI-BONE's reach and accelerate its penetration into the trauma market, which is estimated to be a $300 million opportunity. The iFuse TORQ TNT also benefits from FDA Breakthrough Device Designation and New Technology Add-on Payment (NTAP) eligibility.

3. Favorable Reimbursement Dynamics: Enhanced reimbursement plays a crucial role in future growth. SI-BONE secured a New Technology Add-on Payment (NTAP) for iFuse TORQ TNT, effective October 1, 2025, which provides a 20% to 30% reimbursement increase to hospitals for pelvic fracture fixation for Medicare patients. Additionally, the Transitional Pass-Through Payment (TPT) for iFuse Bedrock Granite is expected to continue for CY2026. The company also benefits from a 17% increase in office-based lab reimbursement and full Medicare reimbursement for Granite in outpatient settings due to a new Level 7 APC code for spine procedures. These favorable reimbursement conditions are anticipated to enhance access and drive product adoption.

4. Commercial Execution and Sales Force Expansion: SI-BONE plans to expand its commercial footprint through continued strong execution and sales force growth. The company aims to add 10 new sales territories in 2026 and expand strategic agent partnerships to fully capitalize on market opportunities. A 22% increase in U.S. physicians utilizing SI-BONE's technologies in 2025 underscores growing adoption and expanded utilization, driven by its hybrid sales model comprising a direct sales force and third-party agents.

5. International Market Expansion and Adoption: International revenue growth is a noted driver, with a 38.8% year-over-year increase in Q4 2025, attributed to strong reception for iFuse TORQ. The company launched iFuse TORQ across Europe in July 2025, with initial cases performed in multiple countries, and emphasizes innovation and market expansion, including in international markets, as key to future growth.

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Share Issuance

• SI-BONE's outstanding shares increased from 42,453,116 as of February 20, 2025, to 44,165,287 as of February 18, 2026, indicating an issuance of approximately 1.72 million shares over this period.
• In February 2026, SI-BONE's Chief Financial Officer acquired 107,992 shares of common stock through grants of restricted stock units.
• The company filed a shelf registration on February 24, 2026, to register an indefinite aggregate amount of securities for future issuance, including common stock, preferred stock, debt securities, and warrants.

Inbound Investments

• American Century Companies Inc. increased its position in SI-BONE by 22.5% during the third quarter of 2025, acquiring an additional 521,683 shares, bringing their total to 2,838,107 shares valued at approximately $41.8 million.

Capital Expenditures

• SI-BONE operates with an "asset-light business model".
• Operating expenses in 2025 included increased investment in research and development (R&D) aimed at expanding the product pipeline.
• Future capital requirements are expected to be driven by investments in implants, instruments, and the development of technology to enhance product offerings.