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Shoulder Innovations, Inc.(SI)Earnings, Financials & Key Ratios
SI•NYSE
Price updated Jun 19, 2026
AboutShoulder Innovations, Inc. manufactures medical devices. It has developed a shoulder replacement system. The company was founded by Stephen B. Gunther and Michael DeVries in 2009 and is headquartered in Grand Rapids, MI.Show more
- Revenue$47M+49.6%
- EBITDA-$26M-111.1%
- Net Income-$40M-158.4%
- EPS (Diluted)-0.52+32.5%
- Gross Margin76.51%-0.6%
- EBITDA Margin-55.58%-41.1%
- Operating Margin-55.58%-19.9%
- Net Margin-85.29%-72.7%
- ROE-80.52%
SI Key Insights
Shoulder Innovations, Inc. (SI) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Company is almost debt free
- ✓Momentum leader: RS Rating 86 (top 14%)
✗Weaknesses
- ✗Weak Piotroski F-Score: 2/9
- ✗Negative free cash flow
- ✗Shares diluted 100.0% in last year
- ✗Low asset turnover indicates capital-intensive operations
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
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SI Price & Volume
Shoulder Innovations, Inc. (SI) stock price & volume — 10-year historical chart
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SI Growth Metrics
Shoulder Innovations, Inc. (SI) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-
5 Years-
3 Years-
TTM-
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM-
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM-
Return on Capital
10 Years-26.9%
5 Years-26.9%
3 Years-26.9%
Last Year-24.68%
SI Recent Earnings
Shoulder Innovations, Inc. (SI) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 2/12 qtrs (50%)●Beat Revenue 3/12 qtrs (75%)
Q2 2026Latest
May 13, 2026Metric
Actual
Est
EPS
$0.41+6.8%
$0.44
Rev
$17M+14.9%
$15M
Q2 2026
Mar 10, 2026Metric
Actual
Est
EPS
$0.38+9.5%
$0.42
Rev
$14M+12.7%
$13M
Q4 2025
Nov 11, 2025Metric
Actual
Est
EPS
$0.48-53.1%
$0.31
Rev
$12M-8.1%
$13M
Q4 2025
Sep 9, 2025Metric
Actual
Est
EPS
$64.47-10131.7%
$0.63
Rev
$11M+11.6%
$10M
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | May 13, 2026 | $0.41vs $0.44+6.8% | $17Mvs $15M+14.9% |
| Q2 2026 | Mar 10, 2026 | $0.38vs $0.42+9.5% | $14Mvs $13M+12.7% |
| Q4 2025 | Nov 11, 2025 | $0.48vs $0.31-53.1% | $12Mvs $13M-8.1% |
| Q4 2025 | Sep 9, 2025 | $64.47vs $0.63-10131.7% | $11Mvs $10M+11.6% |
Based on last 12 quarters of dataView full earnings history →
SI Peer Comparison
Shoulder Innovations, Inc. (SI) competitors in Orthopedic joint replacement implants — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 GMED | 10.69B | 79.23 | 20.21 | 16.65% | 18.92% | 13.04% | 0.03 | |
 ATEC | 1.33B | 8.81 | -9.18 | 24.95% | -21.07% | -443.09% | 17.21 | |
 XTNT | 61.8M | 0.44 | 14.69 | 14.21% | 1.5% | 3.68% | 0.56 | |
 NVCR | 1.62B | 14.28 | -11.70 | 8.28% | -25.66% | -50.82% | 0.85 | |
 ZBH | 17.22B | 87.97 | 24.78 | 7.2% | 9.05% | 5.77% | 0.59 | |
