# EDGAR Filing Document

**Accession Number:** 0001459839
**File Stem:** 0001459839-25-000094
**Filing Date:** 2025-11
**Character Count:** 21644
**Document Hash:** c0088fc615b33668127fcb46b06717d1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001459839-25-000094.hdr.sgml**: 20251110

**ACCESSION NUMBER**: 0001459839-25-000094

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20251106

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251110

**DATE AS OF CHANGE**: 20251110

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SI-BONE, Inc.
- **CENTRAL INDEX KEY:** 0001459839
- **STANDARD INDUSTRIAL CLASSIFICATION:** SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 262216351
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38701
- **FILM NUMBER:** 251466333

**BUSINESS ADDRESS:**
- **STREET 1:** 471 EL CAMINO REAL, SUITE 101
- **CITY:** SANTA CLARA
- **STATE:** CA
- **ZIP:** 95050
- **BUSINESS PHONE:** 4082070700

**MAIL ADDRESS:**
- **STREET 1:** 471 EL CAMINO REAL, SUITE 101
- **CITY:** SANTA CLARA
- **STATE:** CA
- **ZIP:** 95050

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SI-Bone Inc.
- **DATE OF NAME CHANGE:** 20090326

?xml version='1.0' encoding='ASCII'? sibn-20251106

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

____________________________________________________________________________

**FORM 8-K**

____________________________________________________________________________

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of**

**the Securities Exchange Act of 1934**

**Date of report (Date of earliest event reported): November 6, 2025** 

____________________________________________________________________________

**SI-BONE, INC.**

(Exact name of registrant as specified in its charter)

____________________________________________________________________________

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| | | |
|:---|:---|:---|
| **Delaware** | **001-38701** | **26-2216351** |
| (State or other jurisdiction of<br>incorporation or organization) | (Commission<br>File Number) | (I.R.S. Employer<br>Identification No.) |

---

**471 El Camino Real**

**Suite 101**

**Santa Clara, CA 95050**

(Address of principal executive offices) (Zip Code)

**(408) 207-0700**

(Registrant's telephone number, include area code)

**N/A**

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **<u>Title of each class</u>** | **<u>Trading Symbol(s)</u>** | **<u>Name of each exchange on which registered</u>** |
| Common Stock, par value $0.0001 per share | SIBN | The Nasdaq Global Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 2.02. Results of Operations and Financial Condition.**

On November 10, 2025, SI-BONE, Inc. (the "**Company**") issued a press release (the "**Press Release**") announcing results for the quarter ended September 30, 2025. A copy of the Press Release is attached as Exhibit 99.1 to this current report on Form 8-K and is incorporated by reference herein.

The information under Item 2.02 in this current report on Form 8-K and the related information in the exhibit attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.

**Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.**

On November 6, 2025, Daniel Wolf resigned from the Company's Board of Directors (the "**Board**") and any committees thereof. Mr. Wolf's resignation was not the result of any disagreement between him and the Company or its management.

Following Mr. Wolf's resignation from the Board, the Board decreased the size of the Board from nine to eight directors, and appointed Thomas A. West, a current director of the Company, as a member of the Board's Audit Committee.

On November 6, 2025, the Company and Mr. Wolf (through an entity wholly owned by him) entered into a consulting agreement (the "**Consulting Agreement**"), pursuant to which Mr. Wolf will provide consulting services to support the Company's efforts relating to marketing, strategy, business development and other corporate matters. The Consulting Agreement provides for, among other terms and conditions: (a) a consulting period of 12 months; (b) acceleration of vesting of the 8,675 shares of restricted stock units granted to Mr. Wolf on June 5, 2025 such that all shares pursuant to such grant are fully vested as of November 6, 2025; and (c) cash compensation at the hourly rate set forth in applicable statements of work accepted by him.

The foregoing descriptions of the Consulting Agreement are qualified in their entirety by the full text of such agreement, a copy of which will be filed as an exhibit to the Company's quarterly report on Form 10-Q for the quarter ended September 30, 2025.

