Shoulder Innovations, Inc. (SI) Financial Statements
Industry: Surgical & Medical Instruments & Apparatus
In fiscal 2025, Shoulder Innovations reported revenue of $47.3M. Net income was -$40.4M (a -85.3% net margin), or -$4.65 per diluted share. Gross margin was 76.5% and operating margin was -55.6%. Operating activities generated -$28.6M of cash, leaving -$36.0M of free cash flow. At fiscal year end, Shoulder Innovations held $169.9M in total assets against $29.2M in total liabilities, including $26.9M of cash and equivalents.
Open the full interactive Shoulder Innovations financials → Quarterly statements, key ratios, valuation history and price charts.
Shoulder Innovations Key Stats
| Share Price | $18.07 |
|---|---|
| Market Cap | $374.7M |
| 52-Week Range | $11.01 – $24.25 |
| Shares Outstanding | 20.7 million (basic, 2026 Q2) |
Shoulder Innovations Income Statement
| FY 2025 | |
|---|---|
| Revenue | $47.3M |
| Cost of Goods Sold | $11.1M |
| Gross Profit | $36.2M |
| Operating Income | -$26.3M |
| Pre-Tax Income | -$40.4M |
| Income Tax | $0 |
| Net Income | -$40.4M |
| Diluted EPS | -$4.65 |
Shoulder Innovations Quarterly Results
| 2025 Q2 | 2025 Q3 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $11.0M | $11.8M | $16.7M | $17.2M |
| Net Income | -$19.2M | -$8.7M | -$8.4M | -$10.2M |
| Diluted EPS | -$165.53 | -$0.64 | -$0.41 | -$0.49 |
Shoulder Innovations Balance Sheet
| FY 2025 | |
|---|---|
| Cash & Equivalents | $26.9M |
| Current Assets | $157.2M |
| Total Assets | $169.9M |
| Current Liabilities | $14.2M |
| Total Long-Term Debt | $14.9M |
| Total Liabilities | $29.2M |
| Shareholders' Equity | $140.8M |
Shoulder Innovations Cash Flow Statement
| FY 2025 | |
|---|---|
| Cash From Operations | -$28.6M |
| Cash From Investing | -$95.6M |
| Cash From Financing | $145.0M |
| Free Cash Flow | -$36.0M |
Figures from Shoulder Innovations' 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Shoulder Innovations financials page for every line item.
Shoulder Innovations Company Profile
| Ticker | SI |
|---|---|
| Exchange | NYSE |
| Industry | Surgical & Medical Instruments & Apparatus |
| Headquarters | Grand Rapids, Michigan |
| Incorporated in | Delaware |
| Fiscal Year End | December 31 |
| SEC Filer Category | Emerging growth company |
| SEC CIK | 0001699350 |
Frequently Asked Questions
What was Shoulder Innovations' revenue in fiscal 2025?
Shoulder Innovations (SI) reported revenue of $47.3M for fiscal 2025.
What was Shoulder Innovations' net income in fiscal 2025?
Shoulder Innovations reported net income of -$40.4M for fiscal 2025.
What was Shoulder Innovations' earnings per share (EPS) in fiscal 2025?
Shoulder Innovations' diluted EPS was -$4.65 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Shoulder Innovations generate in fiscal 2025?
Shoulder Innovations generated -$36.0M of free cash flow in fiscal 2025.
What was Shoulder Innovations' revenue last quarter?
In its most recent reported quarter (2026 Q2), Shoulder Innovations reported revenue of $17.2M.
How much debt does Shoulder Innovations have?
Shoulder Innovations reported $14.9M of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Shoulder Innovations are outstanding?
Shoulder Innovations reported a weighted average of 20.7 million basic shares outstanding in 2026 Q2.
What is Shoulder Innovations' market cap?
Based on its latest closing price, Shoulder Innovations (SI) has a market capitalization of about $374.7M.
When does Shoulder Innovations' fiscal year end?
Shoulder Innovations' fiscal year end, as registered with the SEC, is December 31.
Where is Shoulder Innovations headquartered?
Shoulder Innovations lists its business address in Grand Rapids, Michigan in its SEC filings.