Shoulder Innovations Income Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023
Revenue	41.63	31.62	19.27
Revenue Growth (YoY)	115.97%	64.07%	-
Cost of Revenue	9.71	7.28	4
Gross Profit	31.91	24.34	15.27
Selling, General & Admin	47.57	34.51	23.11
Research & Development	5.68	4.49	3.02
Operating Expenses	53.25	38.99	26.13
Operating Income	-21.33	-14.65	-10.86
Interest Expense	-1.05	-1.32	-0.76
Other Non Operating Income (Expenses)	-12.26	-0.13	0.1
EBT Excluding Unusual Items	-34.64	-16.1	-11.53
Gain (Loss) on Sale of Investments	0.48	0.48	-
Other Unusual Items	-2.22	-	-1.13
Pretax Income	-36.38	-15.62	-12.66
Net Income	-36.38	-15.62	-12.66
Net Income to Common	-36.38	-15.62	-12.66
Shares Outstanding (Basic)	4	0	0
Shares Outstanding (Diluted)	4	0	0
Shares Change (YoY)	6020.98%	12.51%	-
EPS (Basic)	-10.36	-242.04	-220.65
EPS (Diluted)	-10.36	-242.04	-220.65
Free Cash Flow	-29.27	-18.16	-15.89
Free Cash Flow Per Share	-8.34	-281.39	-277.09
Gross Margin	76.67%	76.97%	79.23%
Operating Margin	-51.25%	-46.34%	-56.37%
Profit Margin	-87.39%	-49.39%	-65.66%
Free Cash Flow Margin	-70.32%	-57.42%	-82.45%
EBITDA	-18.79	-12.76	-9.52
EBITDA Margin	-45.13%	-40.34%	-49.41%
D&A For EBITDA	2.55	1.9	1.34
EBIT	-21.33	-14.65	-10.86
EBIT Margin	-51.25%	-46.34%	-56.37%
Advertising Expenses	-	0.87	0.59

Updated Nov 11, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q