**Item 9.01. Financial Statements and Exhibits.**

(d) Exhibits

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | <u>[Press Release dated November 10, 2025](exhibit991_q325earningsrel.htm)</u> |
| 104 | Cover Page Interactive Date File (embedded within the Inline XBRL document) |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
| | | **SI-BONE, INC.** | **SI-BONE, INC.** |
| Date: | November 10, 2025 | By: | /s/ Anshul Maheshwari |
|  |  |  | Anshul Maheshwari |
|  |  |  | Chief Financial Officer |
|  |  |  | (Principal Financial and Accounting Officer) |

---

## Exhibit 99.1

**Exhibit 99.1**

![image_0a.jpg](image_0a.jpg)

**SI-BONE, Inc. Reports Financial Results for the Third Quarter 2025 and Raises 2025 Guidance**

*Delivered ~*21% *worldwide revenue growth, ~*5% *adjusted EBITDA margin, and positive cash from operating activities in the quarter* 

**Third Quarter 2025 Financial Highlights** *(all comparisons are to the prior year period)*

• Worldwide revenue of $48.7 million, representing growth of 20.6%

• U.S. revenue of $46.4 million, representing growth of 21.2%

• Gross margin of 79.8%, representing an improvement of 75 basis points

• Net loss of $4.6 million, representing an improvement of 30.6%

• Positive adjusted EBITDA of $2.3 million

• Positive cash from operating activities of $2.3 million

• $145.7 million in cash and equivalents

**Recent Operational Highlights** *(any comparisons are to the prior year period)*

**•** 1,530 active U.S. physicians, representing growth of 27%

• $2.1 million in trailing 12-month average revenue per territory, representing an increase of 16%

• New Technology Add-on Payment ("NTAP") of over $4,100 for procedures involving iFuse TORQ TNT effective October 1, 2025

**SANTA CLARA, Calif. November 10, 2025** - SI-BONE, Inc. (Nasdaq: SIBN), a medical device company dedicated to solving sacropelvic disorders, today reported financial results for the quarter ended September 30, 2025.

"The robust procedure volume growth across all modalities and record increase in the number of physicians in the third quarter underscore the demand momentum for our differentiated platform," said Laura Francis, Chief Executive Officer. "In addition to sustained topline growth, the continued expansion of our profitability and positive operating cash flow in the quarter demonstrate the strength and scalability of our asset-light business model. Looking beyond 2025, we are well-positioned to self-fund innovation, advance our deep pipeline of novel

------

technologies that address unmet needs for our existing call points, and consistently deliver industry-leading profitable growth."

**Third Quarter 2025 Financial Results**

Worldwide revenue was $48.7 million in the third quarter 2025, a 20.6% increase from $40.3 million in the corresponding period in 2024. U.S. revenue for the third quarter 2025 was $46.4 million, a 21.2% increase from $38.3 million in the corresponding period in 2024. U.S revenue growth benefited from strong underlying procedure demand. International revenue for the third quarter 2025 was $2.3 million, a 10.2% increase from $2.1 million in the corresponding period in 2024. International revenue growth reflects the strong initial reception for TORQ, which launched in the quarter across various European markets.

Gross profit was $38.8 million in the third quarter 2025, an increase of 21.8% from $31.9 million in the corresponding period in 2024. Gross margin was 79.8% for the third quarter 2025, compared to 79.1% in the corresponding period in 2024, representing an improvement of 75 basis points.

Operating expenses increased 11.9% to $44.2 million in the third quarter 2025, as compared to $39.5 million in the corresponding period in 2024. The change in operating expenses was primarily driven by general commercial activity related to higher revenue and new product rollout as well as elevated general and administrative spend.

Operating loss improved by 29.5% to $5.4 million in the third quarter 2025, as compared to an operating loss of $7.6 million in the corresponding period in 2024.

Net loss improved by 30.6% to $4.6 million, or $0.11 per diluted share, in the third quarter 2025, as compared to a net loss of $6.6 million, or $0.16 per diluted share, in the corresponding period in 2024.

