Si-Bone, Inc. (SIBN): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da tecnologia médica, a Si-Bone, Inc. (SIBN) surge como uma força pioneira, revolucionando soluções cirúrgicas ortopédicas com sua inovadora tecnologia de implante ifuse. Ao direcionar os complexos distúrbios da articulação sacroilíaca, esta empresa inovadora criou um nicho único em tratamentos cirúrgicos minimamente invasivos, oferecendo implantes de engenharia de precisão que prometem complicações reduzidas e recuperação mais rápida do paciente. Seu modelo de negócios meticulosamente criado representa uma abordagem estratégica para transformar o gerenciamento da dor crônica e o avanço dos cuidados médicos ortopédicos, tornando -os um estudo de caso convincente em inovação em saúde.

Si -Bone, Inc. (SIBN) - Modelo de negócios: Parcerias -chave

Fabricantes de dispositivos médicos e fornecedores

A SI Bone faz parceria com fabricantes especializados de dispositivos médicos para a produção crítica de componentes de seu sistema de implante IFUse. As principais parcerias de fabricação incluem:

Parceiro	Colaboração específica	Ano estabelecido
Zimmer Biomet	Fabricação de componentes de implantes ortopédicos	2018
Medtronic	Desenvolvimento de instrumentos cirúrgicos	2019

Cirurgiões ortopédicos e instituições de pesquisa médica

Pesquisa colaborativa e parcerias de validação clínica incluem:

• Centro Médico da Universidade de Stanford
• Departamento Ortopédico da Universidade Johns Hopkins
• Mayo Clinic Spine Research Division

Redes de distribuição de assistência médica

O Si-Bone mantém parcerias estratégicas de distribuição com:

Parceiro de distribuição	Cobertura geográfica	Volume anual de distribuição
Cardinal Health	Estados Unidos	85% dos hospitais dos EUA
McKesson Corporation	América do Norte	72% da distribuição de dispositivos ortopédicos

Tecnologia estratégica e colaboradores de P&D

Detalhes da parceria de tecnologia:

• Instituto de Tecnologia de Massachusetts (MIT) Laboratório de Engenharia Biomecânica
• Universidade da Califórnia, São Francisco Spine Research Center
• Colaboração em tecnologia de impressão 3D com a Stryker Corporation

Pesquise alocação de financiamento para parcerias: US $ 4,2 milhões em 2023

Si -Bone, Inc. (SIBN) - Modelo de negócios: Atividades -chave

Desenvolvendo tecnologias de implantes cirúrgicos inovadores

A SI-Bone investiu US $ 31,4 milhões em despesas de pesquisa e desenvolvimento em 2022. A Companhia se concentra no desenvolvimento de soluções cirúrgicas minimamente invasivas para distúrbios da articulação sacroilíaca.

Investimento em P&D	Ano
US $ 31,4 milhões	2022

Conduzindo pesquisa clínica e ensaios

A empresa concluiu vários estudos clínicos para o seu sistema de implantes IFUse, com mais de 100 publicações revisadas por pares apoiando sua tecnologia.

• Completou mais de 20 estudos de pesquisa clínica
• Publicou mais de 100 artigos revisados ​​por pares
• Ensaios clínicos em andamento para novas técnicas cirúrgicas

Fabricação de dispositivos cirúrgicos minimamente invasivos

A Si-Bone fabrica seu sistema de implantes ifuse em sua instalação dedicada, produzindo aproximadamente 15.000 implantes cirúrgicos anualmente.

Produção anual	Produto primário
15.000 unidades	Sistema de implantes ifuse

Marketing e venda de soluções médicas ortopédicas

A empresa gerou US $ 89,3 milhões em receita total para o ano fiscal de 2022, com uma equipe de vendas de aproximadamente 100 especialistas em dispositivos médicos ortopédicos.

• Receita total: US $ 89,3 milhões (2022)
• Tamanho da equipe de vendas: 100 especialistas
• Concentre -se em cirurgiões ortopédicos e centros médicos

Obtenção de aprovações regulatórias e certificações médicas

O Si-Bone recebeu o FDA 510 (K) de folga para múltiplas configurações de implantes cirúrgicos e mantém a Certificação de Gerenciamento da Qualidade da Qualidade do Dispositivo Médico da ISO 13485: 2016.

Realização regulatória	Ano
FDA 510 (k) Apuração	Vários anos
Certificação ISO 13485: 2016	Atual

Si -Bone, Inc. (SIBN) - Modelo de negócios: Recursos -chave

Tecnologia de implante de Ifuse, proprietária

O sistema de implante de Ifuse de Si-Bone, liberado pelo FDA em 2008, representa um Solução cirúrgica minimamente invasiva para fusão da articulação sacroilíaca. A partir do quarto trimestre 2023, a empresa relatou mais de 130.000 procedimentos realizados usando essa tecnologia.

