SIBNSI-BONE, Inc.

Surgical & Medical Instruments & Apparatus

Revenue: $201M; 20% YoY
Operating margin: -11.1%; 47% YoY
EBITDA: −$17M; 46% YoY
Market cap: $949M
Employees: 376; $534K revenue each
Net debt / EBITDA: —; $3M net debt
AI in 10-K: 4.5; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 2 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$7M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
13% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
-6% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
88% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$534K · 76th pct
Bottom quartile of its SIC industry
Quiet on AINo
4.5 per 10K words · 81st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$949M market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$12M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$90M	$106M	$139M	$167M	$201M	20%
Operating income	−$52M	−$60M	−$47M	−$35M	−$22M	37%
Net income	−$57M	−$61M	−$43M	−$31M	−$19M	39%
Operating cash flow	−$40M	−$42M	−$19M	−$12M	−$675K	95%
Capex	$6M	$10M	$8M	$10M	$8M	20%
Stock-based comp	$17M	$23M	$24M	$26M	$26M	1.3%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $12M · 106
Net: −$12M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$7M	$10M	66	123
FY2024	—	—	47	114
FY2023	—	—	70	105
FY2022	—	—	45	101
FY2021	—	—	74	125