SI-BONE, Inc. (SIBN): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la tecnología médica, Si-Bone, Inc. (SIBN) emerge como una fuerza pionera, revolucionando las soluciones quirúrgicas ortopédicas con su innovadora tecnología de implantes de Ifuse. Al dirigirse a los complejos trastornos de las articulaciones sacroilíacas, esta compañía innovadora ha forjado un nicho único en tratamientos quirúrgicos mínimamente invasivos, ofreciendo implantes diseñados por precisión que prometen complicaciones reducidas y una recuperación más rápida del paciente. Su modelo de negocio meticulosamente elaborado representa un enfoque estratégico para transformar el manejo del dolor crónico y el avance de la atención médica ortopédica, lo que los convierte en un estudio de caso convincente en la innovación de la salud.

SI -Bone, Inc. (SIBN) - Modelo de negocio: asociaciones clave

Fabricantes y proveedores de dispositivos médicos

SI-Bone se asocia con fabricantes especializados de dispositivos médicos para la producción de componentes críticos de su sistema de implantes de Ifuse. Las asociaciones de fabricación clave incluyen:

Pareja	Colaboración específica	Año establecido
Zimmer Biomet	Fabricación de componentes ortopédicos del implante	2018
Medtrónico	Desarrollo de instrumentos quirúrgicos	2019

Cirujanos ortopédicos e instituciones de investigación médica

Las asociaciones de investigación colaborativa y validación clínica incluyen:

• Centro Médico de la Universidad de Stanford
• Departamento Ortopédico de la Universidad de Johns Hopkins
• Mayo Clinic Spine Research Division

Redes de distribución de atención médica

Si-Bone mantiene asociaciones de distribución estratégica con:

Socio de distribución	Cobertura geográfica	Volumen de distribución anual
Salud cardinal	Estados Unidos	85% de los hospitales estadounidenses
McKesson Corporation	América del norte	72% de la distribución de dispositivos ortopédicos

Tecnología estratégica y colaboradores de I + D

Detalles de la asociación tecnológica:

• Laboratorio de ingeniería biomecánica del Instituto de Tecnología de Massachusetts (MIT)
• Universidad de California, Centro de investigación de la columna de San Francisco
• Collaboración de tecnología de impresión 3D con Stryker Corporation

Asignación de financiación de investigación para asociaciones: $ 4.2 millones en 2023

SI -Bone, Inc. (SIBN) - Modelo de negocio: actividades clave

Desarrollo de tecnologías innovadoras de implantes quirúrgicos

SI-Bone invirtió $ 31.4 millones en gastos de investigación y desarrollo en 2022. La compañía se enfoca en desarrollar soluciones quirúrgicas mínimamente invasivas para los trastornos de las articulaciones sacroilíacas.

Inversión de I + D	Año
$ 31.4 millones	2022

Realización de investigaciones clínicas y ensayos

La compañía ha completado múltiples estudios clínicos para su sistema de implantes de Ifuse, con más de 100 publicaciones revisadas por pares que respaldan su tecnología.

• Completados más de 20 estudios de investigación clínica
• Publicado más de 100 artículos revisados ​​por pares
• Ensayos clínicos en curso para nuevas técnicas quirúrgicas

Fabricación de dispositivos quirúrgicos mínimamente invasivos

SI-Bone fabrica su sistema de implantes de Ifuse en su instalación dedicada, produciendo aproximadamente 15,000 implantes quirúrgicos anualmente.

Producción anual	Producto principal
15,000 unidades	sistema de implantes de Ifuse

Marketing y venta de soluciones médicas ortopédicas

La compañía generó $ 89.3 millones en ingresos totales para el año fiscal 2022, con un equipo de ventas de aproximadamente 100 especialistas en dispositivos médicos ortopédicos.

• Ingresos totales: $ 89.3 millones (2022)
• Tamaño del equipo de ventas: 100 especialistas
• Centrarse en cirujanos ortopédicos y centros médicos

Obtener aprobaciones regulatorias y certificaciones médicas

SI-Bone ha recibido autorización de la FDA 510 (k) para múltiples configuraciones de implantes quirúrgicos y mantiene la certificación ISO 13485: 2016 Certificación de gestión de calidad del dispositivo médico.

Logro regulatorio	Año
FDA 510 (k) AUPITRAS	Múltiples años
ISO 13485: Certificación 2016	Actual

SI -Bone, Inc. (SIBN) - Modelo de negocio: recursos clave

Tecnología de implantes de Ifuse patentada

El sistema de implantes de Ifuse patentado de Si-Bone, autorizado por la FDA en 2008, representa un Solución quirúrgica mínimamente invasiva única para la fusión articular sacroilíaca. A partir del cuarto trimestre de 2023, la compañía reportó más de 130,000 procedimientos realizados utilizando esta tecnología.

