Si-bone, Inc.

Medical Devices • Healthcare • Santa Clara, CA, United States • SIBN (NGM)

408 207 0700 471 El Camino Real, Santa Clara, CA 95050, United States

Quarter: Q3 2025 Reported: August 4, 2025 Sentiment: Neutral

SI-BONE, Inc., a medical device company, focuses on solving musculoskeletal disorders of the sacropelvic anatomy in the United States and internationally. The company offers proprietary minimally invasive surgical implant systems to address sacroiliac joint dysfunction and degeneration, adult deformity and degeneration, and pelvic trauma, as well as implantable bone products. It also provides iFuse-3D, a titanium implant that combines the triangular cross-section of the iFuse implant with a proprietary 3D-printed porous surface and fenestrated design; iFuse TORQ, a line of 3D-printed threaded implants designed for applications in pelvic trauma and sacroliliac fusion; and iFuse Bedrock Granite Implant System that provides sacroiliac fusion and sacropelvic fixation as a foundational element for segmental spinal fusion; and iFuse TORQ TNT to treat pelvic trauma and sacroiliac joint dysfunction, as well as iFuse INTRA implants that are marketed as human cells, tissues, and cellular or tissue-based products. The company markets its products primarily with a direct sales force, as well as through third-party sales agent and resellers. SI-BONE, Inc. was incorporated in 2008 and is headquartered in Santa Clara, California.

Analysis Summary

### Leadership Transition and Succession Planning
SI-BONE, Inc. has announced a planned leadership transition within its commercial operations. Anthony Recupero, the President of Commercial Operations, will retire from his executive role on February 15, 2026. To ensure business continuity and an orderly transfer of responsibilities, Mr. Recupero will immediately transition into a 12-month advisory role, effective February 16, 2026. The company has appointed Nikolas Kerr, currently the Senior Vice President of Product, Marketing and Business Development, as the new Chief Commercial Officer, effective February 16, 2026. This proactive succession planning aims to maintain stability in commercial strategy and execution by promoting an internal candidate familiar with the company's operations.

### Detailed Financial Performance Breakdown
This transcript excerpt from a Form 8-K filing does not contain any financial performance data, including revenue, earnings, or growth rates for Q3 2025 or any other period.

### Strategic Initiatives and Business Segment Analysis
The primary strategic initiative highlighted is the structured leadership succession plan for the commercial operations. This ensures continuity in sales and marketing strategies, which are critical for business segment performance. The appointment of an internal candidate, Mr. Kerr, suggests a continuation of existing strategic directions with potentially fresh perspectives from his prior roles in product, marketing, and business development.

### Management Commentary and Forward Guidance
While this specific announcement did not include explicit financial forward guidance, management's commentary emphasizes an amicable and planned transition. The company explicitly stated that Mr. Recupero's retirement was not due to any disagreement, indicating a well-managed internal process. The establishment of a 12-month advisory role for Mr. Recupero further underscores management's commitment to a seamless handover and minimizing disruption. No financial guidance for the next quarter or full year was provided.

### Compensation Arrangements for Transition
Details of Mr. Recupero's retirement and consulting agreements were outlined. He will continue to receive his current base salary and standard benefits until the Separation Date (February 15, 2026). During his subsequent 12-month consulting term, he will receive $12,500 in monthly cash compensation. Importantly, his outstanding equity awards will continue to vest according to their existing schedules during both his remaining employment and the entire consulting term. The agreements also include provisions for accelerated vesting under specific conditions, such as termination by the Company without cause or by Mr. Recupero for good reason upon or following a change in control, further incentivizing a smooth and cooperative transition.

### Competitive Positioning and Market Trends
This excerpt from the Form 8-K filing focuses solely on executive leadership changes and does not contain information related to SI-BONE's competitive positioning, market trends, or broader business segment analysis.

### Risk Factors and Concerns Raised
The primary risk associated with any senior leadership change is potential for minor operational adjustments or strategic shifts during the transition period. However, SI-BONE has actively mitigated this by structuring a 12-month advisory role for Mr. Recupero and appointing an internal successor, Nikolas Kerr, who is already familiar with the company's products, marketing, and business development. The explicit statement that the retirement was not due to disagreement further reduces the perceived risk of internal turmoil or strategic misalignment.

### Analyst Q&A Highlights
This document is an excerpt from a Form 8-K and does not include an analyst Q&A section.

Key Highlights

• Anthony Recupero, President of Commercial Operations, will retire effective February 15, 2026.
• Mr. Recupero will transition to a 12-month advisory role starting February 16, 2026, to ensure an orderly handover.
• Nikolas Kerr, currently SVP of Product, Marketing and Business Development, has been appointed as the new Chief Commercial Officer.
• Mr. Kerr's appointment as Chief Commercial Officer is effective February 16, 2026.
• The retirement is amicable and not the result of any disagreement with the Company.
• A structured consulting agreement details compensation and continued equity vesting during the transition period.

Financial Metrics

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YoY: N/A

revenue

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guidance

net income

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Stock Performance (90 Days)

Data through Dec 29, 2025

Layoff Events

Earnings Calls

Positive Signals

• Planned and orderly leadership transition with a clear succession plan.
• Appointment of an internal successor (Nikolas Kerr) ensures familiarity with company operations.
• Retiring executive (Anthony Recupero) will serve in a 12-month advisory role to facilitate a smooth handover.
• Explicit statement that the retirement was not due to any disagreement.
• Detailed consulting agreement outlines clear terms for compensation and equity vesting during the transition.

Risks & Concerns

— Potential for minor operational adjustments during the transition period.
— Uncertainty regarding the long-term strategic evolution under new commercial leadership, despite internal promotion.