SI-BONE (SIBN)


Market Price (11/3/2026): $21.64 | Market Cap: $969.9 MilSector: Health Care | Industry: Life Sciences Tools & Services

SI-BONE (SIBN)


Market Price (11/3/2026): $21.64
Market Cap: $969.9 Mil
Sector: Health Care
Industry: Life Sciences Tools & Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -11%

Low stock price volatility
Vol 12M is 49%

Megatrend and thematic drivers
Megatrends include Aging Population & Chronic Disease, and Precision Medicine. Themes include Geriatric Care, Chronic Pain Management, Show more.

Weak multi-year price returns
3Y Excs Rtn is -62%

Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11%

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -18 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -8.3%

Expensive valuation multiples
P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 363x

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 11%

Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -2.1%

Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 56%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -5.8%

Key risks
SIBN key risks include [1] maintaining favorable reimbursement and insurance coverage for its procedures and [2] successfully driving the adoption of its existing products while commercializing new ones.

0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -11%
1 Low stock price volatility
Vol 12M is 49%
2 Megatrend and thematic drivers
Megatrends include Aging Population & Chronic Disease, and Precision Medicine. Themes include Geriatric Care, Chronic Pain Management, Show more.
3 Weak multi-year price returns
3Y Excs Rtn is -62%
4 Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11%
5 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -18 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -8.3%
6 Expensive valuation multiples
P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 363x
7 Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 11%
8 Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -2.1%
9 Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 56%
10 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -5.8%
11 Key risks
SIBN key risks include [1] maintaining favorable reimbursement and insurance coverage for its procedures and [2] successfully driving the adoption of its existing products while commercializing new ones.

SIBN in ETFs

Weight = SIBN's share of each fund

VTI0.00%
ITOT0.00%
IWM0.03%
IWO0.06%
VTWO0.03%
SCHA0.02%
DFAS0.02%
VHT0.01%
+3 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 11/2/2026

SI-BONE (SIBN) stock has gained about 15% since 7/31/2026 because of the following key factors:

1. Strong Fiscal Q3 2026 Financial Performance and Upbeat Outlook. SI-BONE reported robust financial results for its fiscal third quarter ended September 30, 2026. The company's worldwide revenue reached $55.7 million, marking a 14.5% year-over-year increase and surpassing analyst expectations of $55.31 million. Furthermore, SI-BONE's diluted loss per share improved to $0.08, exceeding the consensus estimate of a $0.13 loss per share by $0.05. The company also reaffirmed its full-year fiscal 2026 revenue guidance of $231 million to $233 million, representing approximately 15-16% growth, and improved its operating expense growth expectation to 10.5% from a prior 12%.

2. Expanded Market Opportunity with iFuse Granite Onyx™ Launch. In September 2026, SI-BONE received FDA 510(k) clearance for its iFuse Granite Onyx™ system. This new breakthrough device is designed to address failures in spine fusion procedures and is projected to significantly expand the company's total addressable market to over 650,000 procedures annually, representing an estimated $5 billion market opportunity. The early alpha launch of iFuse Granite Onyx has already shown exceptional uptake, contributing to increased demand.

Show more
Updated on 11/2/2026

SI-BONE (SIBN) stock has gained about 15% since 7/31/2026 because of the following key factors:

1. Strong Fiscal Q3 2026 Financial Performance and Upbeat Outlook. SI-BONE reported robust financial results for its fiscal third quarter ended September 30, 2026. The company's worldwide revenue reached $55.7 million, marking a 14.5% year-over-year increase and surpassing analyst expectations of $55.31 million. Furthermore, SI-BONE's diluted loss per share improved to $0.08, exceeding the consensus estimate of a $0.13 loss per share by $0.05. The company also reaffirmed its full-year fiscal 2026 revenue guidance of $231 million to $233 million, representing approximately 15-16% growth, and improved its operating expense growth expectation to 10.5% from a prior 12%.

2. Expanded Market Opportunity with iFuse Granite Onyx™ Launch. In September 2026, SI-BONE received FDA 510(k) clearance for its iFuse Granite Onyx™ system. This new breakthrough device is designed to address failures in spine fusion procedures and is projected to significantly expand the company's total addressable market to over 650,000 procedures annually, representing an estimated $5 billion market opportunity. The early alpha launch of iFuse Granite Onyx has already shown exceptional uptake, contributing to increased demand.

