Solid Start to the Year; Better Growth Ahead

研报英文原文证据摘录

Solid Start to the Year; Better Growth Ahead

Medical Supplies & Devices

SI-Bone

TD SECURITIES (USA) LLC ESTIMATE CHANGES

May 11, 2026

Price: $11.61 (05/11/2026) Solid Start to the Year; Better Growth Ahead

Price Target: $18.00 (Prior $22.00)

BUY (1)

ESG SCORE: 65/100

Mathew Blackman THE TD COWEN INSIGHT

646 562 1321

Sales and EBITDA beat expectations and growth should accelerate from here. Revenue

mathew.blackman@tdsecurities.com

guidance was raised just below the 1Q beat at the midpoint, but we attribute this more to FX/

Drew Ranieri conservatism rather than anything one-off. With a new product cycle/new growth vectors in

646 562 1460 2H/262027 and improving profitability with strong EBITDA dropthrough, SIBN stands out as a

drew.ranieri@tdsecurities.com

unique asset with a compelling valuation.

Key Data

Symbol NASDAQ: SIBN What caught our eye:

Beta: 0.67 ■"Same Physician" procedure growth remains encouraging. While intensified weather

52-Week Range: $21.40-$11.61 shaved off cases in 1Q (see below), US procedure volume came in at 9% with Active

Market Cap: $513.7MM Physicians reaching 1,650 (+18% y/y). Importantly, SIBN continues to see a growing base of

Net Debt (MM): $(111.1) Active Physicians performing procedures over multiple periods as well as across different

Cash/Share: $(0.21) procedure categories. We believe, at least for '26, that US Active Physician growth will

Dil. Shares Out (MM): 43.0 predominantly drive procedure volumes with utilization/density becoming more visible in '27

Enterprise Value $387.6 and beyond.

(MM):

BV/Share: $4.07 ■New FDA Breakthrough Device Designation launch still on track. SIBN's timeline on

Dividend: $0.00 its spine surgeon-focused third FDA breakthrough device remains on track - with 510k