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SHOULDER INNOVATIONS, INC.(SI)Earnings, Financials & Key Ratios
SI•NYSE
$12.89
$265M mkt cap·Price updated May 6, 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$32M+64.1%
- EBITDA-$12M-35.1%
- Net Income-$16M-23.4%
- EPS (Diluted)-0.77-22.2%
- Gross Margin76.97%-2.8%
- EBITDA Margin-39.39%+17.7%
- Operating Margin-46.34%+17.8%
- Net Margin-49.39%+24.8%
- Interest Coverage-11.13+22.0%
SI Key Insights
SHOULDER INNOVATIONS, INC. (SI) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
No significant strengths identified
✗Weaknesses
- ✗Weak Piotroski F-Score: 3/9
- ✗Negative free cash flow
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
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-28.01%
5 Years-28.01%
3 Years-28.01%
Last Year-34.3%
SI Recent Earnings
SHOULDER INNOVATIONS, INC. (SI) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 1/12 qtrs (33%)●Beat Revenue 2/12 qtrs (67%)
Q2 2026Latest
Mar 10, 2026EPS
$0.38
Est $0.42
+9.5%
Revenue
$14M
Est $13M
+12.7%
Q4 2025
Nov 11, 2025EPS
$0.48
Est $0.31
-53.1%
Revenue
$12M
Est $13M
-8.1%
Q4 2025
Sep 9, 2025EPS
$64.47
Est $0.63
-10131.7%
Revenue
$11M
Est $10M
+11.6%
Q2 2025
Mar 31, 2025EPS
$0.23
Revenue
$10M
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | 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% |
| Q2 2025 | Mar 31, 2025 | $0.23 | $10M |
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 | 12.07B | 89.22 | 22.76 | 16.65% | 18.3% | 12.4% | 0.03 | |
 ATEC | 1.06B | 6.99 | -7.28 | 24.95% | -21.07% | -141.88% | 17.21 | |
 XTNT | 80.8M | 0.58 | -4.81 | 28.44% | 1.32% | 3.77% | 0.82 | |
 NVCR | 1.88B | 16.50 | -13.52 | 8.28% | -25.66% | -50.82% | 0.85 | |
 ZBH | 16.22B | 82.83 | 23.33 | 7.2% | 9.05% | 5.77% | 0.59 | |
 SYK | 111.96B | 292.33 | 34.80 | 11.16% | 12.92% | 15.04% | 0.66 | |
 JNJ | 541.31B | 224.62 | 38.79 | 4.3% | 27.26% | 31.69% | 0.51 | |
 HOLX | 16.97B | 76.01 | 30.53 | 1.74% | 13.18% | 10.37% | 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
| Line item | Dec'23 | Dec'24 | TTM |
|---|---|---|---|
| Sales/Revenue | 19.27M | 31.62M | 32.9M |
| Revenue Growth % | - | 64.07% | - |
| Cost of Goods Sold | 4M | 7.28M | 7.76M |
| COGS % of Revenue | 20.77% | 23.03% | - |
| Gross Profit | 15.27M▲ 0% | 24.34M▲ 59.4% | 25.14M▲ 0% |
| Gross Margin % | 79.23% | 76.97% | - |
| Gross Profit Growth % | - | 59.4% | - |
| Operating Expenses | 26.13M | 38.99M | 42.94M |
| OpEx % of Revenue | 135.59% | 123.31% | - |
| Selling, General & Admin | 23.11M | 34.51M | 38.43M |
| SG&A % of Revenue | 119.92% | 109.11% | - |
| Research & Development | 3.02M | 4.49M | 4.51M |
| R&D % of Revenue | 15.67% | 14.2% | - |
| Other Operating Expenses | 0 | 0 | 0 |
| Operating Income | -10.86M▲ 0% | -14.65M▼ 34.9% | -17.8M▲ 0% |
| Operating Margin % | -56.37% | -46.34% | - |
| Operating Income Growth % | - | -34.88% | - |
| EBITDA | -9.22M | -12.46M | -15.57M |
| EBITDA Margin % | -47.85% | -39.39% | - |
| EBITDA Growth % | - | -35.06% | - |
| D&A (Non-Cash Add-back) | 1.64M | 2.2M | 2.23M |
| EBIT | -11.89M | -14.3M | -31.93M |
