SI-BONE (SIBN) Q2 2026 earnings summary

Executive summary

• Achieved worldwide revenue of $56.0 million in Q2 2026, up 15.2% year-over-year, with U.S. revenue up 14.7% and international revenue up 25.9%.

• Net loss improved to $4.1 million ($0.09 per share), down from $6.2 million ($0.14 per share) year-over-year.

• Adjusted EBITDA reached $2.8 million, a 178% improvement year-over-year, with gross margin at 79.5%.

• Active U.S. physician base grew 19% to 1,715, with double-digit growth across all call points and 22 consecutive quarters of growth.

• Submitted 510(k) for a third breakthrough device, with commercial launch expected as early as October and favorable CMS reimbursement changes.

Financial highlights

• Worldwide revenue reached $56 million, up 15.2% year-over-year; U.S. revenue grew 14.7% to $53.2 million; international revenue rose 25.9% to $2.8 million.

• Gross profit increased 14.8% to $44.5 million; gross margin remained strong at 79.5%.

• Operating expenses rose 7.7% to $49.4 million, mainly from sales, marketing, and R&D.

• Net loss per share improved to $(0.09) from $(0.14) in Q2 2025.

• Adjusted EBITDA improved from $1.0 million in Q2 2025 to $2.8 million in Q2 2026.

Outlook and guidance

• Fiscal 2026 worldwide revenue guidance raised to $231–$233 million, implying 15–16% year-over-year growth.

• Gross margin guidance maintained at 79%; operating expenses expected to increase ~12% at revenue midpoint.

• Multiple catalysts anticipated in H2 2026, including new product launch and higher reimbursement for Granite.

• Management expects existing cash and marketable securities to fund operations for at least the next 12 months.

• Adjusted EBITDA expected to remain positive for the year.