SI-BONE

What SI-BONE does

SI-BONE is a Santa Clara-based medical device company that designs, manufactures, and commercializes minimally invasive sacroiliac (SI) joint fusion implant systems. Founded in 2009 and listed on NASDAQ under ticker SIBN since 2018, the company pioneered the triangular titanium iFuse Implant System and has since expanded into a full sacropelvic portfolio including iFuse 3D, iFuse TORQ (SI joint fusion and pelvic fracture fixation), iFuse TORQ TNT (3D-printed traniliac-transsacral implant for pelvic trauma), the iFuse INTRA family (allograft and titanium intra-articular options), and iFuse Bedrock Granite for spinopelvic fixation, supported by navigation and neuromonitoring accessory sets compatible with Medtronic's StealthStation and O-arm platforms.

The company generates revenue through hardware sales of implants and instruments on a per-procedure basis, distributed via a direct field-sales force calling on orthopedic and spine surgeons, Level 1/2 trauma centers, ambulatory surgery centers, and VA/DoD facilities, complemented by strategic channel partnerships — Smith+Nephew for trauma market access and Spartan Medical as exclusive SDVOSB distributor for government healthcare. It operates U.S. headquarters in Santa Clara, California, a European headquarters in Gallarate (Italy), and country offices in Germany, France, and the UK, with 251–500 employees, 1,650 active physicians, and over 150,000 procedures supported since inception.

Financially, SI-BONE reported $200.9M in FY2025 revenue (20.2% growth), 78–79% gross margins, and a first full year of positive adjusted EBITDA at $8.9M, with FY2026 guidance of $230–233M (14–16% growth). Management cites a $3.5B total addressable market with less than 10% current penetration, supported by regulatory tailwinds including FDA Breakthrough Device Designation and Medicare NTAP eligibility for iFuse TORQ TNT, plus a pending CMS IPPS MS-DRG proposal favorable to iFuse Bedrock Granite procedures.

Name

SI-BONE

Legal name

SI-BONE, Inc.

Website

http://si-bone.com

Company type

Public

Founded year

2008

Operating status

Operating

Headcount range

251–500 employees

Short description

SI-BONE is a publicly traded medical device company that designs and sells minimally invasive triangular titanium implant systems for sacroiliac joint fusion, pelvic trauma, and spinopelvic fixation, serving orthopedic and spine surgeons, trauma centers, ambulatory surgery centers, and VA/DoD facilities worldwide.

Ownership category

akta.pro rank

Product category

Orthopedic Medical Devices

NAICS

Surgical Appliance and Supplies Manufacturing (339113)

SIC

Orthopedic, Prosthetic & Surgical Appliances & Supplies (3842)

akta.pro primary industry

3D-Printed & Patient-Specific Implants (Custom Ortho/Spine/Cranial) (HLAHAEAJ)

akta.pro secondary industry

Orthopedic Trauma & Extremities Fixation (Plates/Screws/Nails/External Fixation) (HLAHAEAB)

Keywords

• Sacroiliac joint fusion
• Minimally invasive surgery
• Orthopedic implant systems
• Pelvic trauma fixation
• Spinopelvic fixation devices

Headquarters

HQ city

San Jose

HQ country

United States

HQ region

North America

Offices6 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Marketing or Sales, Personnel, Operations, Supply Chain

Revenue model

1. Medical Device/Implant Sales: SI-BONE generates revenue primarily through the sale of its iFuse implant systems and related surgical instruments to healthcare providers and hospitals. Revenue is generated on a per-procedure basis as surgeons use the implants during SI joint fusion surgeries. The company also sells assisting technologies including navigation sets and neuromonitoring kits.
2. Product Partnerships and Licensing: Through the Smith+Nephew distribution partnership, SI-BONE receives revenue from the commercialization of the iFuse TORQ portfolio. This represents a channel partnership model where products are distributed through partner commercial platforms, generating revenue through product sales to partner distribution networks.

Go-to-market motion3 records

Distribution channels4 records

Marketing channels7 records

Core offering

SI-BONE designs, manufactures, and commercializes proprietary minimally invasive implant systems for sacroiliac (SI) joint fusion, pelvic trauma fixation, and spinopelvic fixation. Its core iFuse portfolio consists of triangular titanium implants placed across the SI joint to stabilize and fuse it, supplemented by 3D-printed variants, allograft options, navigation instruments, and neuromonitoring kits sold to surgeons, hospitals, ambulatory surgery centers, and government healthcare facilities.

Product overview

SI-BONE is a medical device company offering a comprehensive portfolio of implant systems and surgical tools for sacropelvic procedures. The core product family includes the iFuse Implant System (original triangular titanium implant), iFuse 3D (3D-printed variant), iFuse TORQ (for SI joint fusion and pelvic fractures), iFuse TORQ TNT (traniliac-transsacral 3D printed implant for pelvic trauma), iFuse INTRA/iFuse INTRA Ti/iFuse INTRA X (allograft and titanium intra-articular options), and iFuse Bedrock Granite (for spinopelvic fixation). Supporting products include the iFuse-Navigation Set (compatible with Medtronic StealthStation and O-arm systems) and the iFuse Neuromonitoring Kit. The company operates as a single-product-focused medical device manufacturer rather than a platform-plus-modules architecture.