3. Favorable Reimbursement Changes for Spinal Fusion Procedures. Effective October 1, 2026, new MS-DRGs (Medicare Severity Diagnosis Related Groups) were implemented for complex spinal fusion procedures that incorporate SI-BONE's iFuse Bedrock Granite. These reimbursement adjustments are expected to increase average hospital inpatient payments by up to approximately $50,000 per qualifying procedure, thereby enhancing the financial appeal for healthcare providers to adopt the technology.

4. Robust U.S. Procedure Volume and Active Physician Growth. SI-BONE experienced strong procedural demand and expanding adoption of its technologies. In fiscal Q3 2026, U.S. procedure volume grew by approximately 19.5% year-over-year. Concurrently, the number of active U.S. physicians utilizing SI-BONE's products reached a record 1,770, marking an increase of approximately 16% from the prior year. This sustained growth in physician adoption and procedure volume underscores the increasing market acceptance and clinical utilization of the company's product portfolio.

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Stock Movement Drivers

Fundamental Drivers

The 13.9% change in SIBN stock from 7/31/2026 to 11/2/2026 was primarily driven by a 11.2% change in the company's P/S Multiple.
(LTM values as of)731202611022026Change
Stock Price ($)17.7620.2213.9%
Change Contribution By: 
Total Revenues ($ Mil)2062143.6%
P/S Multiple3.84.211.2%
Shares Outstanding (Mil)4444-1.2%
Cumulative Contribution13.9%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 11/2/2026
ReturnCorrelation
SIBN13.9% 
Market (SPY)0.7%28.1%
Sector (XLV)13.6%44.1%

Fundamental Drivers

The 63.2% change in SIBN stock from 4/30/2026 to 11/2/2026 was primarily driven by a 56.9% change in the company's P/S Multiple.
(LTM values as of)430202611022026Change
Stock Price ($)12.3920.2263.2%
Change Contribution By: 
Total Revenues ($ Mil)2012146.3%
P/S Multiple2.74.256.9%
Shares Outstanding (Mil)4444-2.2%
Cumulative Contribution63.2%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 11/2/2026
ReturnCorrelation
SIBN63.2% 
Market (SPY)4.9%2.5%
Sector (XLV)27.0%45.4%

Fundamental Drivers

The 36.3% change in SIBN stock from 10/31/2025 to 11/2/2026 was primarily driven by a 22.9% change in the company's P/S Multiple.
(LTM values as of)1031202511022026Change
Stock Price ($)14.8320.2236.3%
Change Contribution By: 
Total Revenues ($ Mil)18521415.3%
P/S Multiple3.44.222.9%
Shares Outstanding (Mil)4344-3.8%
Cumulative Contribution36.3%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 11/2/2026
ReturnCorrelation
SIBN36.3% 
Market (SPY)11.2%16.1%
Sector (XLV)29.6%41.7%

Fundamental Drivers

The 18.9% change in SIBN stock from 10/31/2023 to 11/2/2026 was primarily driven by a 71.7% change in the company's Total Revenues ($ Mil).
(LTM values as of)1031202311022026Change
Stock Price ($)17.0120.2218.9%
Change Contribution By: 
Total Revenues ($ Mil)12421471.7%
P/S Multiple5.24.2-18.7%
Shares Outstanding (Mil)3844-14.9%
Cumulative Contribution18.9%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2023 to 11/2/2026
ReturnCorrelation
SIBN18.9% 
Market (SPY)86.0%26.8%
Sector (XLV)55.2%32.6%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
SIBN Return-26%-39%54%-33%41%3%-32%
Peers Return-13%-8%-7%7%26%-20%-20%
S&P 500 Return27%-19%24%23%16%10%101%

Monthly Win Rates [3]
SIBN Win Rate50%58%58%25%50%45% 
Peers Win Rate42%53%47%50%45%47% 
S&P 500 Win Rate75%42%67%75%67%36% 

Max Drawdowns [4]
SIBN Max Drawdown-48%-51%-46%-45%-29%-46% 
Peers Max Drawdown-34%-40%-41%-28%-30%-38% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: GMED, OFIX, MDT, ZBH, ATEC.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/2/2026 (YTD)