Adjusted EBITDA was positive $2.3 million in the third quarter 2025, improving from an adjusted EBITDA loss of $0.2 million in the corresponding period in 2024.

Cash and equivalents as of September 30, 2025 were $145.7 million, compared to $145.5 million as of June 30, 2025.

------

**Fiscal 2025 Updated Financial Guidance** 

SI-BONE expects 2025 worldwide revenue to be in the range of $198 million to **$**200 million, implying year-over-year growth of ~18% to 20%. SI-BONE estimates full year 2025 gross margin to be ~79.5%.

---

| | | |
|:---|:---|:---|
| | **Fiscal Year 2025 Guidance** | **Fiscal Year 2025 Guidance** |
|  | *New (November 10, 2025)* | *Prior (August 4, 2025)* |
| Revenue | $198M - $200M<br>*~18-20% growth* | $195M - $198M<br>*~17%-18% growth* |
| Gross Margin | ~79.5% | 78.5% to 79.0% |
| Operating Expenses | ~10% growth<br>at revenue midpoint | ~10% growth<br>at revenue midpoint |
| Adjusted EBITDA | *Positive* | *Positive* |

---

**Webcast Information**

SI-BONE will host a conference call to discuss the third quarter 2025 financial results after market close on Monday, November 10, 2025 at 4:30 P.M. Eastern Time. The conference call can be accessed live over webcast at https://edge.media-server.com/mmc/p/fnam2tia. Live audio of the webcast will be available on the "Investors" section of the company's website at: www.si-bone.com. The webcast will be archived and available for replay for at least 90 days after the event.

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**About SI-BONE, Inc.**

SI-BONE (NASDAQ: SIBN) is a global leader in developing unique technologies for surgical treatment of sacropelvic disorders. Since pioneering minimally invasive SI joint surgery in 2009, SI-BONE has supported over 4,900 physicians in performing a total of over 135,000 procedures. A unique body of clinical evidence supports the use of SI-BONE's technologies, including four randomized controlled trials and over 180 peer reviewed publications. SI-BONE has leveraged its leadership in minimally invasive SI joint fusion to commercialize novel solutions for adjacent markets, including adult deformity, sacropelvic fixation and pelvic trauma.

For additional information on the company or the products including risks and benefits, please visit www.si-bone.com.

SI-BONE<sup>®</sup>, *iFuse Implant System*<sup>®</sup>, *iFuse TORQ*<sup>®</sup>*, and iFuse TORQ TNT*<sup>®</sup> are registered trademarks of SI-BONE, Inc.©2025 SI-BONE, Inc. All Rights Reserved.

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**Forward-Looking Statements**

The statements in this press release regarding expectations of future events or results, including SI-BONE's expectations of continued revenue and procedure growth and financial outlook, are "forward-looking" statements. These forward-looking statements are based on SI-BONE's current expectations and inherently involve significant risks and uncertainties. These risks include SI-BONE's ability to introduce and commercialize new products and indications, SI-BONE's ability to maintain favorable reimbursement for procedures using its products, the impact of any future economic weakness or deterioration in economic conditions as a result of tariffs and retaliation by U.S. trading partners on the ability and desire of patients to undergo elective procedures including those using SI-BONE's products, the potential impact of a government shutdown on SI-BONE's ability to introduce and commercialize new products, SI-BONE's ability to manage risks to its supply chain, future capital requirements driven by new surgical systems requiring instrument tray and implant inventory investment, and the pace of the re-normalization of the healthcare operating environment including the ability and desire of patients and physicians to undergo and perform procedures using SI-BONE's products. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these and other risks and uncertainties, many of which are described in SI-BONE's most recent filings on Form 10-K and Form 10-Q, and SI-BONE's other filings with the Securities and Exchange Commission (SEC) available at the SEC's Internet site (www.sec.gov), especially under the caption "Risk Factors." SI-BONE does not undertake any obligation to update forward-looking statements and expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein, except as required by law.

