Shoulder Innovations Cash Flow 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
Net Income	-36.38	-15.62	-12.66
Depreciation & Amortization	2.55	1.9	1.34
Other Amortization	0.59	0.61	0.55
Loss (Gain) From Sale of Assets	0.04	0.04	0.13
Loss (Gain) From Sale of Investments	-0.7	-0.48	-
Stock-Based Compensation	0.79	0.75	0.45
Provision & Write-off of Bad Debts	0.15	0.15	0.07
Other Operating Activities	13.68	-0.45	1.74
Change in Accounts Receivable	-2.72	-0.58	-2.69
Change in Inventory	-7.04	-4.03	-2.41
Change in Accounts Payable	3.97	3.12	-0.74
Change in Other Net Operating Assets	1.97	0.45	1.08
Operating Cash Flow	-23.1	-14.14	-13.14
Capital Expenditures	-6.17	-4.01	-2.75
Investment in Securities	-68.5	17.98	-26.23
Investing Cash Flow	-74.67	13.96	-28.97
Long-Term Debt Issued	-	-	15
Long-Term Debt Repaid	-	-	-5
Net Debt Issued (Repaid)	106.3	-	10
Issuance of Common Stock	0.69	0.07	-
Other Financing Activities	-	-	-0.15
Financing Cash Flow	146.96	0.07	44.73
Net Cash Flow	49.19	-0.11	2.61
Free Cash Flow	-29.27	-18.16	-15.89
Free Cash Flow Margin	-70.32%	-57.42%	-82.45%
Free Cash Flow Per Share	-8.34	-281.39	-277.09
Cash Interest Paid	1.72	1.79	0.9
Levered Free Cash Flow	-	-12.42	-
Unlevered Free Cash Flow	-	-11.91	-
Change in Working Capital	-3.82	-1.04	-4.77

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

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