| Net Interest Income | -761K | -1.32M | -661K |
| Interest Income | 0 | 0 | 0 |
| Interest Expense | 761K | 1.32M | 661K |
| Other Income/Expense | -1.79M | -966K | -14.79M |
| Pretax Income | -12.65M▲ 0% | -15.62M▼ 23.4% | -32.59M▲ 0% |
| Pretax Margin % | -65.66% | -49.39% | -99.05% |
| Income Tax | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% |
| Net Income | -12.65M▲ 0% | -15.62M▼ 23.4% | -32.59M▲ 0% |
| Net Margin % | -65.66% | -49.39% | - |
| Net Income Growth % | - | -23.42% | - |
| Net Income (Continuing) | -12.65M | -15.62M | -32.59M |
| Discontinued Operations | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 |
| EPS (Diluted) | -0.63▲ 0% | -0.77▼ 22.2% | -▲ 0% |
| EPS Growth % | - | -22.22% | - |
| EPS (Basic) | -0.63 | -0.77 | - |
| Diluted Shares Outstanding | 20.23M | 20.23M | 136.05M |
| Basic Shares Outstanding | 20.23M | 20.23M | 136.05M |
| Dividend Payout Ratio | - | - | - |
SI Balance Sheet
SHOULDER INNOVATIONS, INC. (SI) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'23 | Dec'24 | TTM |
|---|---|---|---|
| Total Current Assets | 47.85M | 35.13M | 166.61M |
| Cash & Short-Term Investments | 32.81M | 15.04M | 137.29M |
| Cash Only | 6.24M | 6.12M | 54.93M |
| Short-Term Investments | 26.58M | 8.92M | 82.35M |
| Accounts Receivable | 4.69M | 5.12M | 7.08M |
| Days Sales Outstanding | 88.87 | 59.12 | 75.98 |
| Inventory | 9.92M | 13.96M | 19.36M |
| Days Inventory Outstanding | 904.57 | 699.47 | 777.15 |
| Other Current Assets | 0 | 573K | 2.88M |
| Total Non-Current Assets | 6.45M | 7.96M | 11.15M |
| Property, Plant & Equipment | 5.75M | 7.55M | 10.98M |
| Fixed Asset Turnover | 3.35x | 4.19x | 3.62x |
| Goodwill | 0 | 0 | 0 |
| Intangible Assets | 700K | 400K | 175K |
| Long-Term Investments | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 0 |
| Total Assets | 54.29M▲ 0% | 43.08M▼ 20.7% | 177.76M▲ 0% |
| Asset Turnover | 0.35x | 0.73x | 0.32x |
| Asset Growth % | - | -20.65% | 0% |
| Total Current Liabilities | 4.28M | 7.65M | 15.02M |
| Accounts Payable | 1.96M | 4.86M | 0 |
| Days Payables Outstanding | 178.58 | 243.6 | 134.72 |
| Short-Term Debt | 43K | 47K | 70K |
| Deferred Revenue (Current) | 0 | 0 | 0 |
| Other Current Liabilities | 185K | 507K | 14.95M |
| Current Ratio | 11.17x | 4.59x | 4.59x |
| Quick Ratio | 8.85x | 2.77x | 2.77x |
| Cash Conversion Cycle | 814.86 | 514.99 | 718.41 |
| Total Non-Current Liabilities | 89.75M | 90.13M | 14.85M |
| Long-Term Debt | 14.35M | 14.66M | 14.85M |
| Capital Lease Obligations | 71K | 25K | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 |
| Other Non-Current Liabilities | 75.33M | 75.44M | 223.88M |
| Total Liabilities | 94.03M | 97.78M | 14.91M |
| Total Debt | 14.46M | 14.73M | 14.92M |
| Net Debt | 8.23M | 8.61M | -40.02M |
| Debt / Equity | - | - | 0.09x |
| Debt / EBITDA | - | - | -0.96x |
| Net Debt / EBITDA | - | - | 2.57x |
| Interest Coverage | -14.28x | -11.13x | -48.30x |
| Total Equity | -39.74M▲ 0% | -54.7M▼ 37.6% | 162.85M▲ 0% |
| Equity Growth % | - | -37.64% | 0% |
| Book Value per Share | -1.96 | -2.70 | 1.20 |
