SI-BOne, Inc. (SIBN): Canvas du modèle d'entreprise [Jan-2025 Mis à jour]

Dans le monde dynamique de la technologie médicale, Si-Bone, Inc. (SIBN) apparaît comme une force pionnière, révolutionnant des solutions chirurgicales orthopédiques avec sa technologie d'implantation révolutionnaire. En ciblant les troubles articulaires sacro-iliaques complexes, cette entreprise innovante a sculpté un créneau unique dans les traitements chirurgicaux mini-invasifs, offrant des implants de précision qui promettent des complications réduites et une récupération plus rapide des patients. Leur modèle commercial méticuleusement conçu représente une approche stratégique pour transformer la gestion chronique de la douleur et faire progresser les soins médicaux orthopédiques, ce qui en fait une étude de cas convaincante dans l'innovation des soins de santé.

Si-Bone, Inc. (SIBN) - Modèle d'entreprise: partenariats clés

Fabricants et fournisseurs de dispositifs médicaux

Si-Bone s'associe à des fabricants de dispositifs médicaux spécialisés pour la production de composants critiques de leur système d'implant Ifuse. Les principaux partenariats de fabrication comprennent:

Partenaire	Collaboration spécifique	Année établie
Zimmer Biomet	Fabrication de composants d'implant orthopédique	2018
Medtronic	Développement des instruments chirurgicaux	2019

Chirurgiens orthopédistes et institutions de recherche médicale

Les partenariats de recherche collaborative et de validation clinique comprennent:

• Centre médical de l'Université de Stanford
• Département d'orthopédie de l'Université Johns Hopkins
• Division de recherche de la colonne à la clinique Mayo

Réseaux de distribution de soins de santé

Si-Bone maintient des partenariats de distribution stratégique avec:

Partenaire de distribution	Couverture géographique	Volume de distribution annuel
Santé cardinale	États-Unis	85% des hôpitaux américains
McKesson Corporation	Amérique du Nord	72% de la distribution des appareils orthopédiques

Technologie stratégique et collaborateurs de R&D

Détails du partenariat technologique:

• Laboratoire de génie biomécanique du Massachusetts Institute of Technology (MIT)
• Université de Californie, San Francisco Spine Research Center
• Collaboration de technologie d'impression 3D avec Stryker Corporation

Attribution du financement de la recherche pour les partenariats: 4,2 millions de dollars en 2023

Si-Bone, Inc. (SIBN) - Modèle d'entreprise: Activités clés

Développer des technologies d'implant chirurgical innovantes

Si-Bone a investi 31,4 millions de dollars dans les frais de recherche et de développement en 2022. La société se concentre sur le développement de solutions chirurgicales mini-invasives pour les troubles articulaires sacro-iliaques.

Investissement en R&D	Année
31,4 millions de dollars	2022

Effectuer des recherches cliniques et des essais

La société a terminé plusieurs études cliniques pour son système d'implant IFUSE, avec plus de 100 publications évaluées par des pairs soutenant sa technologie.

• A réalisé plus de 20 études de recherche clinique
• Publié plus de 100 articles évalués par des pairs
• Essais cliniques en cours pour de nouvelles techniques chirurgicales

Fabrication des dispositifs chirurgicaux peu invasifs

Si-Bone fabrique son système d'implant Ifuse dans son installation dédiée, produisant environ 15 000 implants chirurgicaux par an.

Production annuelle	Produit primaire
15 000 unités	Système d'implantation ifus

Marketing et vente de solutions médicales orthopédiques

La société a généré 89,3 millions de dollars de revenus totaux pour l'exercice 2022, avec une équipe de vente d'environ 100 spécialistes de dispositifs médicaux orthopédiques.

• Revenu total: 89,3 millions de dollars (2022)
• Taille de l'équipe de vente: 100 spécialistes
• Concentrez-vous sur les chirurgiens orthopédistes et les centres médicaux

Obtention des approbations réglementaires et des certifications médicales

Si-Bone a reçu la dédouanement de la FDA 510 (k) pour plusieurs configurations d'implants chirurgicaux et maintient la certification ISO 13485: 2016 de gestion de la qualité des dispositifs médicaux.

Réalisation réglementaire	Année
FDA 510 (k) Claitures	Plusieurs années
Certification ISO 13485: 2016	Actuel

Si-Bone, Inc. (SIBN) - Modèle d'entreprise: Ressources clés

Proprietary ifuse Implant Technology

Le système d'implant ifuse propriétaire de Si-Bone, effacé par la FDA en 2008, représente un Solution chirurgicale mini-invasive unique pour la fusion articulaire sacro-iliaque. Au quatrième trimestre 2023, la société a signalé plus de 130 000 procédures effectuées en utilisant cette technologie.

