Shoulder Innovations, Inc.
SI NYSE Surgical & Medical Instruments & Apparatus Financials FY2024–FY2025
Revenue
Total sales reported in the income statement.
$47.3M
49.6%
vs prior year
Operating margin
Operating income as a share of revenue.
−55.6%
9.2 pts
Net income
Profit after all expenses, interest and tax.
−$40.4M
Free cash flow
Cash from operations minus capital spending.
−$36.0M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−66.3%
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On $212.11 EPS (TTM)
What Shoulder Innovations, Inc. does
No business description yet.
- Legal name
- SHOULDER INNOVATIONS, INC.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 10, 2026
- Accession · CIK
- 0001699350-26-000011
0001699350
Revenue and margins
Shoulder Innovations, Inc. had $47.3M of revenue in fiscal 2025, up 49.6% on the year before.
FY24
Revenue $31.6M
FY25
Revenue $47.3M
Q1 '24
Revenue —
Q2 '24
Revenue $8.3M
Q3 '24
Revenue $7.5M
Q4 '24
Revenue $8.7M
Q1 '25
Revenue $10.1M
Q2 '25
Revenue $11.0M
Q3 '25
Revenue $11.8M
Q4 '25
Revenue $14.4M
Q1 '26
Revenue $16.7M
Q2 '26
Revenue $17.2M
FY24
Gross 77.0%
Operating −46.3%
Net −49.4%
FCF −57.4%
FY25
Gross 76.5%
Operating −55.6%
Net −85.3%
FCF −76.1%
Gross
Operating
Net
FCF
Q1 '24
Gross —
Operating —
Net —
FCF —
Q2 '24
Gross 76.9%
Operating −48.2%
Net −50.5%
FCF —
Q3 '24
Gross 76.5%
Operating −52.1%
Net −54.4%
FCF −77.5%
Q4 '24
Gross 77.6%
Operating −40.5%
Net −43.5%
FCF −49.5%
Q1 '25
Gross 76.9%
Operating −42.4%
Net −46.0%
FCF −72.2%
Q2 '25
Gross 76.2%
Operating −53.2%
Net −174.3%
FCF −56.9%
Q3 '25
Gross 76.2%
Operating −65.0%
Net −74.3%
FCF −96.7%
Q4 '25
Gross 76.7%
Operating −59.0%
Net −53.9%
FCF −76.8%
Q1 '26
Gross 77.7%
Operating −53.7%
Net −50.1%
FCF −90.3%
Q2 '26
Gross 78.3%
Operating −58.4%
Net −59.1%
FCF −55.6%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY24
Net income −$15.6M
FY25
Net income −$40.4M
Q1 '24
Net income −$3.6M
Q2 '24
Net income −$4.2M
Q3 '24
Net income −$4.1M
Q4 '24
Net income −$3.8M
Q1 '25
Net income −$4.7M
Q2 '25
Net income −$19.2M
Q3 '25
Net income −$8.7M
Q4 '25
Net income −$7.8M
Q1 '26
Net income −$8.4M
Q2 '26
Net income −$10.2M
FY24
Diluted EPS −$242.04
FY25
Diluted EPS −$4.65
Q1 '24
Diluted EPS —
Q2 '24
Diluted EPS −$72.74
Q3 '24
Diluted EPS −$68.31
Q4 '24
Diluted EPS —
Q1 '25
Diluted EPS −$52.13
Q2 '25
Diluted EPS −$165.53
Q3 '25
Diluted EPS −$0.64
Q4 '25
Diluted EPS $213.65
Q1 '26
Diluted EPS −$0.41
Q2 '26
Diluted EPS −$0.49
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY24
Return on capital —
Return on equity —
Return on assets −36.3%
FY25
Return on capital −66.3%
Return on equity −93.8%
Return on assets −37.9%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$36.0M in fiscal 2025, −76.1% of revenue. Cash from operations minus capital spending.
FY24
Free cash flow −$18.2M
FY25
Free cash flow −$36.0M
Q1 '24
Free cash flow —
Q2 '24
Free cash flow —
Q3 '24
Free cash flow −$5.8M
Q4 '24
Free cash flow −$4.3M
Q1 '25
Free cash flow −$7.3M
Q2 '25
Free cash flow −$6.3M
Q3 '25
Free cash flow −$11.4M
Q4 '25
Free cash flow −$11.1M
Q1 '26
Free cash flow −$15.1M
Q2 '26
Free cash flow −$9.5M
FY24
Cash from operations −$14.1M
Capital spending $4.0M
FY25
Cash from operations −$28.6M
Capital spending $7.4M
Cash from operations
Capital spending
Q1 '24
Cash from operations —
Capital spending —
Q2 '24
Cash from operations —
Capital spending —
Q3 '24
Cash from operations −$4.9M
Capital spending $0.9M
Q4 '24
Cash from operations −$3.3M
Capital spending $1.0M
Q1 '25
Cash from operations −$6.5M
Capital spending $0.8M
Q2 '25
Cash from operations −$4.8M
Capital spending $1.5M
Q3 '25
Cash from operations −$8.6M
Capital spending $2.8M
Q4 '25
Cash from operations −$8.8M
Capital spending $2.3M
Q1 '26
Cash from operations −$12.4M
Capital spending $2.7M
Q2 '26
Cash from operations −$7.4M
Capital spending $2.2M
Cash from operations
Capital spending
Dividends, buybacks and share count
Shoulder Innovations, Inc. returned — to shareholders in fiscal 2025. The diluted share count rose 13,346.7%.