Differentiator

Problem solved

Functional benefit

Brands

• iFuse Implant System: Minimally invasive sacroiliac joint fusion implant system
• iFuse 3D
• iFuse TORQ
• iFuse TORQ TNT
• iFuse INTRA Ti
• iFuse INTRA
• iFuse INTRA X
• iFuse Bedrock Granite
• SI Buddy Program

Products and services

• iFuse Implant System The original minimally invasive SI joint fusion implant system featuring triangular titanium implants placed across the SI joint to stabilize and fuse it. Implant lengths range from 30mm to 70mm in 5mm increments with 4.0 and 7.0mm diameters. Designed for orthopedic and spine surgeons treating chronic SI joint dysfunction.
• iFuse 3D A 3D-printed version of the iFuse implant offering unique dimensions in SI joint fusion with enhanced surface features for improved bone integration and fixation. Used by orthopedic and spine surgeons for SI joint dysfunction.
• iFuse TORQ

Quantifiable outcome

• 22% increase in U.S. physician adoption in 2025
• +3 more outcomes

Named customers1 record

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Feature8 records

Partnerships

Three partnerships are on record, tiered core and strategic.

• Spartan Medical Inc.coreChannel Partner/ Reseller/ Distributor · 26 February 2026Spartan Medical Inc. and SI-BONE announced a partnership to expand access to advanced ultra-minimally invasive treatment options for sacroiliac joint dysfunction among veterans and wounded warriors at VA and DoD facilities nationwide. Spartan Medical is the exclusive SDVOSB distributor for SI-BONE, providing contract-ready programs, clinical support, and logistics solutions to government healthcare systems. Addresses a significant treatment gap with over 90,000 SI joint dysfunction diagnoses at VA facilities in 2024.
• Smith+NephewcoreChannel Partner/ Reseller/ Distributor · 23 February 2026Smith+Nephew signed a distribution agreement with SI-BONE to commercialize the iFuse TORQ portfolio of pelvic fracture fixation and sacroiliac joint fusion implants. The partnership combines SI-BONE's product innovation with Smith+Nephew's established commercial platform to expand surgeon access and drive growth in the pelvic trauma market. Products include iFuse TORQ TNT and iFuse TORQ implants with FDA Breakthrough Device Designation and Medicare NTAP eligibility of up to $4,136 per procedure.
• MedtronicstrategicTechnology or IntegrationSI-BONE's navigation-compatible instruments (iFuse-Navigation Set) are designed for use with the Medtronic O-arm Imaging System and StealthStation Navigation System. This integration enables surgeons to perform iFuse procedures with enhanced precision using stereotactic navigation technology. The iFuse TORQ and TORQ TNT Navigation instruments are also indicated for use with Medtronic StealthStation System.

Scale indicators12 records

Recent moves6 records

Expansion highlights7 records

Broad incumbents

• Medtronic: Largest spine company globally and SI-BONE's navigation integration partner (StealthStation and O-arm). A broad incumbent in spine surgery whose portfolio and scale make it the most likely large competitor in sacropelvic procedures.
• Stryker: Large diversified orthopedic medical device company with a significant spine and trauma business. Stryker is a potential competitive entrant in sacropelvic fixation and serves many of the same hospital and surgeon customers as SI-BONE.
• Smith+Nephew: Global medical device company with established trauma and extremities franchise and SI-BONE's distribution partner for the iFuse TORQ portfolio. Comparable in trauma call points and a key partner/competitor dynamic in pelvic fracture fixation.
• Zimmer Biomet: Global orthopedic implant leader with a broad portfolio in joint reconstruction, spine, and trauma. Operates in the same call points on orthopedic and trauma surgeons and represents a potential large-scale competitor in pelvic and sacral fixation.

Direct peers

• Orthofix Medical: Orthopedic and spine company with products spanning spinal implants, biologics, and orthopedic trauma. Compares to SI-BONE in its mix of implant-based therapies and focus on niche orthopedic indications.
• NuVasive: Spine surgery specialist focused on minimally invasive procedures and implants, including sacropelvic fixation products. Highly comparable to SI-BONE in customer base (spine surgeons) and focus on procedural innovation.
• Globus Medical: Major spine and orthopedic implant company with a broad portfolio in spinal fusion, trauma, and motion preservation. It is the closest direct competitor to SI-BONE in spine and sacropelvic procedures and provides a useful scale and margin benchmark.
• Alphatec Holdings: Spine-focused company developing surgical solutions for spine disorders, with overlap in surgical approach and surgeon customer profile. A smaller, growth-oriented peer with comparable procedure-volume economics.

Emerging players

• Xtant Medical: Orthopedic and spine company with a focus on biologics and fixation implants. Comparable in the niche orthopedic implant space, though much smaller scale than SI-BONE.
• Surgalign Holdings: Spine and orthopedic technology company focused on minimally invasive solutions and digital surgery. Smaller and earlier-stage peer with overlapping surgeon customer base and procedure focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/user/thesacroiliacjoint
• Facebookfacebook.com/SIBoneInc
• LinkedInlinkedin.com/company/si-bone-inc.
• Instagraminstagram.com/sibone_inc

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries3 records

Funding overview

Funding rounds8 records

Investors8 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about SI-BONE