How Low Can It Go

EventSIBNS&P 500
2025 US Tariff Shock
  % Loss-27.9%-18.8%
  % Gain to Breakeven38.8%23.1%
  Time to Breakeven23 days79 days
2022 Inflation Shock & Fed Tightening
  % Loss-47.1%-24.5%
  % Gain to Breakeven89.0%32.4%
  Time to Breakeven355 days427 days
2020 COVID-19 Crash
  % Loss-60.0%-33.7%
  % Gain to Breakeven149.8%50.9%
  Time to Breakeven147 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-16.3%-19.2%
  % Gain to Breakeven19.5%23.8%
  Time to Breakeven14 days105 days

Compare to GMED, OFIX, MDT, ZBH, ATEC

In The Past

SI-BONE's stock fell -27.9% during the 2025 US Tariff Shock. Such a loss loss requires a 38.8% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventSIBNS&P 500
2025 US Tariff Shock
  % Loss-27.9%-18.8%
  % Gain to Breakeven38.8%23.1%
  Time to Breakeven23 days79 days
2022 Inflation Shock & Fed Tightening
  % Loss-47.1%-24.5%
  % Gain to Breakeven89.0%32.4%
  Time to Breakeven355 days427 days
2020 COVID-19 Crash
  % Loss-60.0%-33.7%
  % Gain to Breakeven149.8%50.9%
  Time to Breakeven147 days140 days

Compare to GMED, OFIX, MDT, ZBH, ATEC

In The Past

SI-BONE's stock fell -27.9% during the 2025 US Tariff Shock. Such a loss loss requires a 38.8% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About SI-BONE (SIBN)

SI-BONE, Inc. (SIBN) is a medical device company specializing in the development and commercialization of implantable devices designed to address musculoskeletal disorders of the sacropelvic anatomy. The company focuses on providing minimally invasive surgical (MIS) solutions primarily for issues related to the sacroiliac (SI) joint and the pelvis. Established in 2008 and headquartered in Santa Clara, California, SI-BONE aims to improve patient outcomes for a range of conditions affecting this complex region of the body.

The company's core product portfolio centers around its iFuse implant system. The original iFuse is a minimally invasive surgical implant used to treat sacroiliac joint dysfunction and degeneration, adult spinal deformity, and pelvic ring traumatic fractures. SI-BONE has expanded this line with advanced offerings like iFuse-3D, a titanium implant that integrates the iFuse's triangular design with a proprietary 3D-printed porous surface and fenestrated structure. Additionally, iFuse-TORQ consists of 3D-printed threaded implants specifically engineered for treating pelvic fractures and for minimally invasive SI joint fusion.

SI-BONE primarily serves patients experiencing sacroiliac joint pain, instability, and dysfunction, as well as individuals with adult spinal deformities requiring sacropelvic stabilization and those suffering from pelvic ring traumatic fractures. The company markets its innovative products to surgeons and healthcare providers in the United States and internationally. It employs a direct sales force as its primary channel, supplemented by a network of distributors to reach its target markets effectively.

AI Analysis | Feedback

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.

AI Analysis | Feedback

  • 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.

AI Analysis | Feedback

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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.

AI Analysis | Feedback

SI-BONE (SIBN) faces several key risks inherent to the medical device industry and its current business stage.

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.

AI Analysis | Feedback

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.

AI Analysis | Feedback

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.

Better Bets vs. SI-BONE (SIBN)

