Shoulder Innovations, Inc. (SI)

Shoulder Innovations Income Statement

Financials in millions USD. Fiscal year is January - December.

Fiscal Year	FY 2025	FY 2024	FY 2023
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023
Revenue	47.32	31.62	19.27
Revenue Growth (YoY)	49.63%	64.07%	-
Cost of Revenue	11.12	7.28	4
Gross Profit	36.2	24.34	15.27
Selling, General & Admin	54.77	34.51	23.11
Research & Development	7.73	4.49	3.02
Operating Expenses	62.5	38.99	26.13
Operating Income	-26.3	-14.65	-10.86
Interest Expense	-0.07	-1.32	-0.76
Other Non Operating Income (Expenses)	-12.18	-0.13	0.1
EBT Excluding Unusual Items	-38.55	-16.1	-11.53
Gain (Loss) on Sale of Investments	0.4	0.48	-
Other Unusual Items	-2.22	-	-1.13
Pretax Income	-40.36	-15.62	-12.66
Net Income	-40.36	-15.62	-12.66
Net Income to Common	-40.36	-15.62	-12.66
Shares Outstanding (Basic)	9	0	0
Shares Outstanding (Diluted)	9	0	0
Shares Change (YoY)	13340.49%	12.51%	-
EPS (Basic)	-4.65	-242.04	-220.65
EPS (Diluted)	-4.65	-242.04	-220.65
Free Cash Flow	-36.02	-18.16	-15.89
Free Cash Flow Per Share	-4.15	-281.39	-277.09
Gross Margin	76.51%	76.97%	79.23%
Operating Margin	-55.58%	-46.34%	-56.37%
Profit Margin	-85.30%	-49.39%	-65.66%
Free Cash Flow Margin	-76.13%	-57.42%	-82.45%
EBITDA	-23.39	-12.76	-9.52
EBITDA Margin	-49.43%	-40.34%	-49.41%
D&A For EBITDA	2.91	1.9	1.34
EBIT	-26.3	-14.65	-10.86
EBIT Margin	-55.58%	-46.34%	-56.37%
Advertising Expenses	1.18	0.87	0.59

Updated Mar 10, 2026. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q