Si-Bone: Vegas takes

Research evidence excerpt

Si-Bone: Vegas takes

Accessible version

Si-Bone

Vegas takes

Reiterate Rating: BUY | PO: 23.00 USD | Price: 13.90 USD

Fireside chat with CFO/COO in Vegas 12 May 2026

We hosted SIBN CFO and COO, Anshul Maheshwari at our conference in Vegas. We Equity

discussed key topics including Q1 takeaways and 2026 guidance, new product

innovation, reimbursement, SNN partnership, and profitability. See our key takeaways

Key Changesbelow.

(US$) Previous Current

2026E Rev (m) 230.1 231.7Q1 revs beat Street by $1.5m; 2026 guide raised

SIBN Q1 revenues of $52.6m beat Street by $1.5m, driven by the level of engagement 2027E Rev (m) 265.1 266.9

across all of call points with 17% y/y growth in physician base. Q1 also saw an 2028E Rev (m) 306.2 308.3

acceleration through the quarter with Jan softer due to weather (~$0.5m impact from 2026E EPS -0.51 -0.43

rescheduled procedures) and then stronger Feb into March, with the trend continuing

into April. As a result, SIBN raised its FY26 rev guide $1m at the midpoint. SIBN is being Travis Steed

Research Analyst

thoughtful and deliberate in its guidance given it is still early in the year. However, SIBN BofAS

plans to see benefit from 2H tailwinds from early INTRA T launches/ASC traction, SNN +1 404 607 3251 travis.steed@bofa.com

partnership rollout through Q2, third breakthrough device filing in Q3/commercialization

Gracia Mahoney

in Q4, and potential Granite DRG uplift starting Oct 1st if approved. Research Analyst

BofAS

Reimbursement multi year tailwinds +1gracia.mahoney@bofa.com646 855 1136

SIBN says two big reimbursement themes will provide multi year tailwinds. First, office- Stephanie Elghazi

based lab procedures where the allograft solution plays really well saw a 17% increase in Research Analyst BofAS