Peer Outperformance in Life Sciences Tools & Services

SIBN has outperformed 83% of its 106 Life Sciences Tools & Services peers over 5Y. Among the peers that beat it are AXGN, MEDP and CDNA. Life Sciences Tools & Services ranks 8th of 10 industries in Health Care by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Life Sciences Tools & Services constituents that SIBN has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
76%
of 123 industry peers · 36.3% return
3Y
56%
of 113 industry peers · 12.5% return
5Y
83%
of 106 industry peers · -13.0% return
Life Sciences Tools & Services peers with revenue growth within 4pp of SIBN's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
SIBN SI-BONE 19.8% -61.5x 36.3%12.5%-13.0% —
AXGN Axogen 20.6% -86.1x 124.3%1133.9%227.1% +240pp
MEDP Medpace 16.8% 35.0x 10.8%136.4%185.7% +199pp
CDNA CareDx 19.6% 34.8x 472.5%1261.0%74.4% +87pp
IRTC iRhythm 22.3% -297.6x -32.6%51.5%64.3% +77pp
WAT Waters 18.2% 265.7x 28.6%72.6%28.8% +42pp
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Health Care sector, ranked by 5Y. Life Sciences Tools & Services is SIBN's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Health Care Distributors 6 12.2%58.2%97.6% CAH 476% · MCK 367% · COR 185%
Health Care Services 20 31.1%37.7%14.8% HIMS 210% · RDNT 129% · DGX 92%
Managed Health Care 8 34.6%-3.7%-3.5% OSCR 84% · HQY 53% · ELV 6%
Health Care Facilities 25 12.6%15.4%-12.2% THC 286% · NHC 227% · EHC 195%
Health Care Equipment 50 6.4%12.3%-19.4% GKOS 430% · UFPT 355% · TMDX 141%
Pharmaceuticals 61 -13.3%6.7%-37.3% LQDA 968% · KNSA 499% · LLY 475%
Health Care Supplies 11 21.4%11.8%-38.8% LNTH 314% · HAE 68% · MMSI 30%
Life Sciences Tools & Services ← 107 -9.1%-10.2%-70.3% NTRA 232% · AXGN 227% · MEDP 186%
Biotechnology 364 -26.5%-33.1%-81.8% TRVI 1017% · DNTH 1008% · ELVN 1002%
Health Care Technology 21 -27.4%-55.9%-82.2% VEEV -3% · DOCS -55%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

SIBNGMEDOFIXMDTZBHATECMedian
NameSI-BONE Globus M.Orthofix.MedtronicZimmer B.Alphatec  
Mkt Price20.0079.558.7198.6897.207.4149.77
Mkt Cap0.910.70.4126.318.71.26.0
Rev LTM2143,14583337,5418,5098401,992
Op Inc LTM-18674-377,1471,390-26328
FCF LTM-4746-286,1321,402-10371
FCF 3Y Avg-14478-345,5271,307-71232
CFO LTM2910168,0351,74361486
CFO 3Y Avg-6614107,3601,6435312

Growth & Margins

SIBNGMEDOFIXMDTZBHATECMedian
NameSI-BONE Globus M.Orthofix.MedtronicZimmer B.Alphatec  
Rev Chg LTM15.3%19.7%3.0%9.8%8.6%15.3%12.5%
Rev Chg 3Y Avg19.8%47.0%12.3%6.0%5.8%23.2%16.0%
Rev Chg Q15.2%5.9%3.8%13.7%4.8%12.6%9.2%
QoQ Delta Rev Chg LTM3.6%1.4%0.9%3.2%1.2%3.0%2.2%
Op Inc Chg LTM35.7%93.7%60.3%7.5%-5.8%65.3%48.0%
Op Inc Chg 3Y Avg26.8%56.5%24.9%6.3%1.4%38.1%25.8%
Op Mgn LTM-8.3%21.4%-4.5%19.0%16.3%-3.0%6.6%
Op Mgn 3Y Avg-17.9%14.0%-9.4%18.5%18.4%-12.4%2.3%
QoQ Delta Op Mgn LTM1.4%2.0%1.2%0.3%-0.5%1.7%1.3%
CFO/Rev LTM1.2%28.9%2.0%21.4%20.5%7.3%13.9%
CFO/Rev 3Y Avg-4.2%22.0%1.1%21.2%20.7%-0.6%10.9%
FCF/Rev LTM-2.1%23.7%-3.3%16.3%16.5%-1.2%7.5%
FCF/Rev 3Y Avg-8.7%17.0%-4.3%15.9%16.4%-12.1%5.8%

Valuation

SIBNGMEDOFIXMDTZBHATECMedian
NameSI-BONE Globus M.Orthofix.MedtronicZimmer B.Alphatec  
Mkt Cap0.910.70.4126.318.71.26.0
P/S4.23.40.43.42.21.42.8
P/Op Inc-50.115.9-9.617.713.4-45.61.9
P/EBIT-73.315.9-9.017.215.3-27.43.1
P/E-60.820.1-5.824.123.2-13.47.1
P/CFO359.011.821.915.710.719.017.4
Total Yield-1.6%5.0%-17.2%7.0%5.3%-7.6%1.7%
Dividend Yield0.0%0.0%0.0%2.9%1.0%0.0%0.0%
FCF Yield 3Y Avg-2.3%5.3%-7.3%5.3%7.1%-8.5%1.5%
D/E0.00.00.70.20.40.50.3
Net D/E-0.1-0.00.40.20.40.40.3