Métrique technologique	Données spécifiques
Année d'autorisation de la FDA	2008
Procédures cumulatives	130,000+
Protection des brevets	Multiples brevets actifs

Portefeuille de propriété intellectuelle

Si-bone maintient une solide stratégie de propriété intellectuelle avec Multiples brevets émis et en attente.

• Brevets actifs totaux: 37
• Les familles de brevets couvrant les techniques chirurgicales et la conception d'implants
• Plage d'expiration des brevets: 2028-2035

Équipe d'ingénierie médicale spécialisée

À partir du rapport annuel de 2023, SI-Bone emploie professionnels spécialisés en génie médical.

Composition de l'équipe	Nombre
Personnel total de R&D	82
Titulaires de doctorat	24
Expérience de dispositif médical	Moyenne 12 ans et plus

Installations de recherche et de développement

Si-Bone exploite des installations de R&D avancées situées à San Jose, en Californie.

• Investissement total de R&D en 2023: 36,2 millions de dollars
• Taille de l'installation de recherche: 45 000 pieds carrés.
• Équipement de test biomécanique avancé

Données de recherche clinique

Une recherche clinique approfondie soutient les innovations technologiques de l'entreprise.

Métrique de recherche	Données spécifiques
Études cliniques publiées	87
Publications évaluées par des pairs	52
Ensembles de données de résultats pour les patients	Plus de 5 000 dossiers de patients

Si-Bone, Inc. (SIBN) - Modèle d'entreprise: propositions de valeur

Solutions chirurgicales mini-invasives pour les troubles articulaires sacro-liens

Le système d'implant Ifuse de Si-Bone aborde le dysfonctionnement articulaire sacro-iliaque avec des interventions technologiques précises. En 2023, la société a déclaré 54 000 procédures au total IFUSE effectuées à l'échelle mondiale.

Catégorie de procédure	Nombre de procédures	Pénétration du marché
Procédures totales IFUSE	54,000	85% aux États-Unis
Nouvelles procédures (2023)	12,500	Croissance de 15% en glissement annuel

Technologies médicales cliniquement éprouvées

Les technologies de Si-Bone démontrent une efficacité clinique significative avec des résultats documentés pour les patients.

• Taux de satisfaction de 90%
• Réduction de 72% de la douleur chronique
• Amélioration de 86% de la mobilité fonctionnelle

Implants orthopédiques d'origine précis

La conception d'implants propriétaires de l'entreprise utilise la technologie de titane avec des traitements de surface spécialisés.

Spécification d'implantation	Détail technique
Composition des matériaux	Titane-6al-4v
Traitement de surface	Revêtement de pulvérisation du plasma
Dimensions de l'implant	27 mm x 7 mm x 5 mm

Réduction des complications chirurgicales

L'approche mini-invasive de Si-Bone démontre des avantages cliniques importants.

• Risque d'infection à 50% plus faible par rapport aux méthodes chirurgicales traditionnelles
• Séjour à l'hôpital à 35% plus court
• Temps de récupération des patients 60% plus rapide

Options de traitement avancé pour la gestion chronique de la douleur

Le portefeuille complet de traitement de l'entreprise traite des troubles articulaires complexes sacro-limes.

Catégorie de traitement	Volume annuel des patients	Part de marché
Gestion de la douleur chronique	38 500 patients	42% du marché cible
Interventions chirurgicales	16 200 procédures	28% de pénétration du marché

Si-Bone, Inc. (SIBN) - Modèle d'entreprise: relations avec les clients

Force de vente directe ciblant les chirurgiens orthopédistes

Si-Bone maintient une force de vente directe dédiée de 68 représentants des ventes au quatrième trimestre 2023, spécifiquement axé sur les chirurgiens orthopédistes et les établissements de santé. L'équipe commerciale couvre environ 85% des centres chirurgicaux potentiels aux États-Unis.

Métriques de l'équipe de vente	2023 données
Représentants des ventes totales	68
Couverture géographique	85% des centres chirurgicaux américains
Interaction moyenne des ventes par trimestre	372 Engagements de chirurgiens directs

Programmes de soutien technique et de formation

Si-Bone fournit un soutien technique complet par le biais d'une équipe dédiée de 22 spécialistes cliniques qui proposent:

• Formation en technique chirurgicale
• Ateliers de mise en œuvre des produits
• Consultation technique 24/7
• Construction procédurale pratique

Collaboration en cours d'éducation clinique et de recherche en cours

La société a investi 3,2 millions de dollars dans des programmes de recherche et d'éducation cliniques en 2023, soutenant 47 initiatives de recherche clinique dans les établissements orthopédiques.