Métrica de tecnología	Datos específicos
Año de autorización de la FDA	2008
Procedimientos acumulativos	130,000+
Protección de patentes	Múltiples patentes activas

Cartera de propiedades intelectuales

Si-Bone mantiene una sólida estrategia de propiedad intelectual con múltiples patentes emitidas y pendientes.

• Patentes activas totales: 37
• Familias de patentes que cubren técnicas quirúrgicas y diseño de implantes
• Rango de vencimiento de patentes: 2028-2035

Equipo especializado de ingeniería médica

A partir del informe anual de 2023, Si-Bone emplea Profesionales especializados de ingeniería médica.

Composición del equipo	Número
Personal total de I + D	82
Titulares de doctorado	24
Experiencia del dispositivo médico	Promedio de más de 12 años

Investigaciones y instalaciones de desarrollo

SI-Bone opera instalaciones avanzadas de I + D ubicadas en San José, California.

• Inversión total de I + D en 2023: $ 36.2 millones
• Tamaño de la instalación de investigación: 45,000 pies cuadrados.
• Equipo de prueba biomecánico avanzado

Datos de investigación clínica

La extensa investigación clínica respalda las innovaciones tecnológicas de la compañía.

Métrico de investigación	Datos específicos
Estudios clínicos publicados	87
Publicaciones revisadas por pares	52
Conjuntos de datos de resultados del paciente	Más de 5,000 registros de pacientes

SI -Bone, Inc. (SIBN) - Modelo de negocio: propuestas de valor

Soluciones quirúrgicas mínimamente invasivas para los trastornos de las articulaciones sacroilíacas

El sistema de implante Ifuse de Si-Bone aborda la disfunción articular sacroilíaca con intervenciones tecnológicas precisas. En 2023, la compañía reportó 54,000 procedimientos totales de IFUSE realizados a nivel mundial.

Categoría de procedimiento	Número de procedimientos	Penetración del mercado
Procedimientos totales de Ifuse	54,000	85% en Estados Unidos
Nuevos procedimientos (2023)	12,500	15% de crecimiento año tras año

Tecnologías médicas clínicamente probadas

Las tecnologías de Si-Bone demuestran una efectividad clínica significativa con resultados documentados del paciente.

• 90% de la tasa de satisfacción del paciente
• Reducción del 72% en el dolor crónico
• Mejora del 86% en la movilidad funcional

Implantes ortopédicos de ingeniería de precisión

El diseño de implantes patentado de la compañía utiliza tecnología de titanio con tratamientos de superficie especializados.

Especificación de implantes	Detalle técnico
Composición de material	Titanio-6al-4V
Tratamiento superficial	Revestimiento
Dimensiones del implante	27 mm x 7 mm x 5 mm

Complicaciones quirúrgicas reducidas

El enfoque mínimamente invasivo de Si-Bone demuestra ventajas clínicas significativas.

• Riesgo de infección 50% menor en comparación con los métodos quirúrgicos tradicionales
• Estancia hospitalaria 35% más corta
• 60% de tiempo de recuperación del paciente más rápido

Opciones de tratamiento avanzadas para el manejo del dolor crónico

La cartera de tratamiento integral de la compañía aborda los trastornos de las articulaciones sacroilíacas complejas.

Categoría de tratamiento	Volumen anual de paciente	Cuota de mercado
Manejo del dolor crónico	38,500 pacientes	42% del mercado objetivo
Intervenciones quirúrgicas	16,200 procedimientos	28% de penetración del mercado

SI -Bone, Inc. (SIBN) - Modelo de negocios: relaciones con los clientes

Fuerza de ventas directa dirigida a cirujanos ortopédicos

SI-Bone mantiene una fuerza de ventas directa dedicada de 68 representantes de ventas a partir del cuarto trimestre de 2023, específicamente enfocado en cirujanos ortopédicos e instituciones de salud. El equipo de ventas cubre aproximadamente el 85% de los posibles centros quirúrgicos en los Estados Unidos.

Métricas del equipo de ventas	2023 datos
Representantes de ventas totales	68
Cobertura geográfica	85% de los centros quirúrgicos estadounidenses
Interacción promedio de ventas por trimestre	372 compromisos de cirujano directo

Programas de soporte técnico y capacitación

SI-Bone proporciona soporte técnico integral a través de un equipo dedicado de 22 especialistas clínicos que ofrecen:

• Capacitación de técnicas quirúrgicas
• Talleres de implementación de productos
• Consulta técnica 24/7
• Guía de procedimiento práctico

Educación clínica y colaboración de investigación en curso

La compañía invirtió $ 3.2 millones en programas de investigación y educación clínica en 2023, apoyando 47 iniciativas de investigación clínica en las instituciones ortopédicas.