Returns

SIBNGMEDOFIXMDTZBHATECMedian
NameSI-BONE Globus M.Orthofix.MedtronicZimmer B.Alphatec  
1M Rtn10.6%5.2%-4.2%14.2%10.1%-26.1%7.7%
3M Rtn8.4%-2.3%-29.0%14.8%0.5%-27.0%-0.9%
6M Rtn49.8%-12.2%-27.5%28.2%18.2%-28.3%3.0%
12M Rtn34.9%31.7%-43.6%12.4%-2.3%-61.0%5.0%
3Y Rtn11.3%69.3%-29.1%50.0%-8.0%-28.5%1.6%
1M Excs Rtn12.9%7.6%-1.8%16.6%12.4%-23.7%10.0%
3M Excs Rtn11.0%0.1%-26.1%17.9%4.2%-25.8%2.2%
6M Excs Rtn45.1%-16.9%-32.2%23.5%13.5%-33.1%-1.7%
12M Excs Rtn21.6%20.5%-54.2%1.6%-11.8%-65.3%-5.1%
3Y Excs Rtn-62.8%-10.4%-100.0%-27.1%-85.2%-108.1%-74.0%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Single Segment20116713910690
Total20116713910690


Price Behavior

Price Behavior
Market Price$20.22 
Market Cap ($ Bil)0.9 
First Trading Date10/17/2018 
Distance from 52W High-9.8% 
   50 Days200 Days
DMA Price$19.42$16.41
DMA Trendupindeterminate
Distance from DMA4.1%23.2%
 3M1YR
Volatility36.9%49.1%
Downside Capture84.1557.52
Upside Capture161.2885.21
Correlation (S&P 500)26.3%16.7%
SIBN Betas & Captures as of 10/31/2026

 1M2M3M6M1Y3Y
Beta1.570.800.890.040.600.88
Up Beta1.74-1.35-0.46-1.210.220.85
Down Beta1.751.631.370.970.560.73
Up Capture286%130%157%60%85%71%
Bmk +ve Days12182862130427
Stock +ve Days10203060118353
Down Capture58%29%55%-79%65%101%
Bmk -ve Days10253664121325
Stock -ve Days12233466131391

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with SIBN
SIBN33.6%49.1%0.74-
Sector ETF (XLV)29.7%16.4%1.3941.7%
Equity (SPY)11.6%12.8%0.5716.0%
Gold (GLD)-2.3%28.6%-0.091.1%
Commodities (DBC)43.1%20.9%1.60-12.3%
Real Estate (VNQ)11.0%13.7%0.5021.1%
Bitcoin (BTCUSD)-28.8%43.6%-0.660.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with SIBN
SIBN-0.9%53.9%0.18-
Sector ETF (XLV)8.6%15.3%0.3732.3%
Equity (SPY)12.0%17.1%0.5234.5%
Gold (GLD)16.5%19.0%0.693.9%
Commodities (DBC)8.4%19.6%0.310.2%
Real Estate (VNQ)1.1%18.9%-0.0532.9%
Bitcoin (BTCUSD)4.1%51.6%0.2619.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with SIBN
SIBN0.3%54.0%0.22-
Sector ETF (XLV)12.1%16.8%0.5932.6%
Equity (SPY)15.2%17.9%0.7237.8%
Gold (GLD)11.6%16.5%0.574.6%
Commodities (DBC)7.8%18.1%0.3410.5%
Real Estate (VNQ)5.4%20.7%0.2235.9%
Bitcoin (BTCUSD)61.7%66.3%1.0116.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date10152026
Short Interest: Shares Quantity4.7 Mil
Short Interest: % Change Since 9302026-8.0%
Average Daily Volume0.5 Mil
Days-to-Cover Short Interest8.7 days
Basic Shares Quantity44.5 Mil
Short % of Basic Shares10.6%