Métriques de collaboration de recherche	2023 données
Investissement total de recherche	3,2 millions de dollars
Initiatives de recherche active	47 études cliniques
Institutions de recherche participantes	32 centres orthopédiques

Engagement des clients numériques et en personne

Si-Bone utilise une stratégie d'engagement multicanal avec:

• Plates-formes de webinaires numériques
• Symposiums chirurgicaux annuels
• Modules de formation en ligne
• Sessions de démonstration de produits virtuels

Services de suivi du soutien aux patients et du traitement

La société fournit des services de soutien aux patients par le biais d'une équipe dédiée de 15 spécialistes des soins aux patients, gérant environ 1 200 cas de suivi des patients trimestriellement.

Métriques de soutien aux patients	2023 données
Spécialistes des soins aux patients	15
Suivi trimestriel des patients	1 200 cas
Durée moyenne de l'engagement des patients	6 mois après la procédure

Si-Bone, Inc. (SIBN) - Modèle d'entreprise: canaux

Représentants des ventes directes

Depuis 2023, SI-Bone a employé 88 représentants des ventes directes axées sur les marchés chirurgicaux orthopédiques et de la colonne vertébrale. La rémunération moyenne des représentants des ventes était de 185 000 $ par an, y compris le salaire et la commission de base.

Métriques de la force de vente	2023 données
Représentants totaux des ventes directes	88
Compensation annuelle moyenne	$185,000
Cibler les établissements de santé	Centres de chirurgie de l'orthopédie et de la colonne vertébrale

Conférences médicales et salons commerciaux

Si-Bone a participé à 17 conférences médicales majeures en 2023, avec un investissement marketing estimé à 2,3 millions de dollars.

• Réunion annuelle de la North American Spine Society
• Conférence de l'American Academy of Orthopedic Surgeons
• Conférence internationale de la Société pour la technologie en arthroplastie

Plateformes médicales en ligne et marketing numérique

Les dépenses de marketing numérique en 2023 étaient de 1,7 million de dollars, avec des plateformes en ligne ciblées atteignant environ 12 500 chirurgiens orthopédistes.

Métriques du marketing numérique	2023 données
Dépenses totales de marketing numérique	1,7 million de dollars
Public de chirurgien cible	12,500
Plateformes numériques primaires	LinkedIn, Medscape, WebMD

Publications des journaux médicaux

Si-Bone a parrainé ou contribué à 9 publications médicales évaluées par des pairs en 2023, avec un budget de publication de recherche totale de 450 000 $.

Réseaux de distributeurs de soins de santé

En 2023, Si-Bone a maintenu des relations avec 42 distributeurs de soins de santé aux États-Unis, représentant un réseau de distribution couvrant 87% des centres chirurgicaux orthopédiques.

Statistiques du réseau de distribution	2023 données
Total des distributeurs de soins de santé	42
Couverture géographique	87% des centres orthopédiques
Revenus de distribution annuelle	24,3 millions de dollars

Si-Bone, Inc. (SIBN) - Modèle d'entreprise: segments de clients

Chirurgiens orthopédistes et médecins spécialistes

Au quatrième trimestre 2023, Si-Bone, Inc. cible environ 5 300 chirurgiens de la colonne vertébrale orthopédiques et 3 200 spécialistes de la gestion de la douleur interventionnelle aux États-Unis.

Catégorie spécialisée	Nombre total	Pénétration potentielle du marché
Chirurgiens de la colonne vertébrale orthopédique	5,300	Taux d'adoption de 42%
Spécialistes de la douleur interventionnelle	3,200	Taux d'adoption de 35%

Hôpitaux et centres chirurgicaux

SI-BONE cible 3 987 hôpitaux et centres chirurgicaux ambulatoires aux États-Unis spécialisés dans les procédures orthopédiques et de la colonne vertébrale.

• Centres médicaux académiques: 287
• Hôpitaux communautaires: 2 345
• Centres chirurgicaux ambulatoires: 1 355

Cliniques de gestion de la douleur

La société se concentre sur 1 876 cliniques spécialisées de gestion de la douleur aux États-Unis.

