The Q3 beat and reaffirmed guidance are positive, but the key driver is the iFuse Granite Onyx launch and the new MS-DRG reimbursement tailwind that began in October 2026. Monitor the Q4 2026 earnings release for early adoption metrics on Granite Onyx and the revenue impact from the DRG changes, which could accelerate growth into 2027.
Price Chart
Executive Summary
SI-BONE reported Q3 2026 revenue of $55.7M, up 14.5% YoY, beating the $55.3M consensus. GAAP net loss per share was -$0.08, improving from -$0.11 a year ago and beating the consensus estimate of -$0.13. The company reaffirmed its full-year 2026 revenue guidance of $231M-$233M and reduced its operating expense growth expectation to 10.5% from 12.0%. Key catalysts include the 510(k) clearance for iFuse Granite Onyx (a $1.5B TAM opportunity) and new MS-DRGs that increase hospital payments for procedures using iFuse Bedrock Granite by up to $50,000 per qualifying procedure.
Key Financial Metrics
Key Facts
- Q3 2026 worldwide revenue of $55.7M, up 14.5% YoY (beat consensus of $55.3M)
- GAAP net loss per share of -$0.08, improved from -$0.11 YoY (beat consensus of -$0.13)
- Adjusted EBITDA of $3.0M, up 32.4% YoY
- Positive cash from operations of $5.9M, up 154.4% YoY
- Reaffirmed FY2026 revenue guidance of $231M-$233M (15-16% growth)
- Reduced FY2026 operating expense growth expectation to 10.5% from 12.0%
- Received 510(k) clearance for iFuse Granite Onyx, a breakthrough device with $1.5B annual TAM
- New MS-DRGs effective October 2026 increase hospital payments by up to $50,000 per qualifying iFuse Bedrock Granite procedure
- Active U.S. physicians grew 16% to 1,770; U.S. procedure volume grew ~19.5%
- Cash and equivalents of $146.3M as of September 30, 2026
Financial Impact
Revenue beat consensus by $0.4M (0.7%); EPS beat consensus by $0.05 (38.5%); operating expense growth reduced by 1.5 percentage points
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| U.S. | $52.8M | +13.9% |
| International | $2.9M | +27.0% |
Risk Factors
- Lower average selling price due to procedure mix shift toward office-based and ASC sites of care
- Gross margin declined slightly to 79.3% from 79.8% due to mix
- Operating expenses continue to grow (9.7% YoY) driven by sales commissions and new product launches
- Forward-looking statements subject to risks including tariffs, supply chain, and elective procedure demand
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001459839-26-000084 |
| Document: sibn-20261102.htm | 0001459839-26-000084 |
| Document: 0001459839-26-000084-index-headers.html | 0001459839-26-000084 |
| Document: 0001459839-26-000084-index.html | 0001459839-26-000084 |
| Document: 0001459839-26-000084.txt | 0001459839-26-000084 |
| 8-K Data (Synthetic) | 0001459839-26-000084 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Nov 4, 2026 today | Insider Cluster | $24.00 | awaiting T+20 | awaiting T+20 | $24.95 (+3.96%) |
Nov 4, 2026 today | 144 | $24.00 | awaiting T+20 | awaiting T+20 | $24.95 (+3.96%) |
Nov 4, 2026 today | 144 | $24.00 | awaiting T+20 | awaiting T+20 | $24.95 (+3.96%) |
Nov 4, 2026 today | 144 | $24.00 | awaiting T+20 | awaiting T+20 | $24.95 (+3.96%) |
Nov 2, 2026 2d ago | Insider Cluster | $23.77 | awaiting T+20 | awaiting T+20 | $24.95 (+4.96%) |
Nov 2, 2026 2d ago | 8-K | No price | awaiting T+20 | awaiting T+20 | No price |
Nov 2, 2026 2d ago | Press Release | $23.77 | awaiting T+20 | awaiting T+20 | $24.95 (+4.96%) |
Oct 29, 2026 6d ago | 144 | $21.23 | awaiting T+20 | awaiting T+20 | $24.95 (+17.52%) |
Oct 29, 2026 6d ago | 144 | $21.23 | awaiting T+20 | awaiting T+20 | $24.95 (+17.52%) |
Oct 19, 2026 16d ago | Press Release | $20.54 | awaiting T+20 | awaiting T+20 | $24.95 (+21.47%) |
US Market Status
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