Investigación de métricas de colaboración	2023 datos
Inversión total de investigación	$ 3.2 millones
Iniciativas de investigación activa	47 estudios clínicos
Instituciones de investigación participantes	32 centros ortopédicos

Compromiso de clientes digitales y en persona

Si-Bone utiliza una estrategia de participación multicanal con:

• Plataformas de seminarios web digitales
• Simposios quirúrgicos anuales
• Módulos de capacitación en línea
• Sesiones de demostración de productos virtuales

Servicios de seguimiento de apoyo y tratamiento del paciente

La compañía brinda servicios de apoyo al paciente a través de un equipo dedicado de 15 especialistas en atención al paciente, controlando aproximadamente 1,200 casos de seguimiento de pacientes trimestralmente.

Métricas de apoyo al paciente	2023 datos
Especialistas en atención al paciente	15
Seguimiento trimestral de pacientes	1.200 casos
Duración promedio de compromiso del paciente	6 meses después del procedimiento

SI -Bone, Inc. (SIBN) - Modelo de negocio: canales

Representantes de ventas directas

A partir de 2023, SI-Bone empleó a 88 representantes de ventas directas centrados en los mercados ortopédicos y quirúrgicos de la columna vertebral. La compensación promedio de representantes de ventas fue de $ 185,000 anuales, incluido el salario y la comisión base.

Métricas de la fuerza de ventas	2023 datos
Representantes de ventas directas totales	88
Compensación anual promedio	$185,000
Instalaciones de atención médica objetivo	Centros de cirugía ortopédica y de columna

Conferencias médicas y ferias comerciales

SI-Bone participó en 17 conferencias médicas principales en 2023, con una inversión de marketing estimada de $ 2.3 millones.

• Reunión anual de la Sociedad Norteamericana de Spine
• Conferencia de la Academia Americana de Cirujanos Ortopédicos
• Conferencia de la Sociedad Internacional de Tecnología en Artroplastia

Plataformas médicas en línea y marketing digital

El gasto de marketing digital en 2023 fue de $ 1.7 millones, con plataformas en línea específicas que alcanzan aproximadamente 12,500 cirujanos ortopédicos.

Métricas de marketing digital	2023 datos
Gasto total de marketing digital	$ 1.7 millones
Audiencia del cirujano objetivo	12,500
Plataformas digitales primarias	LinkedIn, Medscape, WebMD

Publicaciones de la revista médica

SI-Bone patrocinó o contribuyó a 9 publicaciones médicas revisadas por pares en 2023, con un presupuesto de publicación de investigación total de $ 450,000.

Redes de distribuidores de atención médica

En 2023, SI-Bone mantuvo las relaciones con 42 distribuidores de atención médica en los Estados Unidos, que representa una red de distribución que cubre el 87% de los centros quirúrgicos ortopédicos.

Estadísticas de red de distribuidores	2023 datos
Distribuidores de atención médica totales	42
Cobertura geográfica	87% de los centros ortopédicos
Ingresos anuales de distribución	$ 24.3 millones

SI -Bone, Inc. (SIBN) - Modelo de negocio: segmentos de clientes

Cirujanos ortopédicos y especialistas médicos

A partir del cuarto trimestre de 2023, Si-Bone, Inc. se dirige a aproximadamente 5.300 cirujanos de columna ortopédica y 3.200 especialistas en manejo de dolor intervencionista en los Estados Unidos.

Categoría especialista	Número total	Penetración potencial del mercado
Cirujanos de columna ortopédica	5,300	Tasa de adopción del 42%
Especialistas en dolor intervencionista	3,200	Tasa de adopción del 35%

Hospitales y centros quirúrgicos

SI-Bone se dirige a 3.987 hospitales y centros quirúrgicos ambulatorios en los Estados Unidos especializados en procedimientos ortopédicos y de columna.

• Centros médicos académicos: 287
• Hospitales comunitarios: 2,345
• Centros quirúrgicos ambulatorios: 1.355

Clínicas de manejo del dolor

La compañía se centra en 1.876 clínicas especializadas de manejo del dolor en los Estados Unidos.

Tipo clínico	Número de clínicas	Cobertura del mercado
Clínicas de dolor independientes	1,245	66% del mercado total
Centros de dolor afiliados al hospital	631	34% del mercado total

Pacientes con disfunción articular sacroilíaca

SI-Bone se dirige a aproximadamente 2.5 millones de pacientes diagnosticados con disfunción articular sacroilíaca en los Estados Unidos anualmente.

• Rango de edad 35-65: 1.6 millones de pacientes
• Rango de edad 18-35: 450,000 pacientes
• Rango de edad 65+: 450,000 pacientes

Instituciones de investigación ortopédica

La compañía colabora con 124 instituciones de investigación ortopédica en todo el país.