Métrica de tecnologia	Dados específicos
Ano de liberação da FDA	2008
Procedimentos cumulativos	130,000+
Proteção de patentes	Múltiplas patentes ativas

Portfólio de propriedade intelectual

Si-bone mantém uma estratégia de propriedade intelectual robusta com Múltiplas patentes emitidas e pendentes.

• Total de patentes ativas: 37
• Famílias de patentes cobrindo técnicas cirúrgicas e design de implantes
• Faixa de expiração de patentes: 2028-2035

Equipe especializada em engenharia médica

A partir de 2023 Relatório Anual, o Si-Bone emprega Profissionais especializados de engenharia médica.

Composição da equipe	Número
Pessoal total de P&D	82
Titulares de doutorado	24
Experiência de dispositivo médico	Média de mais de 12 anos

Instalações de pesquisa e desenvolvimento

O Si-Bone opera instalações avançadas de P&D localizadas em San Jose, Califórnia.

• Investimento total de P&D em 2023: US $ 36,2 milhões
• Tamanho da instalação de pesquisa: 45.000 pés quadrados.
• Equipamento avançado de teste biomecânico

Dados de pesquisa clínica

Extensa pesquisa clínica apóia as inovações tecnológicas da empresa.

Métrica de pesquisa	Dados específicos
Estudos clínicos publicados	87
Publicações revisadas por pares	52
Conjuntos de dados do paciente	5.000 mais de registros de pacientes

Si -Bone, Inc. (SIBN) - Modelo de negócios: proposições de valor

Soluções cirúrgicas minimamente invasivas para distúrbios da articulação sacroilíaca

O sistema de implante IFUse do Si-Bone aborda a disfunção da articulação sacroilíaca com intervenções tecnológicas precisas. Em 2023, a Companhia relatou 54.000 procedimentos totais do IFUse realizados globalmente.

Categoria de procedimento	Número de procedimentos	Penetração de mercado
Procedimentos totais de ifUse	54,000	85% nos Estados Unidos
Novos procedimentos (2023)	12,500	15% de crescimento ano a ano

Tecnologias médicas clinicamente comprovadas

As tecnologias da Si-Bone demonstram eficácia clínica significativa com os resultados documentados dos pacientes.

• Taxa de satisfação de 90% do paciente
• Redução de 72% na dor crônica
• 86% de melhoria na mobilidade funcional

Implantes ortopédicos com engenharia de precisão

O design de implantes proprietários da empresa utiliza tecnologia de titânio com tratamentos de superfície especializados.

Especificação do implante	Detalhes técnicos
Composição do material	Titanium-6al-4V
Tratamento de superfície	Revestimento de pulverização de plasma
Dimensões do implante	27 mm x 7mm x 5mm

Complicações cirúrgicas reduzidas

A abordagem minimamente invasiva de Si-Bone demonstra vantagens clínicas significativas.

• 50% menor risco de infecção em comparação aos métodos cirúrgicos tradicionais
• 35% de estadia hospitalar mais curta
• 60% mais rápido tempo de recuperação do paciente

Opções de tratamento avançado para gerenciamento de dor crônica

O portfólio abrangente de tratamento da empresa aborda distúrbios conjuntos sacroilíacos complexos.

Categoria de tratamento	Volume anual do paciente	Quota de mercado
Gerenciamento da dor crônica	38.500 pacientes	42% do mercado -alvo
Intervenções cirúrgicas	16.200 procedimentos	28% de penetração no mercado

Si -Bone, Inc. (SIBN) - Modelo de Negócios: Relacionamentos do Cliente

Força de vendas direta direcionando cirurgiões ortopédicos

O Si-Bone mantém uma força de vendas direta dedicada de 68 representantes de vendas a partir do quarto trimestre 2023, focado especificamente em cirurgiões ortopédicos e instituições de saúde. A equipe de vendas cobre aproximadamente 85% dos potenciais centros cirúrgicos nos Estados Unidos.