Earnings Returns History

Updated 11/2/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/3/2026-0.1%2.1%2.5%
5/11/202619.7%27.1%32.4%
2/23/20260.9%0.3%-16.1%
11/10/2025-0.6%10.5%19.2%
8/4/2025-10.6%-14.0%-9.4%
5/5/202515.4%31.8%29.8%
2/24/2025-2.1%1.6%-16.9%
11/12/2024-1.8%-22.4%-13.1%
...
SUMMARY STATS   
# Positive121415
# Negative161413
Median Positive3.6%3.7%11.4%
Median Negative-2.6%-13.2%-14.7%
Max Positive19.7%31.8%32.4%
Max Negative-14.8%-24.4%-27.1%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/3/2026-0.1%2.1%2.5%
5/11/202619.7%27.1%32.4%
2/23/20260.9%0.3%-16.1%
11/10/2025-0.6%10.5%19.2%
8/4/2025-10.6%-14.0%-9.4%
5/5/202515.4%31.8%29.8%
2/24/2025-2.1%1.6%-16.9%
11/12/2024-1.8%-22.4%-13.1%
8/5/20241.3%0.4%15.8%
5/6/20248.3%3.6%-3.0%
2/26/20241.3%-15.7%-25.3%
1/8/20243.8%-2.8%6.3%
11/6/2023-2.7%-12.4%1.8%
8/7/2023-11.2%-9.2%-5.7%
5/1/20237.2%-2.7%11.4%
2/27/2023-0.5%19.5%16.7%
1/9/20239.2%10.9%19.4%
11/7/20221.6%-16.4%-27.1%
8/8/2022-5.5%3.9%4.5%
5/9/2022-12.7%-16.7%0.5%
2/28/20223.5%3.2%-3.2%
1/10/20220.0%-5.2%-10.7%
11/8/2021-6.0%-10.9%-14.7%
8/2/2021-14.8%-24.4%-19.3%
5/3/2021-8.2%-14.7%-18.2%
3/8/2021-1.7%6.6%9.9%
1/7/2021-2.6%-0.8%13.2%
11/2/2020-1.2%0.5%9.9%
SUMMARY STATS   
# Positive121415
# Negative161413
Median Positive3.6%3.7%11.4%
Median Negative-2.6%-13.2%-14.7%
Max Positive19.7%31.8%32.4%
Max Negative-14.8%-24.4%-27.1%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/04/202610-Q
03/31/202605/11/202610-Q
12/31/202502/24/202610-K
09/30/202511/10/202510-Q
06/30/202508/05/202510-Q
03/31/202505/06/202510-Q
12/31/202402/25/202510-K
09/30/202411/12/202410-Q
06/30/202408/06/202410-Q
03/31/202405/07/202410-Q
12/31/202302/27/202410-K
09/30/202311/07/202310-Q
06/30/202308/08/202310-Q
03/31/202305/02/202310-Q
12/31/202203/02/202310-K
09/30/202211/08/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/04/202610-Q
03/31/202605/11/202610-Q
12/31/202502/24/202610-K
09/30/202511/10/202510-Q
06/30/202508/05/202510-Q
03/31/202505/06/202510-Q
12/31/202402/25/202510-K
09/30/202411/12/202410-Q
06/30/202408/06/202410-Q
03/31/202405/07/202410-Q
12/31/202302/27/202410-K
09/30/202311/07/202310-Q
06/30/202308/08/202310-Q
03/31/202305/02/202310-Q
12/31/202203/02/202310-K
09/30/202211/08/202210-Q
06/30/202208/09/202210-Q
03/31/202205/10/202210-Q
12/31/202103/01/202210-K
09/30/202111/09/202110-Q
06/30/202108/04/202110-Q
03/31/202105/04/202110-Q
12/31/202003/10/202110-K
09/30/202011/03/202010-Q
06/30/202008/04/202010-Q
03/31/202005/05/202010-Q
12/31/201903/11/202010-K
09/30/201911/12/201910-Q

Recent Forward Guidance

Updated 11/2/2026

Latest: Q3 2026 Earnings Reported 11/2/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 RevenueReported231.00 Mil232.00 Mil233.00 Mil0.0% AffirmedGuidance: 232.00 Mil for 2026
2026 Revenue GrowthReported15.0%15.5%16.0% 0.0%AffirmedGuidance: 15.5% for 2026
2026 Gross MarginReported 79.0%  0.0%AffirmedGuidance: 79.0% for 2026
2026 Operating Expense GrowthReported 10.5%  -1.5%LoweredGuidance: 12.0% for 2026