**Use of Non-GAAP Financial Measures**

SI-BONE uses adjusted EBITDA, a non-GAAP financial measures that excludes from net loss the effects of interest income, interest expense, depreciation and amortization, and stock-based compensation. SI-BONE believes the presentation of adjusted EBITDA is useful to management because it allows management to more consistently analyze period-to-period financial performance and provides meaningful supplemental information with respect to

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core operational activities used to evaluate management's performance. SI-BONE also believes the presentation of adjusted EBITDA is useful to investors and other interested persons as it enables these persons to use this additional information to assess the company's performance in using this additional metric that management uses to assess the company's performance.

Adjusted EBITDA should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP. Because adjusted EBITDA excludes the effect of items that increase or decrease SI-BONE's reported results of operations, management strongly encourages investors to review, when they become available, the company's consolidated financial statements and publicly filed reports in their entirety. The company's definition of adjusted EBITDA may differ from similarly titled measures used by others.

**Investor Contact**

Saqib Iqbal

VP, FP&A, and Investor Relations

investors@SI-BONE.com

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**SI-BONE, INC.** 

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS** 

**(In thousands, except share and per share amounts)** 

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>September 30,** | **Three Months Ended<br>September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Revenue | $48656 | $40340 | $144576 | $118176 |
| Cost of goods sold | 9810 | 8437 | 29228 | 24832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross profit | 38846 | 31903 | 115348 | 93344 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing | 29956 | 27448 | 91418 | 85805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research and development | 4242 | 3993 | 13085 | 12690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 10031 | 8095 | 30712 | 24603 |
| Total operating expenses | 44229 | 39536 | 135215 | 123098 |
| Loss from operations | (5383) | (7633) | (19867) | (29754) |
| Interest and other income (expense), net: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 1515 | 1936 | 4627 | 6064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (670) | (884) | (1998) | (2647) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income (expense) | (28) | 6 | (22) | (81) |
| Net loss | $(4566) | $(6575) | $(17260) | $(26418) |
| Net loss per share, basic and diluted | $(0.11) | $(0.16) | $(0.40) | $(0.64) |
| Weighted-average number of common shares used to compute basic and diluted net loss per share | 43188524 | 41717505 | 42775206 | 41324614 |

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**SI-BONE, INC.** 

**CONDENSED CONSOLIDATED BALANCE SHEETS**

**(in thousands)**

**(unaudited)**

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| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| ASSETS |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $26487 | $34948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term investments | 119257 | 115094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 26534 | 27459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory | 35727 | 27074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 2779 | 3204 |
| Total current assets | 210784 | 207779 |
| Property and equipment, net | 21928 | 20374 |
| Operating lease right-of-use assets | 1255 | 1984 |
| Other non-current assets | 306 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL ASSETS | $234273 | $230437 |
| LIABILITIES AND STOCKHOLDERS' EQUITY  |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $7724 | $6488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities and other | 17587 | 19492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities, current portion | 1131 | 1152 |
| Total current liabilities | 26442 | 27132 |
| Long-term borrowings | 35540 | 35452 |
| Operating lease liabilities, net of current portion | 165 | 879 |
| Other long-term liabilities |  | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL LIABILITIES | 62147 | 63473 |
| STOCKHOLDERS' EQUITY |  |  |
| Common stock | 4 | 4 |
| Additional paid-in capital | 619964 | 598070 |
| Accumulated other comprehensive income | 772 | 244 |
| Accumulated deficit | (448614) | (431354) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL STOCKHOLDERS' EQUITY | 172126 | 166964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $234273 | $230437 |

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**SI-BONE, INC.** 

**RECONCILIATION OF NET LOSS TO NON-GAAP ADJUSTED EBITDA**

**(In thousands)** 

**(unaudited)**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net loss | $(4566) | $(6575) | $(17260) | $(26418) |
| Interest income | (1515) | (1936) | (4627) | (6064) |
| Interest expense | 670 | 884 | 1998 | 2647 |
| Depreciation and amortization | 1486 | 1085 | 4132 | 3166 |
| Stock-based compensation | 6226 | 6306 | 19547 | 19733 |
| Adjusted EBITDA | $2301 | $(236) | $3790 | $(6936) |

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