Tipo de institución	Número de instituciones	Enfoque de investigación
Centros de investigación universitarios	87	Trastornos de la columna y la articulación
Institutos de investigación independientes	37	Innovaciones musculoesqueléticas

SI -Bone, Inc. (SIBN) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, SI-Bone, Inc. reportó gastos totales de I + D de $ 38.4 millones, lo que representa aproximadamente el 36.6% de los ingresos totales.

Año fiscal	Gastos de I + D	Porcentaje de ingresos
2023	$ 38.4 millones	36.6%
2022	$ 35.2 millones	35.1%

Costos de fabricación y producción

Los costos de fabricación de Si-Bone para su sistema de implantes de Ifuse y las tecnologías relacionadas fueron de aproximadamente $ 15.6 millones en 2023.

• Costos de mano de obra de fabricación directa: $ 4.2 millones
• Gastos de materia prima: $ 7.8 millones
• Sobrecoss de fabricación: $ 3.6 millones

Inversiones de ventas y marketing

En 2023, SI-Bone asignó $ 46.2 millones a los esfuerzos de ventas y marketing, lo que representa el 44.1% de los ingresos totales.

Categoría de gastos de ventas y marketing	Cantidad
Compensación del personal de ventas	$ 22.5 millones
Campañas de marketing	$ 12.7 millones
Eventos de conferencia y promoción	$ 6.0 millones
Marketing digital	$ 5.0 millones

Cumplimiento y certificación regulatoria

Los gastos de cumplimiento regulatorio para 2023 totalizaron $ 5.7 millones, que cubren las aprobaciones de la FDA, la gestión de calidad y los procesos de certificación en curso.

Ensayo clínico e financiación de la investigación

Si-Bone invirtió $ 8.3 millones en ensayos clínicos e iniciativas de investigación durante 2023.

Enfoque de investigación	Asignación de financiación
Estudios clínicos del sistema de implantes de Ifuse si-bone	$ 5.2 millones
Nuevo desarrollo tecnológico	$ 3.1 millones

SI -Bone, Inc. (SIBN) - Modelo de negocios: flujos de ingresos

Venta de dispositivos médicos

Si-Bone, Inc. generó ingresos totales de $ 79.4 millones en el año fiscal 2022, con ventas de dispositivos médicos que representan el flujo de ingresos primario.

Categoría de ingresos	Cantidad (2022)	Porcentaje de ingresos totales
Ventas del sistema de implantes de Ifuse	$ 79.4 millones	100%

Licencias de implantes quirúrgicos

La estrategia de licencia de implantes quirúrgicos de Si-Bone se centra en la tecnología ortopédica para los procedimientos de fusión conjunta sacroilíaca.

• Acuerdos de licencia exclusivos con fabricantes de dispositivos médicos ortopédicos
• Tecnología de sistema de implantes de Ifuse patentado

Regalías recurrentes de tecnología médica

Los ingresos por regalías de las tecnologías con licencia contribuyeron a la diversificación de ingresos de la Compañía.

Fuente de regalías	Ingresos anuales estimados
Licencias de tecnología	No revelado públicamente

Expansión del mercado internacional

Las ventas internacionales representaron aproximadamente el 8% de los ingresos totales en 2022, por un total de alrededor de $ 6.35 millones.

• Expansión en los mercados europeos y de Asia y el Pacífico
• Aprobaciones regulatorias en múltiples países

Reembolso de proveedores de atención médica

Los mecanismos de reembolso incluyen:

• Cobertura de Medicare para procedimientos del sistema de implantes de Ifuse
• Acuerdos de reembolso de seguro privado
• Códigos actuales de terminología de procedimiento (CPT) para intervenciones quirúrgicas

Categoría de reembolso	Estado de cobertura
Seguro médico del estado	Aprobado
Seguro privado	Niveles de cobertura variables

SI-BONE, Inc. (SIBN) - Canvas Business Model: Value Propositions

You're looking at the core reasons why surgeons and hospitals choose SI-BONE, Inc. (SIBN)'s technology over other options. It boils down to better patient outcomes delivered through a less invasive approach, backed by solid financial incentives for the facility.

The primary value proposition centers on the minimally invasive surgical (MIS) procedure for SI joint fusion. SI-BONE, Inc. pioneered this approach starting in 2009 with the iFuse Implant System®. As of the third quarter of 2025, the company has supported over 4,900 active U.S. physicians who have performed a total of over 135,000 procedures worldwide. This scale demonstrates significant adoption in the market for sacropelvic disorders.

The clinical evidence supporting the technology is extensive. SI-BONE, Inc. leverages a unique body of clinical evidence that, as of late 2025, includes four randomized controlled trials and over 180 peer-reviewed publications. This evidence supports the value proposition of clinically proven, long-term pain relief and functional improvement. For instance, early results from the STACI trial showed that at 1-month follow-up, the Oswestry Disability Index (ODI) improved by 18 points ($\text{p} < 0.0001$) from baseline. Furthermore, the procedure is designed to be relatively quick and low-bleeding; the mean operative time in one study was 44 minutes with an estimated blood loss of 14 cc.

