TD Cowen initiated coverage of SI-BONE Inc. (NASDAQ:SIBN) with a Buy rating and set a $21.00 price target on Monday. That target is noted as below an analyst high target of $32, according to InvestingPro data.
Investment thesis and balance sheet
In its initiation, TD Cowen described SI-BONE as a "unique musculoskeletal asset" because the company concentrates exclusively on sacropelvic anatomy rather than the broader spine market. The analyst team emphasized the firm’s capital-light business model relative to traditional spine peers, a point tied to the company’s balance sheet strength. InvestingPro data cited in the note shows SI-BONE holds more cash than debt and posts a current ratio of 7.97, signaling significant short-term liquidity.
Growth, margins and profitability trajectory
TD Cowen highlighted consistent top-line expansion for SI-BONE, noting a five-year compound annual growth rate of 20 percent. Recent momentum, the firm said, has been even stronger: revenue growth accelerated to 23.27 percent over the last twelve months, and gross profit margin remains robust at 79.62 percent. The research house pointed to multiple catalysts that it expects will sustain growth and steer the company closer to profitability.
TD Cowen analyst Matthew Blackman expressed confidence that SI-BONE is "positioned to exceed Street estimates" given the combination of its niche focus, balance sheet position, and recent revenue and margin performance.
Recent company results and other analyst moves
SI-BONE reported preliminary fourth-quarter 2025 revenue in a range between $56.2 million and $56.3 million, which represents a 15 percent increase from the prior year. U.S. revenue for that quarter was disclosed between $53.3 million and $53.4 million, up 14 percent year-over-year, and the company expanded its U.S. physician base by 18 percent in the period.
For the third quarter of 2025, SI-BONE posted an EPS of -$0.11, ahead of a forecast of -$0.17, and reported revenue of $48.7 million, which exceeded both Cantor Fitzgerald’s estimate and the FactSet consensus. Those results prompted several broker actions. Needham raised its price target to $27.00 and named SI-BONE a top pick for 2026 while maintaining a Buy rating. Cantor Fitzgerald reiterated an Overweight rating with a $25.00 price target following the third-quarter performance. Additionally, Needham reiterated a Buy rating with a $24.00 price target after the same quarter exceeded consensus estimates.
Analytical perspective
The note from TD Cowen places emphasis on unit economics and balance sheet flexibility as central components of its constructive view. The combination of a high gross margin and accelerating revenue growth underpins the firm’s argument that SI-BONE can make progress toward profitability while leveraging a capital-light model to manage costs relative to capital-intensive spine competitors.
Conclusion
TD Cowen’s initiation adds to a cluster of recent analyst engagements following SI-BONE’s quarterly results, with multiple firms adjusting targets and ratings. The research house points to continued growth drivers and improved unit economics as the basis for a Buy rating and a $21.00 target, while other brokers have issued higher targets in response to recent results.
Note: This article reports analyst action, company preliminary results and broker target updates as described above.