SI-BONE, Inc. (NASDAQ: SIBN)

Sector: Healthcare Industry: Medical Devices CIK: 0001459839
Market Cap 650.52 Mn
P/B 3.78
P/E -29.90
P/S 3.36
ROIC (Qtr) -12.19
Div Yield % 0.00
Rev 1y % (Qtr) 20.61
Total Debt (Qtr) 36.84 Mn
Debt/Equity (Qtr) 0.21
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About

SI-BONE, Inc. (SIBN) operates in the medical device industry, specializing in the development and commercialization of proprietary minimally invasive surgical implant systems. The company's primary focus is on the treatment of sacroiliac joint dysfunction and other conditions, such as adult spinal deformity and pelvic fractures. SI-BONE generates revenue through the sale of its implantable devices, including titanium implants and instruments used to implant them. The company's primary products include the iFuse, iFuse-3D, iFuse-TORQ, and iFuse...

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Investment thesis

Bull case

  • Healthy cash reserves of 26.49M provide 23.42x coverage of short-term debt 1.13M, demonstrating strong liquidity position and minimal refinancing risk.
  • Strong tangible asset base of 234.27M provides 6.36x coverage of total debt 36.84M, indicating robust asset backing and low credit risk.
  • Short-term investments of 119.26M provide solid 6.78x coverage of other current liabilities 17.59M, indicating strong liquidity.
  • Tangible assets of 234.27M provide robust 13.32x coverage of other current liabilities 17.59M, indicating strong asset backing.
  • Strong cash position of 26.49M provides 1.51x coverage of other current liabilities 17.59M, indicating excellent liquidity.

Bear case

  • Operating cash flow of (1.23M) barely covers its investment activities of (4.53M), with a coverage ratio of 0.27, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
  • Investment activities of (4.53M) provide weak support for R&D spending of 16.95M, which is -0.27x, suggesting potentially insufficient investment in innovation relative to other capital deployment.
  • Short-term investments of 119.26M significantly exceed cash reserves of 26.49M, which is 4.50x, indicating potentially excessive yield-seeking behavior at the expense of liquidity.
  • The company's operating cash flow of (1.23M) shows concerning coverage of stock compensation expenses of 25.68M, with a -0.05 ratio indicating potential earnings quality issues.
  • Free cash flow of (10.62M) provides weak coverage of capital expenditures of 9.39M, with a -1.13 ratio suggesting additional external financing needs for growth initiatives.

Peer comparison

Companies in the Medical Devices
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 ABT Abbott Laboratories 173.80 Bn 32.73 5.47 12.94 Bn
2 SYK Stryker Corp 141.15 Bn 43.48 5.62 15.86 Bn
3 MDT Medtronic plc 123.47 Bn 25.92 3.55 29.10 Bn
4 BSX Boston Scientific Corp 112.80 Bn 38.92 5.62 11.44 Bn
5 EW Edwards Lifesciences Corp 45.66 Bn 33.38 7.76 0.70 Bn
6 DXCM Dexcom Inc 27.52 Bn 32.91 5.90 1.34 Bn
7 STE STERIS plc 24.13 Bn 34.08 4.14 2.05 Bn
8 PODD Insulet Corp 17.33 Bn 70.38 6.87 1.01 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 2.79 2.13
EV to Cash from Ops. EV/CFO -533.31 2.75
EV to Debt EV to Debt 17.74 17.25
EV to EBIT EV/EBIT -34.45 2.89
EV to EBITDA EV/EBITDA -32.64 4.53
EV to Free Cash Flow [EV/FCF] EV/FCF -61.53 29.36
EV to Market Cap EV to Market Cap 1.00 25.09
EV to Revenue EV/Rev 3.37 32.80
Price to Book Value [P/B] P/B 3.78 4.73
Price to Earnings [P/E] P/E -29.90 -2.04
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Dividend Coverage Ratio 0.00 40.22
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 1.59
Dividend per Basic Share Div per Share (Qtr) 0.00 0.10
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 -0.37
Interest Coverage Int. cover (Qtr) -6.79 196.93
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) -0.73 -152.08
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) -12.37 8,476.58
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 -0.44
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 44.00 -792.16
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 46.65 3.79
EBIT Growth (1y) % EBIT 1y % (Qtr) 44.00 -301.80
EBT Growth (1y) % EBT 1y % (Qtr) 41.83 -121.44
EPS Growth (1y) % EPS 1y % (Qtr) 44.57 -87.51
FCF Growth (1y) % FCF 1y % (Qtr) 57.91 10.43
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 26.31 38.21
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.83 0.55
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.02
Cash Ratio Cash Ratio (Qtr) 1.00 1.80
Current Ratio Curr Ratio (Qtr) 7.97 4.18
Debt to Equity Ratio Debt/Equity (Qtr) 0.21 1.20
Interest Cover Ratio Int Coverage (Qtr) -6.79 196.93
Times Interest Earned Times Interest Earned (Qtr) -6.79 196.93
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) -7.00 -2,396.63
EBIT Margin % EBIT Margin % (Qtr) -9.80 -2,478.60
EBT Margin % EBT Margin % (Qtr) -11.24 -2,690.42
Gross Margin % Gross Margin % (Qtr) 79.60 30.80
Net Profit Margin % Net Margin % (Qtr) -11.20 -2,821.53