SIBN earnings analysis
What we found in SIBN's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
SI-BONE delivered Q2 revenue of $56.010 million, up 15.2% year over year, with GAAP diluted loss per share improving to $0.09 from $0.14. Gross margin was broadly stable at 79.5%, while operating margin improved to approximately negative 8.6% from negative 14.4%, reflecting operating leverage despite continued investment in commercial coverage and product development. Liquidity remains solid at $145.9 million of cash and marketable securities, although first-half operating cash flow remained negative $1.585 million and inventory and receivables increased.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue growth accelerated to 15.2%
- Q2 revenue was $56.010 million, up $7.380 million (15.2%) from $48.630 million a year earlier and up from implied Q1 revenue of $52.588 million. U.S. revenue increased $6.808 million, supported by a 14.9% increase in procedure volumes.
- Operating leverage materially improved
- Operating loss narrowed to approximately $4.806 million, or an 8.6% operating margin, from a $7.004 million loss and a 14.4% margin in Q2 2025; it also improved from an implied 9.7% operating loss margin in Q1 2026.
- EPS loss narrowed year over year
- GAAP diluted loss per share was $0.09, improving from a $0.14 loss in Q2 2025 and a $0.10 loss in Q1 2026. Net loss for the first six months was $8.4 million versus $12.7 million in the prior-year period.
- International and alternate sites expanded
- International revenue grew 25.9% to $2.777 million, while U.S. revenue grew 14.7% to $53.233 million. More than 35% of U.S. sacroiliac-joint procedures occurred in ASC and OBL settings during the quarter.
- Operating cash burn improved
- Operating cash outflow improved by $3.153 million year over year to $1.585 million for the first six months of 2026, versus $4.738 million used in the prior-year period.
- Commercial productivity increased
- Commercial capacity continued to expand: the U.S. organization had more than 175 sales-team members and more than 350 third-party agents at June 30, 2026, versus more than 160 and 295, respectively, a year earlier. Trailing-12-month revenue per territory sales manager rose to approximately $2.2 million from $2.1 million.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Product mix pressured gross margin
- Gross margin declined 30 basis points year over year to 79.5% from 79.8%, which management attributed to product mix. Cost of goods sold grew 16.7%, faster than 15.2% revenue growth.
- Losses and free-cash-flow deficit persist
- The company remained unprofitable and cash-flow negative: Q2 operating loss was approximately $4.806 million, while first-half operating cash flow was negative $1.585 million and first-half property-and-equipment purchases were $2.6 million.
- Working-capital investment consumed cash
- Net operating assets increased $8.5 million in the first half, driven in part by higher inventory for new-product introductions and higher receivables from sales and collection timing. Cash and marketable securities declined to $145.9 million from $147.8 million at December 31, 2025.
- Contractual commitments increased
- Outstanding debt was unchanged at $35.6 million, but total contractual obligations rose to $59.670 million at June 30, 2026 from $47.7 million at December 31, 2025, including $36.000 million of principal and $14.419 million of operating-lease obligations.
- No material risk-factor updates disclosed
- Risk factors were unchanged from the 2025 annual report; the filing explicitly reports no material changes. Management nonetheless notes that sales declines, reimbursement or regulatory developments, and inventory needs for new product families could accelerate use of capital.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.09
- Gross margin
- 79.5%
- Operating margin
- -8.6%
- Segment
- United States revenue: $53.233 million (95.0% of total), up $6.808 million or 14.7% year over year
- Segment
- International revenue: $2.777 million (5.0% of total), up $0.572 million or 25.9% year over year
What they said about what is next.
The 10-Q contains no explicit quantitative revenue or EPS guidance. Management states that existing cash and marketable securities of $145.9 million are expected to fund operating expenses and capital-expenditure requirements for the next 12 months from filing; the company’s quantitative FY2026 outlook was provided separately in its earnings release.
The filing reads better than the one before it.
What came before.
- 10-Q · May 11, 2026
- SI-BONE, Inc. reported Q1 2026 earnings with revenue of $52.6 million and a net loss of $4.3 million, resulting in an EPS of -$0.10. The results exceeded revenue estimates of $51.2 million and EPS estimates of -$0.19,…
- 10-K · February 24, 2026
- SI-BONE, Inc. reported a revenue increase of 20.2% in FY 2025, totaling $200.9 million, driven by higher U.S. case volumes and expanding product offerings. Operating losses decreased, leading to improved financial…
- 10-Q · November 10, 2025
- SI-BONE, Inc. reported notable improvements in its financial performance for Q3 2025, achieving a revenue increase of 20.6% year-over-year, driven primarily by growth in U.S. sales. The company also narrowed its EPS…
- 10-Q · August 5, 2025
- SI-BONE, Inc.'s Q2 2025 report shows significant growth in revenue and reductions in EPS losses compared to previous periods. Revenue reached $48.63 million, a 21.7% increase year-over-year, with gross margin improving…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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