Strong Q1 with Catalysts Building; Compelling Setup

研报英文原文证据摘录

Strong Q1 with Catalysts Building; Compelling Setup

C O M PA N Y N O T E

M a y 1 1 , 2 0 2 6

SI-BONE, Inc. (SIBN) Overweight

CONCLUSION PRICE: US$11.61

This afternoon, SIBN reported Q1 results that beat across the board. The business is TARGET: US$25.00

entering its most consequential product and commercial cycle since 2021, with several ~4x EV/FY26E sales assuming net cash of

upcoming catalysts that have yet to be baked into guidance -- including the launch of the $109M and 44M shares outstanding.

third breakthrough device expected in Q4 (which will roughly double the company's current

pelvic fixation TAM), contribution from the rollout of the S&N trauma product distribution Matt O'Brien

Sr. Research Analyst, Piper Sandler & Co.

agreement, and several reimbursement tailwinds (most notably a new DRG code for 312 267-5080, matthew.obrien@psc.com

Granite) -- leaving what we view as a compelling setup for meaningful upside as these Anna Runci

initiatives mature. Further, the profitability outlook continues to improve (and is already quite Research Analyst, Piper Sandler & Co.

strong). With shares down over 40% year-to-date against a difficult MedTech backdrop, we 212 466-7905, anna.runci@psc.com

believe the current valuation does not reflect the quality of the business or the magnitude Samantha Munoz, Ph.D.

of the opportunity ahead; we reiterate our OW rating and $25 PT. Research Analyst, Piper Sandler & Co.

212 284-9342, samantha.munoz@psc.com

• Q1 Profitability A Standout. Sales of $52.6M (+11.2% y/y) delivered $1.0M of upside Changes Previous Current

versus our model, driven by strong physician engagement and continued new product Rating — Overweight

uptake. Gross margin of 79.8% was an impressive 150 bps ahead of our model, which Price Tgt — US$25.00