SI-BONE

SIBN · NASDAQ

$20.54+$0.88 (+4.48%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $19.66

SIBN analyst rating

BuyConsensus of 8 analysts over the last 12 months. 100% rate it a buy.

Strong buy0
Buy8
Hold0
Underperform0
Sell0

12-month price target · 12 analysts

Average $25.30 (+23.2% upside)

Low: $20.20
Now: $20.54
High: $33.60

Upgrades and downgrades

The latest rating actions, newest first

SIBN analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Truist Securities	Oct 14, 2026	Maintains	Buy	$23.00 → $25.00	50%
UBS	Aug 4, 2026	Maintains	Buy	$24.00 → $25.00	43%
Truist Securities	Aug 4, 2026	Maintains	Buy	$21.00 → $23.00	50%
TD Cowen	Aug 4, 2026	Maintains	Buy	$18.00 → $20.00	61%
UBS	Jul 28, 2026	Initiates	Buy	$24.00	43%
Truist Securities	Jul 16, 2026	Maintains	Buy	$18.00 → $21.00	50%
TD Cowen	May 12, 2026	Maintains	Buy	$22.00 → $18.00	61%
Truist Securities	May 12, 2026	Maintains	Buy	$20.00 → $18.00	50%
Truist Securities	Apr 15, 2026	Maintains	Buy	$24.00 → $20.00	52%
TD Cowen	Feb 24, 2026	Maintains	Buy	$21.00 → $22.00	61%

The case for and against

Updated Oct 21, 2026

Bull case

SI-BONE is supported by a durable growth engine built around its differentiated iFuse portfolio, expanding into underpenetrated sacropelvic and trauma markets with strong reimbursement tailwinds and a capital-light, high-gross-margin model. In 1Q26, revenue rose 11% y/y to $52.6M, gross margin reached 79.8%, adjusted EBITDA was $2.5M, and active physicians hit a record 1,650, while rep productivity increased 11% y/y to $2.2M. The outlook is further strengthened by a 4Q26 Breakthrough Device launch, the SNN partnership, and proposed FY27 IPPS changes that could lift Granite reimbursement by as much as ~$50,000 per procedure.

Bear case

SI-BONE is facing a negative outlook because its business is exposed to multiple structural risks, including global competition, regulatory delays, launch timing setbacks, foreign exchange swings, and economic or political uncertainty in emerging markets. The investment case is also vulnerable to reimbursement headwinds, since unfavorable coverage or payment-rate changes could slow adoption of iFuse and related products, while revenue remains concentrated in a single orthopedic anatomical location. Although the company may have faster top-line growth than peers and above-average gross margins, its valuation has already been pressured by sector multiple compression, and lack of profitability plus potential commercial missteps could further weaken the fundamental profile.

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