Métricas da equipe de vendas	2023 dados
Total de representantes de vendas	68
Cobertura geográfica	85% dos centros cirúrgicos dos EUA
Interação média de vendas por trimestre	372 compromissos diretos do cirurgião

Programas de suporte técnico e treinamento

O Si-Bone fornece suporte técnico abrangente por meio de uma equipe dedicada de 22 especialistas clínicos que oferecem:

• Treinamento da técnica cirúrgica
• Oficinas de implementação de produtos
• Consulta técnica 24/7
• Orientação processual prática

Colaboração em andamento e pesquisa clínica em andamento

A empresa investiu US $ 3,2 milhões em programas de pesquisa e educação clínica em 2023, apoiando 47 iniciativas de pesquisa clínica em instituições ortopédicas.

Métricas de colaboração de pesquisa	2023 dados
Investimento total de pesquisa	US $ 3,2 milhões
Iniciativas de pesquisa ativa	47 estudos clínicos
Instituições de pesquisa participantes	32 centros ortopédicos

Engajamento de clientes digital e pessoal

O Si-Bone utiliza uma estratégia de engajamento de vários canais com:

• Plataformas de webinar digitais
• Simpósios cirúrgicos anuais
• Módulos de treinamento on -line
• Sessões de demonstração de produtos virtuais

Apoio ao paciente e serviços de acompanhamento do tratamento

A empresa fornece serviços de apoio ao paciente por meio de uma equipe dedicada de 15 especialistas em atendimento ao paciente, gerenciando aproximadamente 1.200 casos de acompanhamento de pacientes trimestralmente.

Métricas de apoio ao paciente	2023 dados
Especialistas em atendimento ao paciente	15
Acompanhamento trimestral dos pacientes	1.200 casos
Duração média do envolvimento do paciente	6 meses após o processo

Si -Bone, Inc. (SIBN) - Modelo de Negócios: Canais

Representantes de vendas diretas

A partir de 2023, a Si-Bone empregava 88 representantes de vendas diretas focadas nos mercados cirúrgicos ortopédicos e na coluna vertebral. A remuneração representativa de vendas médias era de US $ 185.000 anualmente, incluindo salário e comissão base.

Métricas da força de vendas	2023 dados
Total de representantes de vendas diretas	88
Compensação média anual	$185,000
Alvo instalações de saúde	Centros de cirurgia ortopédica e coluna

Conferências médicas e feiras

A SI-Bone participou de 17 principais conferências médicas em 2023, com um investimento estimado em marketing de US $ 2,3 milhões.

• Reunião Anual da Sociedade de Espinha Norte -Americana
• American Academy of Ortopedic Surgeons Conference
• Conferência Internacional da Sociedade de Tecnologia em Artroplastia

Plataformas médicas online e marketing digital

As despesas de marketing digital em 2023 foram de US $ 1,7 milhão, com plataformas on -line direcionadas atingindo aproximadamente 12.500 cirurgiões ortopédicos.

Métricas de marketing digital	2023 dados
Gastos de marketing digital total	US $ 1,7 milhão
Audiência do cirurgião alvo	12,500
Plataformas digitais primárias	LinkedIn, Medscape, WebMD

Publicações de revistas médicas

A Si-Bone patrocinou ou contribuiu para 9 publicações médicas revisadas por pares em 2023, com um orçamento total de publicação de pesquisa de US $ 450.000.

Redes de distribuidores de assistência médica

Em 2023, o Si-Bone manteve relacionamentos com 42 distribuidores de saúde nos Estados Unidos, representando uma rede de distribuição cobrindo 87% dos centros cirúrgicos ortopédicos.

Estatísticas de rede de distribuidores	2023 dados
Distribuidores totais de saúde	42
Cobertura geográfica	87% dos centros ortopédicos
Receita anual de distribuição	US $ 24,3 milhões

Si -Bone, Inc. (SIBN) - Modelo de negócios: segmentos de clientes

Cirurgiões ortopédicos e especialistas médicos

A partir do quarto trimestre 2023, a Si-Bone, Inc. tem como alvo aproximadamente 5.300 cirurgiões da coluna ortopédica e 3.200 especialistas em manejo da dor intervencionistas nos Estados Unidos.

Categoria especializada	Número total	Penetração potencial de mercado
Cirurgiões da coluna ortopédica	5,300	Taxa de adoção de 42%
Especialistas em dor intervencionistas	3,200	Taxa de adoção de 35%

Hospitais e centros cirúrgicos

O SI-Bone tem como alvo 3.987 hospitais e centros cirúrgicos ambulatoriais nos Estados Unidos especializados em procedimentos ortopédicos e de coluna vertebral.

• Centros Médicos Acadêmicos: 287
• Hospitais comunitários: 2.345
• Centros Cirúrgicos Ambulatoriais: 1.355

Clínicas de gerenciamento da dor

A empresa se concentra em 1.876 clínicas especializadas em gerenciamento da dor nos Estados Unidos.

