Finance

SI-Bone Shares Soar 18% After Q3 Earnings Beat: Is This Medical Device Stock a Buy?

SI-Bone’s shares jumped nearly 18% after Q3 earnings beat expectations and the company raised its full-year revenue outlook.

byAndres Castro

November 11, 2025, 4:44 PM

Red polygonal bull figure leaping across a dark blue digital screen with a rising financial line graph.

A geometric red bull, symbolizing a market surge, superimposed on a dynamic blue line graph. By MDL.

Executive Summary

SI-Bone’s shares surged nearly 18% after reporting third-quarter earnings that surpassed analyst expectations and raising its full-year revenue guidance.

For Q3, SI-Bone reported revenue of $48.7 million, exceeding estimates, and significantly narrowed its GAAP net loss to $0.11 per share, outperforming analyst consensus.

The company raised its full-year 2025 revenue projection to between $198 million and $200 million and anticipates achieving positive non-GAAP EBITDA for the year.

The Story So Far

SI-Bone’s shares surged after the company released its third-quarter earnings report, which significantly surpassed analyst expectations for both revenue and net loss. This positive performance was further amplified by an optimistic outlook, as the company raised its full-year 2025 revenue guidance and anticipated achieving positive non-GAAP EBITDA.

Why This Matters

SI-Bone’s strong third-quarter financial performance, exceeding analyst expectations and leading to a raised full-year revenue outlook, signals robust growth and increasing market penetration for its medical devices, driven by a significant rise in physician adoption. This positive momentum, coupled with the company’s projection of achieving positive non-GAAP EBITDA for the year, suggests a path towards sustained profitability and has significantly boosted investor confidence, as evidenced by the nearly 18% stock surge.

Who Thinks What?

SI-Bone reported strong third-quarter financial results, exceeding analyst expectations, and subsequently raised its full-year 2025 revenue guidance, attributing its performance to increased procedure volume and physician adoption.

The market and investors reacted positively to SI-Bone’s optimistic outlook and strong performance, causing the company’s shares to surge by nearly 18%.

Analysts had projected lower third-quarter revenue and a larger net loss per share for SI-Bone than what the company ultimately achieved.

SI-Bone (NASDAQ: SIBN), a company specializing in medical devices, saw its shares surge by nearly 18% in mid-session trading on Tuesday, November 11, 2025, following the release of its third-quarter earnings report. The company announced financial results that surpassed analyst expectations and provided an optimistic outlook by raising its revenue guidance for the full year.

Third-Quarter Performance Exceeds Expectations

For the third quarter, SI-Bone reported revenue of $48.7 million, marking a substantial increase of nearly 21% compared to the same period last year. This figure comfortably exceeded the average analyst estimate, which had projected revenue to be just under $46.7 million.

The company also significantly narrowed its net loss for the quarter. SI-Bone posted a GAAP net loss of $4.6 million, or $0.11 per share, a notable improvement from the $6.6 million deficit recorded in the year-ago quarter. This performance was better than analysts’ consensus estimate of a $0.17 per share net loss.

SI-Bone attributed its improved financial performance primarily to a higher volume of procedures utilizing its devices. The number of physicians adopting the company’s products increased by 27% year-over-year, reaching a record 1,530 professionals.

Raised Full-Year 2025 Guidance

The medical device maker also updated its financial outlook for the entirety of 2025, a move that further encouraged investors. SI-Bone now projects its full-year revenue to be between $198 million and $200 million, indicating a growth rate of at least 18% over its 2024 results.

Additionally, the company anticipates achieving positive non-GAAP (adjusted) earnings before interest, taxes, depreciation, and amortization (EBITDA) for the year. Specific bottom-line guidance was not provided.

Market Reaction

The positive earnings report and raised guidance led to a strong market reaction, with SI-Bone’s stock outperforming the broader market. The S&P 500, for comparison, saw a modest 0.3% increase during the same trading session.