| Total Shareholders' Equity | 34.74M | 19.78M | 162.85M |
| Common Stock | 1K | 1K | 0 |
| Retained Earnings | -41.42M | -57.04M | 0 |
| Treasury Stock | 0 | 0 | 0 |
| Accumulated OCI | 356K | 197K | 0 |
| Minority Interest | 0 | 0 | 0 |
SI Cash Flow Statement
SHOULDER INNOVATIONS, INC. (SI) cash flow — operating, investing & free cash flow history
| Line item | Dec'23 | Dec'24 | TTM |
|---|---|---|---|
| Cash from Operations | -13.14M | -14.14M | -14.14M |
| Operating CF Margin % | -68.2% | -44.72% | - |
| Operating CF Growth % | - | -7.6% | 0% |
| Net Income | -12.65M | -15.62M | -32.59M |
| Depreciation & Amortization | 1.64M | 2.2M | 2.23M |
| Stock-Based Compensation | 451K | 754K | 615K |
| Deferred Taxes | 0 | 0 | 0 |
| Other Non-Cash Items | 2.18M | -437K | 9.91M |
| Working Capital Changes | -4.76M | -1.04M | 0 |
| Change in Receivables | -2.69M | -575K | -2.06M |
| Change in Inventory | -2.41M | -4.03M | -5.4M |
| Change in Payables | -737K | 3.12M | 1.79M |
| Cash from Investing | -28.97M | 13.96M | -78.31M |
| Capital Expenditures | -2.75M | -4.01M | -5.13M |
| CapEx % of Revenue | 14.26% | 12.7% | - |
| Acquisitions | 0 | 0 | 0 |
| Investments | - | - | - |
| Other Investing | 0 | 0 | 0 |
| Cash from Financing | 44.73M | 66K | 146.96M |
| Debt Issued (Net) | 10M | 0 | 0 |
| Equity Issued (Net) | 1000K | 66K | 2M |
| Dividends Paid | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 |
| Other Financing | -149K | 0 | 107.4M |
| Net Change in Cash | 2.61M▲ 0% | -113K▼ 104.3% | 48.81M▲ 0% |
| Free Cash Flow | -15.89M▲ 0% | -18.16M▼ 14.3% | -24.95M▲ 0% |
| FCF Margin % | -82.45% | -57.42% | - |
| FCF Growth % | - | -14.26% | - |
| FCF per Share | -0.79 | -0.90 | -0.90 |
| FCF Conversion (FCF/Net Income) | 1.04x | 0.91x | 0.77x |
| Interest Paid | 901K | 1.78M | 863K |
| Taxes Paid | 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 | TTM |
|---|---|---|
| Return on Equity (ROE) | - | -385.84% |
| Return on Invested Capital (ROIC) | - | 216.83% |
| Gross Margin | 76.97% | 76.43% |
| Net Margin | -49.39% | -99.05% |
| Debt / Equity | - | 0.09x |
| Interest Coverage | -11.13x | -48.30x |
| FCF Conversion | 0.91x | 0.77x |
| Revenue Growth | 64.07% | - |
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 $31.6M in revenue for fiscal year 2024. This represents a 64% increase from $19.3M in 2023.
SHOULDER INNOVATIONS, INC. (SI) grew revenue by 64.1% over the past year. This is strong growth.
SHOULDER INNOVATIONS, INC. (SI) reported a net loss of $15.6M for fiscal year 2024.
Dividend & Returns
SHOULDER INNOVATIONS, INC. (SI) had negative free cash flow of $18.2M in fiscal year 2024, likely due to heavy capital investments.
Explore More SI
SHOULDER INNOVATIONS, INC. (SI) financial analysis — history, returns, DCA and operating performance tools
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Earnings History
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Price History
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Revenue History
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Valuation
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