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY24
Diluted shares 0.00B
FY25
Diluted shares 0.01B
Balance sheet
Cash, debt and the ratios that show how comfortably Shoulder Innovations, Inc. can carry it.
FY24
Cash $15.0M
Debt $14.7M
FY25
Cash $124M
Debt $14.9M
Cash
Debt
| Fiscal year end | FY24 | FY25 |
|---|---|---|
| Cash and short-term investments | $15.0M | $124M |
| Debt incl. finance leases | $14.7M | $14.9M |
| Debt / equity | — | 0.1x |
| Interest coverage | −11.1x | −375.7x |
| Current ratio | 4.6x | 11.1x |
| Quick ratio | 2.8x | 9.6x |
| Total assets | $43.1M | $170M |
| Total liabilities | $23.3M | $29.2M |
| Shareholders' equity | −$54.7M | $141M |
| Net debt (− = net cash) | −$0.4M | −$109M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY24 | FY25 |
|---|---|---|
| Net income is positive | ✕ | ✕ |
| Cash from operations is positive | ✕ | ✕ |
| Return on assets rose | — | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ |
| Debt fell relative to assets | — | ✓ |
| Current ratio rose | — | ✓ |
| Share count didn't rise | — | ✕ |
| Gross margin rose | — | ✕ |
| Revenue rose relative to assets | — | ✕ |
| F-score | — / 3 | 4 / 9 |
| Accruals ratio | −3.4% | −11.0% |
| Altman Z'' | −4.88 | 7.68 |
2 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY24 | FY25 |
|---|---|---|
| Income statement | ||
| Revenue | $31.6M | $47.3M |
| Gross profit | $24.3M | $36.2M |
| Research and development | $4.5M | $7.7M |
| Operating income | −$14.7M | −$26.3M |
| Interest expense | $1.3M | $0.1M |
| Pretax income | −$15.6M | −$40.4M |
| Income tax | $0.0M | $0.0M |
| Net income | −$15.6M | −$40.4M |
| Diluted EPS | −$242.04 | −$4.65 |
| Diluted shares | 0.00B | 0.01B |
| Cash flow | ||
| Cash from operations | −$14.1M | −$28.6M |
| Capital expenditure | $4.0M | $7.4M |
| Free cash flow | −$18.2M | −$36.0M |
| Depreciation and amortization | $1.9M | $2.9M |
| Stock-based compensation | $0.8M | $1.0M |
| Balance sheet | ||
| Cash and short-term investments | $15.0M | $124M |
| Total debt | $14.7M | $14.9M |
| Current assets | $35.1M | $157M |
| Current liabilities | $7.6M | $14.2M |
| Inventory | $14.0M | $21.6M |
| Property and equipment, net | $7.5M | $12.5M |
| Intangible assets | $0.4M | $0.1M |
| Total assets | $43.1M | $170M |
| Total liabilities | $23.3M | $29.2M |
| Preferred stock | $0.0M | $0.0M |
| Shareholders' equity | −$54.7M | $141M |
| Margins | ||
| Gross margin | 77.0% | 76.5% |
| Operating margin | −46.3% | −55.6% |
| EBITDA margin | −40.3% | −49.4% |
| Net margin | −49.4% | −85.3% |
| FCF margin | −57.4% | −76.1% |
| Returns | ||
| Return on capital | — | −66.3% |
| Return on capital employed | −41.4% | −16.9% |
| Return on equity | — | −93.8% |
| Return on assets | −36.3% | −37.9% |
| Return on tangible equity | — | −28.7% |
| Growth | ||
| Revenue growth | — | 49.6% |
| Share count change | — | 13,346.7% |
| Financial health | ||
| Debt / equity | — | 0.1x |
| Interest coverage | −11.1x | −375.7x |
| Current ratio | 4.6x | 11.1x |
| Quick ratio | 2.8x | 9.6x |
| Capital allocation | ||
| Capex / revenue | 12.7% | 15.7% |
| Stock comp / revenue | 2.4% | 2.1% |
| Quality scores | ||
| Piotroski F-score | — | 4.0 |
| Altman Z'' | −4.9 | 7.7 |
| Accruals ratio | −3.4% | −11.0% |
Source: SEC EDGAR XBRL filings (CIK 0001699350). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.