 SYK | 117.88B | 307.80 | 36.64 | 11.16% | 12.92% | 15.04% | 0.66 | |
 JNJ | 550.4B | 228.39 | 39.45 | 4.3% | 27.26% | 31.69% | 0.51 | |
 HOLX | 16.97B | 76.01 | 30.53 | 1.74% | 13.18% | 11.01% | 0.52 |
Compare SI vs Peers
Shoulder Innovations, Inc. (SI) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
SI Income Statement
Shoulder Innovations, Inc. (SI) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Metric | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|
Sales/Revenue | 19.27M | 31.62M | 47.32M | 53.89M |
Revenue Growth % | - | 64.07% | 49.63% | - |
Cost of Goods Sold | 4M | 7.28M | 11.12M | 12.5M |
COGS % of Revenue | 20.77% | 23.03% | 23.49% | - |
Gross Profit | 15.27M▲ 0% | 24.34M▲ 59.4% | 36.2M▲ 48.7% | 41.4M▲ 0% |
Gross Margin % | 79.23% | 76.97% | 76.51% | 76.81% |
Gross Profit Growth % | - | 59.4% | 48.73% | - |
Operating Expenses | 26.13M | 38.99M | 62.5M | 72.38M |
OpEx % of Revenue | 135.59% | 123.31% | 132.09% | - |
Selling, General & Admin | 23.11M | 34.51M | 54.77M | 62.47M |
SG&A % of Revenue | 119.92% | 109.11% | 115.75% | - |
Research & Development | 3.02M | 4.49M | 7.73M | 9.9M |
R&D % of Revenue | 15.67% | 14.2% | 16.34% | - |
Other Operating Expenses | 0 | 0 | 0 | 0 |
Operating Income | -10.86M▲ 0% | -14.65M▼ 34.9% | -26.3M▼ 79.5% | -30.98M▲ 0% |
Operating Margin % | -56.37% | -46.34% | -55.58% | -57.48% |
Operating Income Growth % | - | -34.88% | -79.47% | - |
EBITDA | -9.22M | -12.46M | -26.3M | -29.42M |
EBITDA Margin % | -47.85% | -39.39% | -55.58% | -54.59% |
EBITDA Growth % | - | -35.06% | -111.1% | - |
D&A (Non-Cash Add-back) | 1.64M | 2.2M | 0 | 1.56M |
EBIT | -11.89M | -14.3M | -26.3M | -45.11M |
Net Interest Income | -761K | -1.32M | -70K | 733K |
Interest Income | 0 | 0 | 0 | 0 |
Interest Expense | 761K | 1.32M | 70K | -733K |
Other Income/Expense | -1.79M | -966K | -14.06M | -13.1M |
Pretax Income | -12.65M▲ 0% | -15.62M▼ 23.4% | -40.36M▼ 158.4% | -44.08M▲ 0% |
Pretax Margin % | -65.66% | -49.39% | -85.29% | -81.78% |
Income Tax | 0 | 0 | 0 | 0 |
Effective Tax Rate % | 0% | 0% | 0% | 0% |
Net Income | -12.65M▲ 0% | -15.62M▼ 23.4% | -40.36M▼ 158.4% | -44.08M▲ 0% |
Net Margin % | -65.66% | -49.39% | -85.29% | -81.78% |
Net Income Growth % | - | -23.42% | -158.4% | - |
Net Income (Continuing) | -12.65M | -15.62M | -40.36M | -44.08M |
Discontinued Operations | 0 | 0 | 0 | 0 |
Minority Interest | 0 | 0 | 0 | 0 |
EPS (Diluted) | -0.63▲ 0% | -0.77▼ 22.2% | -0.52▲ 32.5% | -2.13▲ 0% |
EPS Growth % | - | -22.22% | 32.47% | - |
EPS (Basic) | -0.63 | -0.77 | -0.52 | - |
Diluted Shares Outstanding | 19.92M | 19.92M | 78.32M | 20.65M |
Basic Shares Outstanding | 19.92M | 19.92M | 78.32M | 20.65M |
Dividend Payout Ratio | - | - | - | - |
SI Balance Sheet
Shoulder Innovations, Inc. (SI) balance sheet — assets, liabilities & shareholders' equity
| Metric | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|