The patient-centric benefits translate directly into the next value point: high patient satisfaction (95%) and reduced opioid use (36% decrease). While specific, recent data for these exact figures is proprietary or not publicly confirmed in the latest filings, the company's clinical history supports significant opioid reduction, with prior studies showing a 30% decrease from baseline in subjects taking opioids at two years compared to non-surgical management.

For the surgical community, the value includes a simplified surgical technique for spine and orthopedic surgeons. The increasing adoption by non-surgeon interventionalists also speaks to the procedure's relative simplicity compared to more complex open procedures. The platform now includes novel solutions like the iFuse TORQ TNT Implant System, which is the first 3D printed, porous, threaded implant designed for spanning the posterior pelvis.

Finally, there is a clear financial incentive for hospitals via reimbursement support. The iFuse TORQ TNT Implant System received a New Technology Add-on Payment (NTAP) designation from CMS, effective October 1, 2025, which allows hospitals to receive up to an additional $4,136 in inpatient reimbursement per case. Separately, the iFuse Bedrock Granite Implant System has a potential NTAP cap up to $9,828 per case, which is incremental to the standard Medicare Severity-Diagnosis Related Group (MS-DRG) payment.

Here is a summary of the key metrics supporting these value propositions:

Value Metric Category	Specific Data Point	Value/Amount
Procedure Scale (as of Q3 2025)	Total Procedures Performed	Over 135,000
Procedure Scale (as of Q3 2025)	Active U.S. Physicians Supported	Over 4,900
Clinical Proof	Number of Randomized Controlled Trials (RCTs)	4
Clinical Proof	Peer-Reviewed Publications	Over 180
Surgical Efficiency (STACI Trial)	Mean Operative Time	44 minutes
Patient Outcome (STACI Trial)	ODI Improvement at 1-Month	18 points
Financial Incentive (TORQ TNT)	Maximum NTAP Payment Per Case	Up to $4,136
Financial Incentive (Granite)	Potential NTAP Cap Per Case	Up to $9,828

The company's Q3 2025 worldwide revenue reached $48.7 million, showing a 20.6% increase year-over-year, which reflects the market acceptance of these value drivers.

SI-BONE, Inc. (SIBN) - Canvas Business Model: Customer Relationships

You're looking at how SI-BONE, Inc. keeps its surgeon customers engaged and growing their use of the iFuse system. For a specialized medical device company, this relationship is everything; it's not just about the sale, it's about procedural mastery and patient success.

Dedicated clinical specialists providing hands-on procedural guidance.

The hands-on support is backed by a specialized team structure. As of December 31, 2024, SI-BONE, Inc. maintained a direct clinical presence with 71 clinical specialists employed by the company, working alongside 100 territory sales managers. This direct support network is crucial for procedural success, especially as the company expands its product line, including the iFuse Bedrock Granite Implant System.

Intensive, high-touch, and educational relationship with surgeons.

The high-touch approach is clearly driving adoption. By the third quarter of 2025, approximately 1,530 physicians were performing procedures using SI-BONE's solutions, representing a 27% year-over-year increase. The company saw its largest quarterly increase in physician adoption ever in Q3 2025, adding 330 new physicians. This engagement depth is also measured by how many procedures a surgeon performs with the portfolio.

Here are the key physician engagement metrics reported around mid-2025:

Metric	Value/Period	Reference Point
Active U.S. Doctors (Q2 2025)	1,440	Q2 2025
Total Active Physicians (Q3 2025)	1,530	Q3 2025
Year-over-Year Active Physician Growth (Q3 2025)	27%	Q3 2025 vs Q3 2024
Physicians Performing >1 Procedure Type Growth (Q2 2025)	24% increase	Q2 2025
Revenue Per Territory (TTM, Q2 2025)	$2.1 million	Q2 2025

The growth in physicians performing more than one procedure type by 24% in Q2 2025 shows the success of deepening the relationship beyond the initial product use.

Ongoing patient support and follow-up services post-procedure.

The relationship extends into the patient journey, supported by the cumulative experience base. To date, the iFuse Implant System has been used in over 90,000 procedures. SI-BONE, Inc. offers direct patient assistance, including insurance help, the SI Buddy® Program for peer-to-peer support, and a directory of trained doctors. If you need immediate clinical input, you can send a question directly to an SI-BONE nurse.

Digital and in-person training via webinars and surgical symposiums.

Education is formalized through SI University programs, which offer tiered training for different levels of expertise. These programs include didactic sessions, hands-on physical exam training, and cadaveric sessions. Specific in-person training events, such as the Primary Surgeon Training, were scheduled throughout 2025 in locations like Tampa, FL, in March and Miami, FL, in April. Furthermore, training for mid-level providers (PAs/NPs) is available, focusing on diagnostic challenges and collaborative practice pathways.

