The company maintains a conservative debt-to-equity ratio of 0.11, yet liquidity is under significant pressure with cash balances declining to $11.5M as of 2026Q1.
| Total Current Assets | 145.78M | 157.16M | 35.13M | 47.85M |
| Cash & Short-Term Investments | 108.54M | 124.31M | 15.04M | 32.81M |
| Cash Only | 11.49M | 26.87M | 6.12M | 6.24M |
| Short-Term Investments | 97.05M | 78K | 8.92M | 26.58M |
| Accounts Receivable | 10.55M | 8.27M | 5.12M | 4.69M |
| Days Sales Outstanding | 55.5 | 63.78 | 59.12 | 88.87 |
| Inventory | 21.83M | 21.59M | 13.96M | 9.92M |
| Days Inventory Outstanding | 425.49 | 709.02 | 699.47 | 904.57 |
| Other Current Assets | 4.86M | 3M | 573K | 0 |
| Total Non-Current Assets | 14.59M | 12.74M | 7.96M | 6.45M |
| Property, Plant & Equipment | 14.56M | 12.64M | 7.55M | 5.75M |
| Fixed Asset Turnover | 4.60x | 3.74x | 4.19x | 3.35x |
| Goodwill | 0 | 0 | 0 | 0 |
| Intangible Assets | 25K | 100K | 400K | 700K |
| Long-Term Investments | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 0 | 0 |
| Total Assets | 160.36M | 169.91M | 43.08M | 54.29M |
| Asset Turnover | 0.37x | 0.28x | 0.73x | 0.35x |
| Asset Growth % | 178.77% | 294.4% | -20.65% | - |
| Total Current Liabilities | 12.34M | -7.77M | 7.65M | 4.28M |
| Accounts Payable | 5.92M | 0 | 4.86M | 1.96M |
| Days Payables Outstanding | 87.38 | - | 243.6 | 178.58 |
| Short-Term Debt | 50K | 62K | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 6.37M | -7.83M | 554K | 228K |
| Current Ratio | 11.81x | - | 4.59x | 11.17x |
| Quick Ratio | 10.04x | - | 2.77x | 8.85x |
| Cash Conversion Cycle | 393.61 | - | 514.99 | 814.86 |
| Total Non-Current Liabilities | 14.96M | 14.96M | 90.13M | 89.75M |
| Long-Term Debt | 14.96M | 14.96M | 14.66M | 14.35M |
| Capital Lease Obligations | 0 | 0 | 25K | 71K |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 75.44M | 75.33M |
| Total Liabilities | 15M | 14.96M | 97.78M | 94.03M |
| Total Debt | 15.01M | 15.02M | 14.73M | 14.46M |
| Net Debt | 3.52M | -11.85M | 8.61M | 8.23M |
| Debt / Equity | 0.11x | 0.10x | - | - |
| Debt / EBITDA | -0.51x | - | - | - |
| Net Debt / EBITDA | -0.12x | - | - | - |
| Interest Coverage | 61.54x | -375.67x | -10.87x | -15.63x |
| Total Equity | 133.02M | 154.94M | -54.7M | -39.74M |
| Equity Growth % | 281.87% | 383.29% | -37.64% | - |
| Book Value per Share | 6.44 | 1.98 | -2.75 | -1.99 |
| Total Shareholders' Equity | 133.02M | 154.94M | 19.78M | 34.74M |
| Common Stock | 21K | 20.6B | 1K | 1K |
| Retained Earnings | -105.78M | 0 | -57.04M | -41.42M |
| Treasury Stock | 0 | 0 | 0 | 0 |
| Accumulated OCI | -64K | 0 | 197K | 356K |
| Minority Interest | 0 | 0 | 0 | 0 |
Unsustainable cash burn rate
According to recent quarterly filings, Shoulder Innovations' cash position declined from $54.9M in 2025Q3 to $11.5M by 2026Q1, signaling a rapid depletion of capital reserves as the company aggressively funds its commercial expansion and market share acquisition strategy within the competitive orthopedic implant sector.
The trajectory of the balance sheet suggests a company prioritizing growth at the expense of liquidity preservation. Investors should monitor whether the current asset base can support sustained revenue momentum without requiring dilutive financing in the near term.
As reported in financial statements, the company's cash balance dropped by nearly 80% over two quarters, leaving only $11.5M in liquidity as of 2026Q1, which appears insufficient to sustain the current operating burn rate for an extended period without additional capital infusion or operational efficiency gains.
While the current ratio remains high at 11.81, this metric is likely distorted by the composition of current assets, which may include significant consignment inventory that is not readily convertible to cash. The rapid contraction of the cash buffer warrants close scrutiny regarding the company's runway.
Based on the provided balance sheet data, net PPE has grown to $14.6M as of 2026Q1, reflecting the heavy capital investment required to maintain the consignment instrument trays essential for the company's InSet surgical system rollout across US hospitals and ambulatory surgery centers.
This asset-heavy model implies that revenue growth is inextricably linked to ongoing capital expenditure, creating a structural drag on free cash flow. The reliance on physical instrument sets suggests that scaling the business will continue to demand significant upfront investment before reaching profitability.
Analysis of the balance sheet reveals that the company's reliance on consignment inventory, while necessary for market penetration, creates a potential distortion where reported assets may not reflect true liquidity, as these surgical trays are highly specialized and lack the fungibility of standard working capital.
Investors should be wary that the high asset value may mask the underlying cash burn required to maintain and refresh these instrument sets. If surgical adoption slows, the company may face significant impairment risks on these specialized assets, which could further weaken the balance sheet.
Quick answers to the most common questions about buying SI stock.
As of 2025, Shoulder Innovations, Inc. (SI) had total assets of $169.9M including $157.2M in current assets.
Shoulder Innovations, Inc. (SI) carries total debt of $15.0M, offset by $124.3M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Shoulder Innovations, Inc. (SI) has total shareholders' equity (book value) of $154.9M ($1.98 book value per share). Book value represents the net worth of the company belonging to common stock holders.