Shoulder Innovations, Inc. (SI)

SI Cash Flow Statement

Operating, investing, and financing cash flow analysis

SI Quarterly Cash Flow Statement (USD)

Quarterly Report	TTM	03/31/2026	12/31/2025	09/30/2025	06/30/2025	03/31/2025	12/31/2024	09/30/2024	06/30/2024
Cash from Operations (CFO)	-34.493M	-12.358M	-8.783M	-8.555M	-4.797M	-6.477M	—	—	-2.506M
Net Income	-44.076M	-8.379M	-7.772M	-8.729M	-19.196M	-4.662M	-3.792M	-4.055M	-4.172M
Depreciation & Amortization	3.673M	1.132M	980K	843K	718K	668K	0.00	0.00	515K
Stock-Based Compensation	1.595M	726K	381K	298K	190K	127K	—	—	170K
Change in Accounts Receivable	32.779M	10.546M	8.268M	7.079M	6.886M	6.581M	5.122M	—	-283K
Change in Inventory	—	—	—	—	—	—	—	—	—
Change in Accounts Payable	—	—	—	—	—	—	—	—	—
Change in Working Capital	2.511M	0.00	0.00	2.270M	241K	-2.511M	—	—	908K
Cash from Investing	—	—	—	—	—	—	—	—	—
Capital Expenditures (CapEx)	-9.300M	-2.735M	-2.282M	-2.815M	-1.468M	-843K	—	—	-778K
Acquisitions	0.00	0.00	0.00	0.00	0.00	0.00	—	—	0.00
Cash from Financing	—	—	—	—	—	—	—	—	—
Debt Repayment	—	—	—	—	—	—	—	—	—
Stock Repurchased (Buybacks)	0.00	0.00	0.00	0.00	0.00	0.00	—	—	0.00
Dividends Paid	0.00	0.00	0.00	0.00	0.00	0.00	—	—	0.00
Free Cash Flow (FCF)	-43.793M	-15.093M	-11.065M	-11.370M	-6.265M	-7.320M	—	—	-3.284M
Net Change in Cash	5.122M	-15.379M	-28.063M	27.880M	20.684M	247K	—	—	3.919M

SI Annual Cash Flow Statement (USD)

Annual Report	12/31/2025	12/31/2024	12/31/2023
Cash from Operations (CFO)	-28.612M	-14.143M	-13.144M
Net Income	-40.359M	-15.619M	-12.655M
Depreciation & Amortization	3.208M	2.196M	1.641M
Stock-Based Compensation	996K	754K	451K
Change in Accounts Receivable	8.268M	5.122M	4.693M
Change in Inventory	—	—	—
Change in Accounts Payable	—	—	—
Change in Working Capital	0.00	-1.037M	-4.765M
Cash from Investing	—	—	—
Capital Expenditures (CapEx)	-7.408M	-4.015M	-2.748M
Acquisitions	0.00	0.00	0.00
Cash from Financing	—	—	—
Debt Repayment	—	—	—
Stock Repurchased (Buybacks)	0.00	0.00	0.00
Dividends Paid	0.00	0.00	0.00
Free Cash Flow (FCF)	-36.020M	-18.158M	-15.892M
Net Change in Cash	20.748M	-113K	2.611M

Values are displayed in USD. Negative numbers shown in red.

Values are displayed in USD. Negative numbers are shown in red.

About Shoulder Innovations, Inc.

Shoulder Innovations, Inc. is a medical technology firm that engineers and produces sophisticated devices. The company is particularly recognized for designing an innovative shoulder replacement system. Co-founded in 2009 by Stephen B. Gunther and Michael DeVries, its main corporate office is situated in Grand Rapids, Michigan.

La Jolla, CA

300 employees

www.shoulderinnovations.com

Healthcare / Medical - Specialties

Sector: Healthcare
Industry: Medical - Specialties
CEO: Alan J. Lane

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