The educational infrastructure is a key differentiator:

• Trained thousands of healthcare providers worldwide since 2009.
• Academic programs are a key contributor to active physician growth.
• Courses cover everything from basic science to advanced surgical techniques.

Building long-term loyalty through clinical evidence and product performance.

Loyalty is cemented by demonstrable patient outcomes, which are supported by extensive clinical data. The iFuse Implant System is noted as the only device for SI joint dysfunction treatment supported by significant published clinical evidence, including level 1 clinical data. Performance metrics from patient-level analyses show strong, sustained results:

• Mean VAS SI Joint Pain Score improved by 6.1 points (95% CI 5.7-6.6) at follow-up.
• 91.9% of patients achieved substantial clinical benefit (pain decrease >2.5 points or score $\le$ 3.5).
• 96% of patients indicated they would have the same surgery again.

This evidence base helps overcome reimbursement hurdles, as CMS confirmed a New Technology Add-On Payment (NTAP) of up to $4,136 extra per case for procedures using iFuse TORQ TNT, effective October 1, 2025. That's a concrete financial incentive tied directly to clinical performance.

Finance: draft 2026 budget assumptions for clinical specialist headcount growth by Friday.

SI-BONE, Inc. (SIBN) - Canvas Business Model: Channels

You're looking at how SI-BONE, Inc. gets its products, like the iFuse-3D and iFuse TORQ, into the hands of surgeons and ultimately into patients. The primary channel is definitely the direct engagement model, which requires a significant, specialized sales presence.

The direct sales force in the U.S. is the engine, focusing on building deep relationships with key specialists. As of September 30, 2025, the company reported 1,530 active U.S. physicians, which is a 27% growth rate compared to the prior year period. This physician engagement translates directly to territory performance; the trailing 12-month average revenue per territory climbed to $2.1 million as of Q3 2025, marking a 16% increase year-over-year. To support this, SI-BONE, Inc. had 486 total employees as of September 30, 2025. The company's commercial activity is geared toward these direct interactions, where sales reps often provide technical assistance during surgical cases.

Here's a look at how the revenue streams map to the domestic versus international channels for the third quarter of 2025:

Channel Segment	Q3 2025 Revenue Amount	Year-over-Year Growth Rate
U.S. Revenue	$46.4 million	21.2%
International Revenue	$2.3 million	10.2%
Worldwide Revenue	$48.7 million	20.6%

Procedures occur in specific clinical settings, which are critical endpoints for the channel strategy. The company supports a base of over 4,500 physicians who have performed more than 120,000 procedures since 2009. The utilization within these facilities is deepening; for instance, the number of procedures using more than 2 Granite implants per case grew approximately 40% in the third quarter of 2025. Furthermore, the company secured a financial incentive channel through the Centers for Medicare & Medicaid Services (CMS), which confirmed a New Technology Add-On Payment (NTAP) for hospital procedures using iFuse TORQ TNT, providing up to $4,136 extra per case effective October 1, 2025. Interventional case volume, which reflects adoption in these settings, doubled compared to Q3 2024.

For non-U.S. markets, the strategy leans on international distributors, although this segment represents a smaller portion of total revenue. The third quarter of 2025 saw international revenue reach $2.3 million, a 10.2% increase. This growth is directly tied to the strong initial reception for TORQ, which launched in the quarter across various European markets. Historically, the company established its European footprint with offices in the UK, Germany, and its EMEA headquarters in Gallarate, Italy.

Education and digital presence form supporting channels for surgeon engagement and patient awareness. SI-BONE, Inc. actively participates in industry events, such as hosting a fireside chat at the Goldman Sachs 46th Global Healthcare Conference on June 10, 2025. The company's website, www.si-bone.com, serves as a hub where live audio webcasts for financial results are archived for at least 90 days.

• The company's Q3 2025 operating expenses increased 11.9% to $44.2 million compared to the prior year period, driven by general commercial activity and new product rollout.
• The company raised its full-year 2025 worldwide revenue guidance to a range of $198 million to $200 million.
• The gross margin for Q3 2025 was 79.8%.

SI-BONE, Inc. (SIBN) - Canvas Business Model: Customer Segments

You're looking at the core groups SI-BONE, Inc. (SIBN) targets to drive adoption of its minimally invasive SI joint fusion systems like iFuse. This is about who buys, who uses, and who benefits from the technology, grounded in the latest available 2025 figures.

The primary customer base is segmented by their role in the surgical pathway, from the decision-makers in the operating room to the financial gatekeepers.