Total Current Assets | 47.85M | 35.13M | 157.16M | 145.78M |
Cash & Short-Term Investments | 32.81M | 15.04M | 124.31M | 108.54M |
Cash Only | 6.24M | 6.12M | 26.87M | 11.49M |
Short-Term Investments | 26.58M | 8.92M | 78K | 97.05M |
Accounts Receivable | 4.69M | 5.12M | 8.27M | 10.55M |
Days Sales Outstanding | 88.87 | 59.12 | 63.78 | 55.5 |
Inventory | 9.92M | 13.96M | 21.59M | 21.83M |
Days Inventory Outstanding | 904.57 | 699.47 | 709.02 | 425.49 |
Other Current Assets | 0 | 573K | 3M | 4.86M |
Total Non-Current Assets | 6.45M | 7.96M | 12.74M | 14.59M |
Property, Plant & Equipment | 5.75M | 7.55M | 12.64M | 14.56M |
Fixed Asset Turnover | 3.35x | 4.19x | 3.74x | 4.60x |
Goodwill | 0 | 0 | 0 | 0 |
Intangible Assets | 700K | 400K | 100K | 25K |
Long-Term Investments | 0 | 0 | 0 | 0 |
Other Non-Current Assets | 0 | 0 | 0 | 0 |
Total Assets | 54.29M▲ 0% | 43.08M▼ 20.7% | 169.91M▲ 294.4% | 160.36M▲ 0% |
Asset Turnover | 0.35x | 0.73x | 0.28x | 0.37x |
Asset Growth % | - | -20.65% | 294.4% | 178.77% |
Total Current Liabilities | 4.28M | 7.65M | -7.77M | 12.34M |
Accounts Payable | 1.96M | 4.86M | 0 | 5.92M |
Days Payables Outstanding | 178.58 | 243.6 | - | 87.38 |
Short-Term Debt | 0 | 0 | 62K | 50K |
Deferred Revenue (Current) | 0 | 0 | 0 | 0 |
Other Current Liabilities | 228K | 554K | -7.83M | 6.37M |
Current Ratio | 11.17x | 4.59x | - | 11.81x |
Quick Ratio | 8.85x | 2.77x | - | 10.04x |
Cash Conversion Cycle | 814.86 | 514.99 | - | 393.61 |
Total Non-Current Liabilities | 89.75M | 90.13M | 14.96M | 14.96M |
Long-Term Debt | 14.35M | 14.66M | 14.96M | 14.96M |
Capital Lease Obligations | 71K | 25K | 0 | 0 |
Deferred Tax Liabilities | 0 | 0 | 0 | 0 |
Other Non-Current Liabilities | 75.33M | 75.44M | 0 | 0 |
Total Liabilities | 94.03M | 97.78M | 14.96M | 15M |
Total Debt | 14.46M | 14.73M | 15.02M | 15.01M |
Net Debt | 8.23M | 8.61M | -11.85M | 3.52M |
Debt / Equity | - | - | 0.10x | 0.11x |
Debt / EBITDA | - | - | - | -0.51x |
Net Debt / EBITDA | - | - | - | -0.12x |
Interest Coverage | -15.63x | -10.87x | -375.67x | 61.54x |
Total Equity | -39.74M▲ 0% | -54.7M▼ 37.6% | 154.94M▲ 383.3% | 133.02M▲ 0% |
Equity Growth % | - | -37.64% | 383.29% | 281.87% |
Book Value per Share | -1.99 | -2.75 | 1.98 | 6.44 |
Total Shareholders' Equity | 34.74M | 19.78M | 154.94M | 133.02M |
Common Stock | 1K | 1K | 20.6B | 21K |
Retained Earnings | -41.42M | -57.04M | 0 | -105.78M |
Treasury Stock | 0 | 0 | 0 | 0 |
Accumulated OCI | 356K | 197K | 0 | -64K |
Minority Interest | 0 | 0 | 0 | 0 |
SI Cash Flow Statement
Shoulder Innovations, Inc. (SI) cash flow — operating, investing & free cash flow history
| Metric | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|
Cash from Operations | -13.14M | -14.14M | -28.61M | -34.49M |
Operating CF Margin % | -68.2% | -44.72% | -60.47% | - |
Operating CF Growth % | - | -7.6% | -102.31% | -90.8% |