Prior: Q2 2026 Earnings Reported 8/3/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 RevenueReported231.00 Mil232.00 Mil233.00 Mil0.2% RaisedGuidance: 231.50 Mil for 2026
2026 Revenue GrowthReported15.0%15.5%16.0% 0.5%RaisedGuidance: 15.0% for 2026
2026 Gross ProfitCalculated182.49 Mil183.28 Mil184.07 Mil  Rev x Gross Margin
2026 Gross MarginReported 79.0%  0AffirmedGuidance: 79.0% for 2026
2026 Operating Expenses GrowthReported 12.0%  -0.5%LoweredGuidance: 12.5% for 2026

Q1 2026 Earnings Reported 5/11/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 RevenueReported230.00 Mil231.50 Mil233.00 Mil0.4% RaisedGuidance: 230.50 Mil for 2026
2026 Revenue GrowthReported14.0%15.0%16.0% 0.0%AffirmedGuidance: 15.0% for 2026
2026 Gross ProfitCalculated181.70 Mil182.88 Mil184.07 Mil  Rev x Gross Margin
2026 Gross MarginReported 79.0%  1.0%RaisedGuidance: 78.0% for 2026
2026 Operating Expenses GrowthReported 12.5%  0.0%AffirmedGuidance: 12.5% for 2026