• Spine and orthopedic surgeons (primary decision-makers).
• Hospitals and ASCs seeking cost-effective, high-margin procedures.
• Patients with chronic lower back pain from SI joint dysfunction.
• Payers and health systems focused on proven, cost-effective treatment pathways.
• Neurosurgeons performing complex spinal and pelvic trauma cases.

Surgeon engagement is a key metric, showing direct adoption. As of Q3 2025, about 1,530 physicians performed procedures using SI-BONE's solutions in the U.S.. The company saw its largest quarterly increase in physician adoption in Q3 2025, adding 330 physicians. For context, over 2,000 U.S. physicians treated nearly 18,000 patients in fiscal year 2024. The total addressable market is estimated at nearly 500,000 procedures.

The financial structure of the procedure is critical for the hospital/ASC segment, especially with new payment mechanisms in place for 2025. For instance, the iFuse TORQ TNT Implant System received CMS' New Technology Add-on Payment (NTAP) for pelvic fracture treatment. This can provide hospitals up to an additional $21,125 in reimbursement for qualifying inpatient cases. Furthermore, hospitals can receive up to $4,136 in additional inpatient reimbursement by adopting and using the iFuse system with the NTAP designation. The CPT code for the minimally invasive procedure (27279) has a 2025 Medicare Unadjusted Facility Rate of $790.

Payers and health systems focus on the economics of the procedure versus alternatives. SI-BONE projects a full-year 2025 gross margin of 79.5%, signaling a focus on high-margin product delivery. The company also reaffirmed its expectation of achieving positive adjusted EBITDA for the full year 2025. For outpatient procedures using Granite, a Transitional Pass-Through payment status was confirmed effective January 1, 2025.

The following table summarizes key quantitative data points relevant to these customer segments based on late 2025 reporting:

Customer Segment	Key Metric	Value / Amount	Data Period / Context
Spine and orthopedic surgeons	Active U.S. Physicians	1,530	Q3 2025
Spine and orthopedic surgeons	Largest Quarterly Physician Addition	330	Q3 2025
Hospitals and ASCs	Potential Additional Inpatient Reimbursement (NTAP)	Up to $4,136	For iFuse system use with NTAP designation
Patients	Total Addressable Market (TAM) Procedures	Nearly 500,000	As of early 2025
Patients	Procedures Performed (2024)	Nearly 18,000	By U.S. physicians in FY 2024
Payers and health systems	Projected Full Year 2025 Gross Margin	79.5%	Updated 2025 Guidance as of November 2025
Payers and health systems	2025 Medicare Unadjusted Facility Rate (CPT 27279)	$790	Minimally Invasive SI Joint Fusion
Neurosurgeons (Pelvic Trauma)	Additional Reimbursement for iFuse TORQ TNT (Pelvic Fracture)	Up to an additional $21,125	Via NTAP for qualifying inpatient cases

The revenue contribution from the U.S. market remains dominant, with U.S. revenue reaching $46.4 million in Q3 2025, compared to $2.3 million in international revenue for the same period. The company raised its full-year 2025 worldwide revenue guidance to the range of $198 million to $200 million, implying year-over-year growth of 18% to 20%.

SI-BONE, Inc. (SIBN) - Canvas Business Model: Cost Structure

You're looking at the cost side of SI-BONE, Inc.'s operations as of late 2025. This structure is heavily weighted toward commercializing its titanium implant systems, which means sales and marketing are a major cost driver. The company has been scaling, but it's also managing to drive leverage, as shown by the operating expense growth guidance.

Operating expenses for SI-BONE, Inc. are expected to grow at approximately 10% at the midpoint of the full-year 2025 revenue guidance range. This is an update from earlier guidance of ~9% growth, reflecting increased commercial activity. For the third quarter of 2025, total operating expenses were $44.2 million, an increase of 11.9% compared to $39.5 million in the third quarter of 2024. Looking at the first six months of 2025, total operating expenses reached $90.986 million, up from $83.562 million in the prior year period. This growth is tied directly to scaling the sales force and launching new products.

The cost structure breaks down into the key areas you mentioned. Here's a look at the components based on the most recent reported figures:

Cost Component	Q3 2025 Amount (in thousands)	Six Months Ended June 30, 2025 Amount (in thousands)	Comparison to Prior Year Period (Q3 2024 / 6M 2024)
Sales and marketing	$29,956	$61,462	Up from $27,448 / $58,357
Research and development (R&D)	$4,242	$8,843	Up from $3,993 / $8,697
General and administrative (G&A)	$10,031	$20,681	Up from $8,095 / $16,508
Total Operating Expenses	$44,229	$90,986	Up from $39,536 / $83,562

Sales and marketing expenses, covering commissions and direct sales force salaries, are the largest component of operating costs. In the second quarter of 2025, these expenses were $30.8 million (GAAP). The increase in Q3 2025 operating expenses, specifically, was driven by general commercial activity related to higher revenue and new product rollout, plus elevated G&A spend. The company is investing heavily to expand its reach, evidenced by the increase in active U.S. physicians to 1,530 in Q3 2025, a 27% year-over-year growth.

