Financials · SI
For the twelve months ended Sep 30, 2026, Shoulder Innovations Inc. reported $64.49M of revenue and -$33.35M of net income.
SI revenue was $16.19M in fiscal Q3 2026 (ended Sep 30, 2026), up 37.7% from a year earlier and down 5.7% from the prior quarter. For the full fiscal 2025 it was $47.32M, up 49.6% from fiscal 2024.
SI net income was -$7.05M in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$8.73M a year earlier. For the full fiscal 2025 it was -$40.36M, compared with -$15.62M in fiscal 2024.
SI diluted EPS was -$0.34 in fiscal Q3 2026 (ended Sep 30, 2026). For the full fiscal 2025 it was -$4.65.
SI free cash flow was -$6.98M in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$11.37M a year earlier. For the full fiscal 2025 it was -$36.02M, compared with -$18.16M in fiscal 2024.
| Line item | Dec 31, 2025 | Dec 31, 2024 |
|---|---|---|
| Revenue | $47.32M | $31.62M |
| Cost of revenue | $11.12M | $7.28M |
| Gross profit | $36.20M | $24.34M |
| Research and development | $7.73M | $4.49M |
| Selling, general and admin | $54.77M | $34.51M |
| Operating income | -$26.30M | -$14.65M |
| Interest expense | $70.0K | $1.32M |
| Pre-tax income | -$40.36M | -$15.62M |
| Income tax | $0 | $0 |
| Net income | -$40.36M | -$15.62M |
| EPS, basic | -$4.65 | -$242.04 |
| EPS, diluted | -$4.65 | -$242.04 |
| Diluted shares | 8.7M | 64,530 |
| Line item | Dec 31, 2025 | Dec 31, 2024 |
|---|---|---|
| Cash and equivalents | $26.87M | $6.12M |
| Receivables | $8.27M | $5.12M |
| Inventory | $21.59M | $13.96M |
| Current assets | $157.16M | $35.13M |
| Total assets | $169.91M | $43.08M |
| Current liabilities | $14.20M | $7.65M |
| Long-term debt | $14.91M | $14.66M |
| Total debt | $14.91M | $14.66M |
| Total liabilities | $29.16M | $23.30M |
| Shareholders' equity | $140.75M | -$54.70M |
| Line item | Dec 31, 2025 | Dec 31, 2024 |
|---|---|---|
| Operating cash flow | -$28.61M | -$14.14M |
| Capital expenditures | $7.41M | $4.01M |
| Free cash flow | -$36.02M | -$18.16M |
| Investing cash flow | -$95.60M | $13.96M |
| Financing cash flow | $144.96M | $66.0K |
| Stock-based compensation | $996.0K | $754.0K |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $16.19M | $17.18M | $16.71M | $14.42M | $11.76M | $11.01M | $10.13M | $8.72M | $7.45M | $8.26M | $7.18M |
| Cost of revenue | $3.49M | $3.73M | $3.72M | $3.36M | $2.79M | $2.62M | $2.34M | $1.96M | $1.75M | $1.91M | $1.67M |
| Gross profit | $12.71M | $13.44M | $12.99M | $11.06M | $8.96M | $8.39M | $7.79M | $6.77M | $5.70M | $6.35M | $5.52M |
| Research and development | $3.17M | $3.39M | $3.75M | $3.22M | $1.52M | $1.41M | $1.58M | $1.17M | $1.09M | $1.16M | $1.07M |
| Selling, general and admin | $17.14M | $20.09M | $18.21M | $16.34M | $15.08M | $12.85M | $10.50M | $9.14M | $8.49M | $9.17M | $7.70M |
| Operating income | -$7.60M | -$10.04M | -$8.98M | -$8.50M | -$7.64M | -$5.86M | -$4.29M | -$3.54M | -$3.88M | -$3.98M | -$3.26M |
| Interest expense | -$574.0K | -$673.0K | -$436.0K | -$591.0K | $78.0K | $216.0K | $367.0K | $391.0K | $316.0K | $292.0K | $317.0K |
| Pre-tax income | -$7.05M | -$10.15M | -$8.38M | -$7.77M | -$8.73M | -$19.20M | -$4.66M | -$3.79M | -$4.05M | -$4.17M | -$3.60M |
| Income tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net income | -$7.05M | -$10.15M | -$8.38M | -$7.77M | -$8.73M | -$19.20M | -$4.66M | -$3.79M | -$4.05M | -$4.17M | -$3.60M |
| EPS, basic | -$0.34 | -$0.49 | -$0.41 | - | -$0.64 | -$165.53 | -$52.13 | - | -$68.31 | -$72.74 | - |
| EPS, diluted | -$0.34 | -$0.49 | -$0.41 | - | -$0.64 | -$165.53 | -$52.13 | - | -$68.31 | -$72.74 | - |