Insider Activity

Updated 11/2/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Pisetsky, Michael ASVP, Ops & Adm/Chief Legal OfrDirectSell1102202622.1129,665655,7453,635,035Form
2Maheshwari, AnshulChief Op & Financial OfficerDirectSell1102202622.503,73884,1054,826,182Form
3Francis, LauraChief Executive Officerby TrustSell1014202620.0538,006762,0137,604,007Form
4Maheshwari, AnshulChief Op & Financial OfficerDirectSell1006202619.501,73133,7544,255,582Form
5Pisetsky, Michael ASVP, Ops & Adm/Chief Legal OfrDirectSell1006202618.173,13356,9184,914,563Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Pisetsky, Michael ASVP, Ops & Adm/Chief Legal OfrDirectSell1102202622.1129,665655,7453,635,035Form
2Maheshwari, AnshulChief Op & Financial OfficerDirectSell1102202622.503,73884,1054,826,182Form
3Francis, LauraChief Executive Officerby TrustSell1014202620.0538,006762,0137,604,007Form
4Maheshwari, AnshulChief Op & Financial OfficerDirectSell1006202619.501,73133,7544,255,582Form
5Pisetsky, Michael ASVP, Ops & Adm/Chief Legal OfrDirectSell1006202618.173,13356,9184,914,563Form
6Maheshwari, AnshulChief Op & Financial OfficerDirectSell1006202618.183,31860,3253,999,229Form
7Dunn, Jeffrey WDirectSell1005202618.4720,000369,400296,573Form
8Dunn, Jeffrey WDirectSell903202618.9120,000378,160303,606Form
9Maheshwari, AnshulChief Op & Financial OfficerDirectSell826202620.1111,636233,9714,489,683Form
10Francis, LauraChief Executive Officerby TrustSell826202620.1225,972522,5965,865,236Form
11Maheshwari, AnshulChief Op & Financial OfficerDirectSell821202620.0211,228224,7854,703,098Form
12Francis, LauraChief Executive Officerby TrustSell821202620.023,92378,5386,355,609Form
13Francis, LauraChief Executive Officerby TrustSell821202619.4651,8841,009,6636,254,172Form
14Maheshwari, AnshulChief Op & Financial OfficerDirectSell821202619.555,747112,3544,812,193Form
15Francis, LauraChief Executive OfficerDirectSell818202618.6614,956279,0659,151,534Form
16Pisetsky, Michael ASVP, Ops & Adm/Chief Legal OfrDirectSell818202618.633,72569,4115,099,149Form
17Maheshwari, AnshulChief Financial OfficerDirectSell818202618.654,66587,0164,698,564Form
18Dunn, Jeffrey WDirectSell805202618.4620,000369,214296,423Form
19Maheshwari, AnshulChief Financial OfficerDirectSell707202616.773,31755,6274,302,572Form
20Pisetsky, Michael ASVP, Ops & Adm/Chief Legal OfrDirectSell707202616.713,13452,3754,635,464Form
21Dunn, Jeffrey WDirectSell608202615.253,57554,505244,808Form
22Davis, Timothy E JRDirectSell601202614.143,50049,488929,270Form
23Davis, Timothy E JRDirectSell601202614.473,78054,6991,001,684Form
24Pisetsky, Michael ASVP, Ops & Adm/Chief Legal OfrDirectSell520202614.633,72654,5274,105,009Form
25Maheshwari, AnshulChief Financial OfficerDirectSell520202614.694,66668,5233,816,466Form
26Francis, LauraChief Executive OfficerDirectSell520202614.7114,957220,0007,405,078Form
27Dunn, Jeffrey WDirectSell505202613.153374,432120,422Form
28Maheshwari, AnshulChief Financial OfficerDirectSell403202612.873,31842,7083,387,111Form
29Pisetsky, Michael ASVP, Ops & Adm/Chief Legal OfrDirectSell403202612.861,33517,1643,636,459Form
30Pisetsky, Michael ASVP, Ops & Adm/Chief Legal OfrDirectSell403202612.951,79923,3023,680,777Form
31Nishimura, MikaDirectSell313202613.834,10056,700452,439Form
32Pisetsky, Michael ASVP, Ops & Adm/Chief Legal OfrDirectSell218202615.3520,756318,6424,390,221Form
33Francis, LauraChief Executive OfficerDirectSell218202615.3293,4751,432,1228,340,226Form
34Maheshwari, AnshulChief Financial OfficerDirectSell218202615.3721,528330,9824,096,777Form
35Recupero, Anthony JDirectSell218202615.4021,049324,2043,749,207Form
36Dunn, Jeffrey WDirectSell204202616.423375,532163,665Form
37Dunn, Jeffrey Wby TrustSell112202621.2820,000425,5061,704,471Form
38Recupero, Anthony JPresident, Commercial OpsDirectSell106202619.623,67772,1445,188,922Form
39Pisetsky, Michael ASVP, Ops & Adm/Chief Legal OfrDirectSell106202619.623,46067,8964,482,631Form
40Maheshwari, AnshulChief Financial OfficerDirectSell106202619.645,229102,7113,535,689Form
41Pisetsky, Michael ASVP, Ops & Adm/Chief Legal OfrDirectSell1219202520.1519,600394,9284,672,565Form
42Maheshwari, AnshulChief Financial OfficerDirectSell1219202520.1518,542373,5403,731,590Form
43Dunn, Jeffrey WDirectSell1210202519.331,24123,988199,231Form
44Dunn, Jeffrey Wby TrustSell1210202519.3318,759362,6062,128,490Form
45Pisetsky, Michael ASVP, Ops & Adm/Chief Legal OfrDirectSell1126202520.004008,0005,029,920Form
46Maheshwari, AnshulChief Financial OfficerDirectSell1125202520.001002,0004,075,460Form
47Maheshwari, AnshulChief Financial OfficerDirectSell1125202520.011,20024,0164,080,172Form
48Francis, LauraChief Executive Officerby TrustSell1119202517.705,41195,7636,217,573Form
49Recupero, Anthony JPresident, Commercial OpsDirectSell1119202517.443,83366,8324,675,347Form
50Pisetsky, Michael ASVP, Ops & Adm/Chief Legal OfrDirectSell1119202517.413,32857,9344,384,993Form
51Maheshwari, AnshulChief Financial OfficerDirectSell1119202517.433,46060,2973,573,789Form
52Francis, LauraChief Executive OfficerDirectSell1119202517.4311,341197,6227,115,921Form
53Francis, LauraChief Executive Officerby TrustSell1113202517.065,41192,3076,085,493Form
54Dunn, Jeffrey WDirectSell1113202518.9580,0001,516,000195,318Form
55Maheshwari, AnshulChief Financial OfficerDirectSell1113202518.332,60147,6853,823,098Form
56Dunn, Jeffrey WDirectSell1104202514.802934,338160,340Form

Investor Activity (13F)

Updated Nov 3, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
First Light Asset Management, LLC$67.6 Mil6.1%35ADD +6.4%13F
Cadian Capital Management, LP$23.8 Mil2.9%23ADD +61.2%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Cadian Capital Management, LP$23.8 Mil2.9%23ADD +61.2%13F
First Light Asset Management, LLC$67.6 Mil6.1%35ADD +6.4%13F
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
First Light Asset Management, LLC$67.6 Mil6.1%35ADD +6.4%13F
Cadian Capital Management, LP$23.8 Mil2.9%23ADD +61.2%13F
Core Cache Last Updated: 11/2/2026