Net Income | -12.65M | -15.62M | -40.36M | -44.08M |
Depreciation & Amortization | 1.64M | 2.2M | 3.21M | 3.67M |
Stock-Based Compensation | 451K | 754K | 996K | 1.59M |
Deferred Taxes | 0 | 0 | 0 | 0 |
Other Non-Cash Items | 2.18M | -437K | 7.54M | 1.8M |
Working Capital Changes | -4.76M | -1.04M | 0 | 2.51M |
Change in Receivables | -2.69M | -575K | -3.3M | -4.23M |
Change in Inventory | -2.41M | -4.03M | -7.64M | -8.72M |
Change in Payables | -737K | 3.12M | 3.37M | 2.27M |
Cash from Investing | -28.97M | 13.96M | -95.6M | -85.65M |
Capital Expenditures | -2.75M | -4.01M | -7.41M | -9.3M |
CapEx % of Revenue | 14.26% | 12.7% | 15.66% | 17.26% |
Acquisitions | 0 | 0 | 0 | 0 |
Investments | - | - | - | - |
Other Investing | 0 | 0 | 0 | 0 |
Cash from Financing | 44.73M | 66K | 144.96M | 125.26M |
Debt Issued (Net) | 10M | 0 | 0 | 0 |
Equity Issued (Net) | 34.88M | 66K | 0 | -19.63M |
Dividends Paid | 0 | 0 | 0 | 0 |
Share Repurchases | 0 | 0 | 0 | 0 |
Other Financing | -149K | 0 | 144.96M | 144.9M |
Net Change in Cash | 2.61M▲ 0% | -113K▼ 104.3% | 20.75M▲ 18461.1% | 5.12M▲ 0% |
Free Cash Flow | -15.89M▲ 0% | -18.16M▼ 14.3% | -36.02M▼ 98.4% | -43.79M▲ 0% |
FCF Margin % | -82.45% | -57.42% | -76.12% | -81.26% |
FCF Growth % | - | -14.26% | -98.37% | - |
FCF per Share | -0.80 | -0.91 | -0.46 | -2.12 |
FCF Conversion (FCF/Net Income) | 1.04x | 0.91x | 0.71x | 0.99x |
Interest Paid | 901K | 1.78M | 0 | -431K |
Taxes Paid | 0 | 0 | 0 | 0 |
SI Key Ratios
Shoulder Innovations, Inc. (SI) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2024 | 2025 | TTM |
|---|---|---|---|
Return on Equity (ROE) | - | -80.52% | -35.31% |
Return on Invested Capital (ROIC) | - | -40.66% | -21.18% |
Gross Margin | 76.97% | 76.51% | 76.81% |
Net Margin | -49.39% | -85.29% | -81.78% |
Debt / Equity | - | 0.10x | 0.11x |
Interest Coverage | -10.87x | -375.67x | 61.54x |
FCF Conversion | 0.91x | 0.71x | 0.99x |
Revenue Growth | 64.07% | 49.63% | - |
Related:SI Dividend History·SI Revenue History·SI Price History·SI P/E History·SI Financial Ratios·SI Institutional Holders
SI SEC Filings & Documents
Shoulder Innovations, Inc. (SI) SEC filings — annual & quarterly reports (10-K, 10-Q)
SI Frequently Asked Questions
Shoulder Innovations, Inc. (SI) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
Shoulder Innovations, Inc. (SI) reported $53.9M in revenue for fiscal year 2025. This represents a 180% increase from $19.3M in 2023.
Shoulder Innovations, Inc. (SI) grew revenue by 49.6% over the past year. This is strong growth.
Shoulder Innovations, Inc. (SI) reported a net loss of $44.1M for fiscal year 2025.
Dividend & Returns
Shoulder Innovations, Inc. (SI) has a return on equity (ROE) of -80.5%. Negative ROE indicates the company is unprofitable.
Shoulder Innovations, Inc. (SI) had negative free cash flow of $43.8M in fiscal year 2025, likely due to heavy capital investments.