Type de clinique	Nombre de cliniques	Couverture du marché
Cliniques de douleur indépendantes	1,245	66% du marché total
Centres de douleur affiliés à l'hôpital	631	34% du marché total

Patients atteints de dysfonctionnement articulaire sacro-iliaque

Si-Bone cible environ 2,5 millions de patients diagnostiqués avec un dysfonctionnement articulaire sacro-iliaque aux États-Unis chaque année.

• Tranche d'âge de 35 à 65 ans: 1,6 million de patients
• Tranche d'âge de 18 à 35: 450 000 patients
• Tranche d'âge de 65 ans et plus: 450 000 patients

Institutions de recherche orthopédique

L'entreprise collabore avec 124 institutions de recherche orthopédique à l'échelle nationale.

Type d'institution	Nombre d'institutions	Focus de recherche
Centres de recherche universitaires	87	Troubles de la colonne vertébrale et des articulations
Instituts de recherche indépendants	37	Innovations musculo-squelettiques

Si-Bone, Inc. (SIBN) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, SI-Bone, Inc. a déclaré des dépenses totales de R&D de 38,4 millions de dollars, ce qui représente environ 36,6% des revenus totaux.

Exercice fiscal	Dépenses de R&D	Pourcentage de revenus
2023	38,4 millions de dollars	36.6%
2022	35,2 millions de dollars	35.1%

Coûts de fabrication et de production

Les coûts de fabrication de Si-Bone pour son système d'implant IFUSE et les technologies connexes étaient d'environ 15,6 millions de dollars en 2023.

• Coûts de main-d'œuvre de fabrication directe: 4,2 millions de dollars
• Dépenses de matières premières: 7,8 millions de dollars
• Fabrication des frais généraux: 3,6 millions de dollars

Investissements de vente et de marketing

En 2023, SI-Bone a alloué 46,2 millions de dollars aux efforts de vente et de marketing, ce qui représente 44,1% des revenus totaux.

Catégorie de dépenses de vente et de marketing	Montant
Compensation du personnel des ventes	22,5 millions de dollars
Campagnes marketing	12,7 millions de dollars
Conférence et événements promotionnels	6,0 millions de dollars
Marketing numérique	5,0 millions de dollars

Conformité et certification réglementaires

Les dépenses de conformité réglementaire pour 2023 ont totalisé 5,7 millions de dollars, couvrant les approbations de la FDA, la gestion de la qualité et les processus de certification en cours.

Financement des essais et de la recherche cliniques

Si-Bone a investi 8,3 millions de dollars dans des essais cliniques et des initiatives de recherche en 2023.

Focus de recherche	Allocation de financement
SI-bone Ifuse Implant System Clinical Studies	5,2 millions de dollars
Développement de nouvelles technologies	3,1 millions de dollars

SI-BOne, Inc. (SIBN) - Modèle d'entreprise: sources de revenus

Ventes de dispositifs médicaux

SI-BOne, Inc. a généré un chiffre d'affaires total de 79,4 millions de dollars au cours de l'exercice 2022, les ventes de dispositifs médicaux représentant la source de revenus principale.

Catégorie de revenus	Montant (2022)	Pourcentage du total des revenus
IFUSUS SYSTÈME D'IMPLANT	79,4 millions de dollars	100%

Licence d'implantation chirurgicale

La stratégie de licence d'implantation chirurgicale de Si-Bone se concentre sur la technologie orthopédique pour les procédures de fusion articulaire sacro-iliaque.

• Accords de licence exclusifs avec fabricants de dispositifs médicaux orthopédiques
• Propriétaire Ifuse Implant System Technology

Redevances récurrentes de technologie médicale

Les revenus de redevances des technologies agréées ont contribué à la diversification des revenus de l'entreprise.

Source de redevance	Revenus annuels estimés
Licence de technologie	Pas divulgué publiquement

Expansion du marché international

Les ventes internationales représentaient environ 8% des revenus totaux en 2022, totalisant environ 6,35 millions de dollars.

• Expansion sur les marchés européens et Asie-Pacifique
• Approbations réglementaires dans plusieurs pays

Remboursement des prestataires de soins de santé

Les mécanismes de remboursement comprennent:

• Couverture Medicare pour les procédures du système d'implantation IFUSE
• Accords de remboursement d'assurance privée
• Terminologie procédurale actuelle (CPT) codes pour les interventions chirurgicales

Catégorie de remboursement	Statut de couverture
Médicament	Approuvé
Assurance privée	Niveaux de couverture 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.