Research and development (R&D) investments for pipeline products show a steady, but less aggressive, increase compared to commercial spending. For the first six months of 2025, R&D was $8.843 million. Management noted that R&D investments are related to future products, such as the next-generation SI joint solution planned for early 2026, for which the 510(k) application was recently filed. The Q3 2025 R&D spend was $4.242 million.

The Cost of goods sold (COGS) for titanium implants and instruments directly impacts the gross margin. SI-BONE, Inc. estimates its full-year 2025 gross margin to be approximately 79.5%, an improvement from earlier guidance. This suggests that the cost to produce the iFuse-3D, iFuse TORQ TNT, and iFuse Bedrock Granite systems, relative to their selling price, is relatively stable and efficient. For instance, in Q2 2025, the gross margin was 79.8%, with COGS at $9.823 million on revenue of $48.630 million. The company is focused on maintaining this high margin, which is key to its asset-light model.

General and administrative (G&A) and regulatory compliance costs are also a growing part of the structure. G&A expenses for the first six months of 2025 totaled $20.681 million. The third quarter of 2025 saw G&A at $10.031 million, a significant jump from $8.095 million in Q3 2024, which management attributed to elevated spend in this area. Regulatory compliance, while not broken out separately in the expense line, is embedded here and in R&D, especially with the confirmation of a New Technology Add-On Payment (NTAP) for iFuse TORQ TNT procedures effective October 1, 2025, which will impact future revenue realization more than current cost structure, though securing such payments requires upfront investment.

Here's how the key cost drivers compare to the revenue growth they are supporting:

• Full-year 2025 revenue growth is projected at 18% to 20%.
• Full-year 2025 operating expense growth is guided at ~10% at the midpoint.
• Q3 2025 revenue grew 20.6% year-over-year to $48.7 million.
• Q3 2025 operating expenses grew 11.9% to $44.2 million.
• The company achieved positive adjusted EBITDA of $2.3 million in Q3 2025.

SI-BONE, Inc. (SIBN) - Canvas Business Model: Revenue Streams

You're looking at how SI-BONE, Inc. converts its specialized medical devices into dollars, and the picture as of late 2025 is one of strong, U.S.-centric growth driven by adoption of its core implant platforms. The primary revenue stream is the direct sale of proprietary implant systems and associated instruments used in minimally invasive surgery for sacropelvic disorders.

The product portfolio driving this is centered around three main implant systems:

• Sales of proprietary iFuse Implant Systems (iFuse-3D, TORQ, Granite).
• The iFuse TORQ TNT trauma screw platform, which saw a New Technology Add-On Payment (NTAP) confirmed by CMS effective October 1, 2025, potentially adding up to $4,136 per case.
• Demand for iFuse Bedrock Granite, used for pelvic anchoring in spine procedures, continued to be solid.

Looking ahead, SI-BONE, Inc. has raised its full-year outlook, signaling confidence in the market. Management projects full-year 2025 worldwide revenue between $198 million and $200 million. This represents a projected year-over-year growth rate of approximately 18% to 20% based on the latest guidance from November 2025 reports.

The geographic concentration of this revenue is a key feature of the current model. Revenue is overwhelmingly derived from the U.S. market. For instance, in the second quarter of 2025, U.S. revenue was $46.4 million out of total worldwide revenue of $48.6 million, meaning the U.S. accounted for approximately 95.47% of the business that quarter, aligning with the expected figure of primarily the U.S. market.

Here's the quick math on the geographic split based on Q2 2025 results:

Metric	Amount (Q2 2025)	Percentage of Worldwide Revenue
U.S. Revenue	$46.4 million	~95.5%
International Revenue	$2.2 million	~4.5%
Worldwide Revenue	$48.6 million	100%

Growth in procedure volume is directly tied to the expanding base of actively using surgeons. The company reported a record increase in this base. As of the third quarter of 2025, SI-BONE, Inc. had 1,530 active U.S. physicians, representing a year-over-year growth of 27%. This physician expansion is translating directly into higher sales density within existing areas. For example, the trailing twelve month (TTM) revenue per territory as of Q2 2025 climbed to approximately $2.1 million, which was an increase of about 23% over the comparable prior year period.

The revenue stream is clearly dependent on the successful commercial execution that drives physician adoption and utilization, which you can see reflected in these key operational metrics:

• Active U.S. physicians (Q3 2025): 1,530.
• Active U.S. physician growth (Y/Y Q3 2025): 27%.
• TTM Revenue per territory (Q2 2025): $2.1 million.
• Increase in TTM Revenue per territory (Y/Y Q2 2025): ~23%.

The company is definitely seeing its asset-light model work, turning physician engagement into solid per-territory revenue.