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0.20x Total Debt / Equity (Conservative)

Low direct sensitivity; SI-BONE carries ~$100M convertible notes at fixed rates, so 20bps shift has minimal P&L impact but affects equity valuation via discount rate

Low intensity; China and India supply >60% of global API inputs, creating concentration risk.

Single-source titanium implant manufacturing in Santa Clara CA; semiconductor-dependent surgical navigation tools sourced via Asia-Pacific channels

International revenue ~10-12% of total; EUR/USD and GBP/USD are primary FX exposures; limited hedging program increases devaluation vulnerability

~88% US revenue, ~12% international (primarily Western Europe); EUR and GBP devaluation risk modest but unhedged; limited EM exposure

Low intensity; commodities: Active Pharmaceutical Ingredients, Rare Earth Elements, Natural Gas (energy), Plastics/Resins, Ethanol, Packaging Materials; geopolitical: China and India supply >60% of global API inputs, creating concentration risk.

High dependency on single contract manufacturer for iFuse implant system; no disclosed alternative qualified supplier, representing non-substitutable single-source risk

Medical device manufacturer; cloud disruption would impair CRM and analytics but not core surgical workflow; 60-90 day recovery feasible with backup systems

Procedure-driven revenue model; cloud termination affects back-office operations minimally; physical implant sales and surgeon training are non-cloud-dependent

Low API coupling risk; SI-BONE operates primarily as a physical device company with standard ERP/CRM integrations; no proprietary API ecosystem dependencies

Not applicable; revenue derives from FDA-regulated Class III medical device sales; no securities, tokens, or investment contract structures in revenue model

Very High

Moderate GDPR exposure from European patient data in clinical registries; CCPA exposure limited; surgical outcome data collection requires careful consent management

Low antitrust risk; SI-BONE holds ~60% of sacroiliac joint fusion market but niche size (~$500M TAM) unlikely to attract DOJ/FTC scrutiny

Very High burden; regimes: FDA, CMS, HHS, HIPAA, EMA, OIG; Drug pricing legislation and approval delays directly compress revenue visibility.

~95% transactional (per-procedure implant sales); ~5% recurring via surgeon training and service agreements; highly transactional with no subscription component

Per-procedure implant kit sales (~$3,000-$5,000 ASP per case); revenue tied directly to surgical volume at ~700 active hospital accounts

Value-based pricing anchored to 5-year cost-effectiveness data vs. conservative care; ASP erosion risk from competitive entry (Globus, Enovis) estimated at 3-5% annually

Moderate; clinical evidence and surgeon training moat support pricing, but increasing competition from Globus Medical limits ability to raise ASPs above inflation

79.6% Gross Margin (Premium (>60%))

No free-rider problem; physical implant consumption is fully monetized per procedure; surgeon adoption is sticky post-training with ~85% repeat usage rate

Headcount-linear growth; doubling revenue requires proportional expansion of direct sales force (~350 reps currently); no meaningful operating leverage at current scale

High marginal cost; each new territory requires dedicated sales rep ($150K+ fully loaded cost) before revenue generation; negative near-term contribution margin per new rep

Not applicable; SI-BONE operates direct sales model with no franchise network

At 10x scale, CAC economics improve modestly via surgeon referral networks; however, OR access costs and clinical education expenses remain high, capping LTV/CAC at ~3-4x

Weak network effects; larger installed base creates peer-referral among surgeons and registry data advantages, but effect is not self-reinforcing at scale

Low AI displacement risk; surgical implant placement requires physical human intervention; AI may enhance pre-op planning but cannot automate core revenue-generating procedure

Moderate recession resistance; sacroiliac joint fusion addresses chronic debilitating pain, providing some procedure urgency, but elective deferral risk exists in severe downturns

Orthopedic and neurosurgeons performing SI joint fusion procedures; ~2,500 trained surgeons in US with concentration risk among top 20% generating ~60% of volume

Hospital systems and ambulatory surgery centers; top 10 health system accounts estimated to represent ~15-20% of revenue, manageable concentration risk

["11-0000 Management Occupations", "13-0000 Business and Financial Operations Occupations", "15-0000 Computer and Mathematical Occupations", "19-0000 Life, Physical, and Social Science Occupations", "21-0000 Community and Social Service Occupations", "23-0000 Legal Occupations", "29-0000 Healthcare Practitioners and Technical Occupations", "31-0000 Healthcare Support Occupations", "41-0000 Sales and Related Occupations", "43-0000 Office and Administrative Support Occupations", "51-0000 Production Occupations"]

0.32 (HIL — ~32% of characteristic roles agent-automatable)

4.2% CapEx / Revenue (Low-CapEx Asset-Light)

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