An ortho friend asked me this interesting financial question and there is a simple answer.
This is a classic case study in why the "Top Line" (revenue) rarely tells the whole story. As of March 2026, SI-BONE (SIBN) and Treace Medical Concepts (TMCI) both hover around the $200M–$213M annual revenue mark, yet their valuations have diverged into two completely different worlds.
While SI-BONE has maintained a market cap in the $600M–$660M range, Treace has plummeted to a valuation of approximately $80M–$110M.
The Tale of Two Tickers (FY 2025/2026)
Metric
SI-BONE (SIBN)
Treace Medical (TMCI)
2025 Revenue
~$201 Million (+20% Growth)
~$213 Million (+2% Growth)
2026 Guidance
$228M – $233M (Expanding)
$200M – $212M (Shrinking/Flat)
Adj. EBITDA
Positive ($8.9M in 2025)
Negative (-$4M to -$6M projected)
Market Cap
~$665 Million
~$100 Million
P/S Multiple
~3.3x
~0.5x
Why the 6X Valuation Gap?
The market isn't rewarding them for what they did yesterday; it’s pricing in where they’ll be in 2027. Here are the four primary reasons for the massive disparity:
1. Growth Trajectory vs. Revenue Stall
The most brutal factor is the delta in growth. SI-BONE grew 20% in 2025 and is gu...
