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Shoulder Innovations, Inc.

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Key Metrics

Previous Close: $23.26
52-Week Range: $10.92 – $24.60
Market Cap: $460.10M
P/E (TTM): —
EPS (TTM): —
Dividend Yield: —

Advanced Metrics

Price/Book: —
PEG Ratio: —
Return on Equity: —
Return on Assets: —
Gross Margin: —
Operating Margin: —
Profit Margin: —
Current Ratio: —
Debt/Equity: —
Total Debt: —
Free Cash Flow: —
Revenue Growth: —
Earnings Growth: —
Enterprise Value: —

SI Income statement, annual periods, in USD
USD	FY2023	FY2024	FY2025
Revenue	$19.27M	$31.62M	$47.32M
Cost of Revenue	$4.00M	$7.28M	$11.12M
Gross Profit	$15.27M	$24.34M	$36.20M
Research & Development	$3.02M	$4.49M	$7.73M
Selling, General & Admin	$23.11M	$34.51M	$54.77M
Operating Expenses	$26.13M	$38.99M	$62.50M
Operating Income	-$10.86M	-$14.65M	-$26.30M
EBITDA	-$10.25M	-$12.11M	-$37.08M
Pretax Income	-$12.65M	-$15.62M	-$40.36M
Income Tax	$0.00	$0.00	$0.00
Net Income	-$12.65M	-$15.62M	-$40.36M
Diluted EPS	-0.63	-0.77	-4.65
Diluted Shares	20.23M	20.23M	8.67M

SI Balance Sheet statement, annual periods, in USD
USD	FY2023	FY2024	FY2025
Cash & Equivalents	$6.24M	$6.12M	$26.87M
Receivables	$4.69M	$5.12M	$8.27M
Inventory	$9.92M	$13.96M	$21.59M
Current Assets	$47.85M	$35.13M	$157.16M
Total Assets	$54.29M	$43.08M	$169.91M
Current Liabilities	$4.28M	$7.65M	$14.20M
Long-Term Debt	$14.35M	$14.66M	$14.91M
Total Debt	$14.46M	$14.73M	$15.02M
Total Liabilities	$94.03M	$97.78M	$29.16M
Retained Earnings	-$41.42M	-$57.04M	-$97.40M
Shareholders' Equity	-$39.74M	-$54.70M	$140.75M
Working Capital	$43.56M	$27.48M	$142.97M
Net Debt	$8.12M	$8.54M	—

SI Cash Flow statement, annual periods, in USD
USD	FY2023	FY2024	FY2025
Operating Cash Flow	-$13.14M	-$14.14M	-$28.61M
Capital Expenditure	-$2.75M	-$4.01M	-$7.41M
Free Cash Flow	-$15.89M	-$18.16M	-$36.02M
Depreciation & Amortisation	$1.64M	$2.20M	$3.21M
Stock-Based Compensation	$451.00K	$754.00K	$996.00K
Investing Cash Flow	-$28.97M	$13.96M	-$95.60M
Financing Cash Flow	$44.73M	$66.00K	$144.96M
Net Change in Cash	$2.61M	-$113.00K	$20.75M

SI Income statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Revenue	$10.13M	$11.01M	$11.76M	$14.42M	$16.71M
Cost of Revenue	$2.34M	$2.62M	$2.79M	$3.36M	$3.72M
Gross Profit	$7.79M	$8.39M	$8.96M	$11.06M	$12.99M
Research & Development	$1.58M	$1.41M	$1.52M	$3.22M	$3.75M
Selling, General & Admin	$10.50M	$12.85M	$15.08M	$16.34M	$18.21M
Operating Expenses	$12.09M	$14.26M	$16.60M	$19.56M	$21.96M
Operating Income	-$4.29M	-$5.86M	-$7.64M	-$8.50M	-$8.98M
EBITDA	-$3.63M	-$18.26M	-$7.81M	-$7.38M	-$7.84M
Pretax Income	-$4.66M	-$19.20M	-$8.73M	-$7.77M	-$8.38M
Income Tax	$0.00	$0.00	$0.00	$0.00	$0.00
Net Income	-$4.66M	-$19.20M	-$8.73M	-$7.77M	-$8.38M
Diluted EPS	-0.23	-0.95	-0.64	-0.38	-0.41
Diluted Shares	20.23M	20.23M	13.60M	20.60M	20.65M

SI Balance Sheet statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Cash & Equivalents	$6.37M	$27.05M	$54.93M	$26.87M	$11.49M
Receivables	$6.58M	$6.89M	$7.08M	$8.27M	$10.55M
Inventory	$13.10M	$17.08M	$19.36M	$21.59M	$21.83M
Current Assets	$49.61M	$68.91M	$166.61M	$157.16M	$145.78M
Total Assets	$57.52M	$77.83M	$177.76M	$169.91M	$160.36M
Current Liabilities	$6.99M	$12.49M	$15.02M	$14.20M	$12.34M
Long-Term Debt	$14.72M	$14.78M	$14.85M	$14.91M	$14.96M
Total Debt	$14.77M	$14.87M	$14.92M	$15.02M	$15.01M
Total Liabilities	$116.84M	$156.03M	$29.93M	$29.16M	$27.34M
Retained Earnings	-$61.70M	-$80.90M	-$89.63M	-$97.40M	-$105.78M
Shareholders' Equity	-$59.31M	-$78.20M	$147.83M	$140.75M	$133.02M
Working Capital	$42.62M	$56.42M	$151.59M	$142.97M	$133.44M
Net Debt	$8.35M	—	—	—	$3.47M

SI Cash Flow statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Operating Cash Flow	-$6.48M	-$4.80M	-$8.55M	-$8.78M	-$12.36M
Capital Expenditure	-$843.00K	-$1.47M	-$2.81M	-$2.28M	-$2.73M
Free Cash Flow	-$7.32M	-$6.26M	-$11.37M	-$11.06M	-$15.09M
Depreciation & Amortisation	$668.00K	$717.00K	$843.00K	$980.00K	$1.13M
Stock-Based Compensation	$127.00K	$190.00K	$298.00K	$381.00K	$726.00K
Investing Cash Flow	-$13.07M	$7.19M	-$72.44M	-$17.28M	-$3.12M
Financing Cash Flow	$19.79M	$18.29M	$108.87M	-$2.00M	$101.00K
Net Change in Cash	$247.00K	$20.68M	$27.88M	-$28.06M	-$15.38M

Market Snapshot

About

Shoulder Innovations is a medical device company focused on developing and commercializing innovative solutions for shoulder surgery. The company designs implants and instruments used in shoulder replacement and repair procedures. Shoulder Innovations targets the orthopedic surgical market with specialized products.