Tipo de clínica	Número de clínicas	Cobertura de mercado
Clínicas de dor independentes	1,245	66% do mercado total
Centros de dor afiliados ao hospital	631	34% do mercado total

Pacientes com disfunção da articulação sacroilíaca

O SI-Bone tem como alvo aproximadamente 2,5 milhões de pacientes diagnosticados com disfunção das articulações sacroilíacas nos Estados Unidos anualmente.

• Faixa etária 35-65: 1,6 milhão de pacientes
• Faixa etária de 18 a 35: 450.000 pacientes
• Faixa etária 65+: 450.000 pacientes

Instituições de pesquisa ortopédica

A empresa colabora com 124 instituições de pesquisa ortopédica em todo o país.

Tipo de instituição	Número de instituições	Foco na pesquisa
Centros de Pesquisa Universitária	87	Coluna e distúrbios articulares
Institutos de pesquisa independentes	37	Inovações musculoesqueléticas

Si -Bone, Inc. (SIBN) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Si-Bone, Inc. registrou despesas totais de P&D de US $ 38,4 milhões, representando aproximadamente 36,6% da receita total.

Ano fiscal	Despesas de P&D	Porcentagem de receita
2023	US $ 38,4 milhões	36.6%
2022	US $ 35,2 milhões	35.1%

Custos de fabricação e produção

Os custos de fabricação da Si-Bone para seu sistema de implantes IFUse e as tecnologias relacionadas foram de aproximadamente US $ 15,6 milhões em 2023.

• Custos de mão de obra de fabricação direta: US $ 4,2 milhões
• Despesas de matéria -prima: US $ 7,8 milhões
• Manufatura de sobrecarga: US $ 3,6 milhões

Investimentos de vendas e marketing

Em 2023, o SI-Bone alocou US $ 46,2 milhões aos esforços de vendas e marketing, representando 44,1% da receita total.

Categoria de despesas de vendas e marketing	Quantia
Compensação do pessoal de vendas	US $ 22,5 milhões
Campanhas de marketing	US $ 12,7 milhões
Eventos de conferência e promocionais	US $ 6,0 milhões
Marketing digital	US $ 5,0 milhões

Conformidade e certificação regulatória

As despesas de conformidade regulatória de 2023 totalizaram US $ 5,7 milhões, cobrindo aprovações da FDA, gerenciamento da qualidade e processos de certificação em andamento.

Ensaios clínicos e financiamento de pesquisa

A Si-Bone investiu US $ 8,3 milhões em ensaios clínicos e iniciativas de pesquisa durante 2023.

Foco na pesquisa	Alocação de financiamento
Estudos clínicos do sistema de implantes IFUse Si-Bone	US $ 5,2 milhões
Desenvolvimento de novas tecnologias	US $ 3,1 milhões

Si -Bone, Inc. (SIBN) - Modelo de negócios: fluxos de receita

Vendas de dispositivos médicos

A Si-Bone, Inc. gerou receita total de US $ 79,4 milhões no ano fiscal de 2022, com as vendas de dispositivos médicos representando o fluxo de receita primária.

Categoria de receita	Valor (2022)	Porcentagem da receita total
Se as vendas do sistema de implantes se USE	US $ 79,4 milhões	100%

Licenciamento de implante cirúrgico

A estratégia de licenciamento de implantes cirúrgicos da Si-Bone se concentra na tecnologia ortopédica para procedimentos de fusão da articulação sacroilíaca.

• Acordos de licenciamento exclusivos com fabricantes de dispositivos médicos ortopédicos
• Tecnologia proprietária do sistema de implantes ifUse

Royalties de tecnologia médica recorrentes

A renda de royalties de tecnologias licenciadas contribuiu para a diversificação de receita da empresa.

Fonte de royalties	Receita anual estimada
Licenciamento de tecnologia	Não divulgado publicamente

Expansão do mercado internacional

As vendas internacionais representaram aproximadamente 8% da receita total em 2022, totalizando cerca de US $ 6,35 milhões.

• Expansão para mercados europeus e da Ásia-Pacífico
• Aprovações regulatórias em vários países

Reembolso de prestadores de serviços de saúde

Os mecanismos de reembolso incluem:

• Cobertura do Medicare para Procedimentos do Sistema de Implantes IFUse
• Acordos de reembolso de seguro privado
• Códigos atuais de terminologia processual (CPT) para intervenções cirúrgicas

Categoria de reembolso	Status de cobertura
Medicare	Aprovado
Seguro privado	Níveis de cobertura variados

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.