| Diluted shares | 20.8M | 20.7M | 20.7M | - | 13.6M | 115,965 | 89,438 | - | 59,372 | 57,354 | - |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $36.42M | $24.46M | $11.49M | $26.87M | $54.93M | $27.05M | $6.37M | $6.12M | $5.75M | $5.67M | - |
| Receivables | $9.29M | $10.87M | $10.55M | $8.27M | $7.08M | $6.89M | - | $5.12M | - | - | - |
| Inventory | $24.38M | $22.92M | $21.83M | $21.59M | $19.36M | $17.08M | - | $13.96M | - | - | - |
| Current assets | $131.08M | $137.41M | $145.78M | $157.16M | $166.61M | $68.91M | - | $35.13M | - | - | - |
| Total assets | $145.57M | $152.01M | $160.36M | $169.91M | $177.76M | $77.83M | - | $43.08M | - | - | - |
| Current liabilities | $12.28M | $12.83M | $12.34M | $14.20M | $15.02M | $12.49M | - | $7.65M | - | - | - |
| Long-term debt | $14.85M | $14.81M | $14.96M | $14.91M | $14.85M | $14.78M | - | $14.66M | - | - | - |
| Total debt | $14.85M | $14.81M | $14.96M | $14.91M | $14.85M | $14.78M | - | $14.66M | - | - | - |
| Total liabilities | $27.15M | $27.68M | $27.34M | $29.16M | $29.93M | $29.33M | - | $23.30M | - | - | - |
| Shareholders' equity | $118.43M | $124.33M | $133.02M | $140.75M | $147.83M | -$78.20M | -$59.31M | -$54.70M | -$50.88M | -$47.19M | -$43.13M |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$6.39M | -$7.39M | -$12.36M | -$8.78M | -$8.55M | -$4.80M | -$6.48M | -$3.27M | -$4.89M | - | - |
| Capital expenditures | $586.0K | $2.16M | $2.73M | $2.28M | $2.81M | $1.47M | $843.0K | $1.04M | $887.0K | - | - |
| Free cash flow | -$6.98M | -$9.55M | -$15.09M | -$11.06M | -$11.37M | -$6.26M | -$7.32M | -$4.32M | -$5.78M | - | - |
| Investing cash flow | $18.13M | $20.44M | -$3.12M | -$17.28M | -$72.44M | $7.19M | -$13.07M | $3.65M | $4.90M | - | - |
| Financing cash flow | $215.0K | -$84.0K | $101.0K | -$2.00M | $108.87M | $18.29M | $19.79M | $0 | $66.0K | - | - |
| Stock-based compensation | $1.02M | $1.08M | $726.0K | $381.0K | $298.0K | $190.0K | $127.0K | $179.0K | $237.0K | - | - |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | 37.7% | 56.0% | 64.9% | 65.2% | 57.7% | 33.3% | 41.0% | - | - | - | - |
| Gross margin | 78.5% | 78.3% | 77.7% | 76.7% | 76.2% | 76.2% | 76.9% | 77.6% | 76.5% | 76.9% | 76.8% |
| Operating margin | -46.9% | -58.4% | -53.7% | -59.0% | -65.0% | -53.2% | -42.4% | -40.5% | -52.1% | -48.2% | -45.3% |
| Net margin | -43.5% | -59.1% | -50.1% | -53.9% | -74.3% | -174.3% | -46.0% | -43.5% | -54.4% | -50.5% | -50.1% |
| Free cash flow margin | -43.1% | -55.6% | -90.3% | -76.8% | -96.7% | -56.9% | -72.2% | -49.5% | -77.5% | - | - |
| Current ratio | 10.68 | 10.71 | 11.81 | 11.07 | 11.09 | 5.52 | - | 4.59 | - | - | - |
| Debt to equity | 0.13 | 0.12 | 0.11 | 0.11 | 0.10 | - | - | - | - | - | - |
Source: XBRL data Shoulder Innovations Inc. files with the SEC, latest filing dated Nov 5, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.
* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.
Per-share figures are as filed. The filings show no stock split in these periods.
EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.
| Company | Revenue | Growth | Net income | Net margin | Market cap |
|---|---|---|---|---|---|
| SI | $64.49M | +54.9% | -$33.35M | -51.7% | $458.8M |
| SYK | $26.30B | +7.9% | $3.62B | 13.8% | $123.45B |
| MMM | $25.25B | +1.7% | $3.54B | 14.0% | $97.85B |
| BSX | $21.07B | +8.9% | $3.50B | 16.6% | $64.78B |
| BDX | $23.25B | +17.4% | $941.00M | 4.0% | $57.91B |
| MDLN | $30.68B | - | $683.00M | 2.2% | $53.81B |
| RMD | $5.73B | +9.0% | $1.59B | 27.8% | $32.93B |
| DXCM | $5.10B | +13.0% | $991.00M | 19.4% | $29.81B |
| WST | $3.40B | +12.6% | $638.90M | 18.8% | $28.74B |