Shoulder Innovations Income Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023
Revenue	53.89	47.32	31.62	19.27
Revenue Growth (YoY)	55.89%	49.63%	64.07%	-
Cost of Revenue	12.5	11.12	7.28	4
Gross Profit	41.4	36.2	24.34	15.27
Selling, General & Admin	62.47	54.77	34.51	23.11
Research & Development	9.9	7.73	4.49	3.02
Total Operating Expenses	72.38	62.5	38.99	26.13
Operating Income	-30.98	-26.3	-14.65	-10.86
Interest Expense	0.73	-0.07	-1.32	-0.76
Other Non-Operating Income (Expense)	-13.83	-13.99	0.35	-1.03
Total Non-Operating Income (Expense)	-13.1	-14.06	-0.97	-1.79
Pretax Income	-44.08	-40.36	-15.62	-12.66
Net Income	-44.08	-40.36	-15.62	-12.66
Net Income to Common	-44.08	-40.36	-15.62	-12.66
Shares Outstanding (Basic)	14	9	0	0
Shares Outstanding (Diluted)	14	9	0	0
Shares Change (YoY)	18854.37%	13340.49%	12.51%	-
EPS (Basic)	-166.96	-4.65	-242.04	-220.65
EPS (Diluted)	-166.96	-4.65	-242.04	-220.65
Shares Outstanding	20.7	20.62	0.08	-
Free Cash Flow	-43.79	-36.02	-18.16	-15.89
Free Cash Flow Per Share	-3.19	-4.15	-281.39	-277.09
Gross Margin	76.81%	76.51%	76.97%	79.23%
Operating Margin	-57.48%	-55.58%	-46.34%	-56.37%
Profit Margin	-81.78%	-85.29%	-49.39%	-65.66%
FCF Margin	-81.26%	-76.12%	-57.42%	-82.45%
EBITDA	-27.31	-23.09	-12.46	-9.22
EBITDA Margin	-50.67%	-48.80%	-39.39%	-47.85%
EBIT	-30.98	-26.3	-14.65	-10.86
EBIT Margin	-57.48%	-55.58%	-46.34%	-56.37%

Updated May 13, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q