Shoulder Innovations, Inc. (SI)

SI Income Statement

Revenue, expenses, and profitability analysis

SI Quarterly Income 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
Revenue	53.893M	16.708M	14.416M	11.756M	11.013M	10.132M	8.725M	7.454M	8.260M
Cost of Goods Sold	13.214M	3.722M	3.359M	2.795M	3.338M	3.009M	1.957M	1.753M	1.906M
Gross Profit	40.679M	12.986M	11.057M	8.961M	7.675M	7.123M	6.768M	5.701M	6.354M
Gross Profit Margin	77.7%	77.7%	76.7%	76.2%	69.7%	70.3%	77.6%	76.5%	76.9%
Total Operating Expenses	71.658M	21.962M	19.557M	16.602M	13.537M	11.417M	10.304M	9.583M	10.334M
Research & Development	9.902M	3.754M	3.217M	1.525M	1.406M	1.583M	1.167M	1.090M	1.162M
Selling, General & Administrative	61.756M	18.208M	16.340M	15.077M	12.131M	9.834M	9.137M	8.493M	9.172M
Operating Income (EBIT)	-30.979M	-8.976M	-8.500M	-7.641M	-5.862M	-4.294M	-3.536M	-3.882M	-3.980M
Operating Margin	-53.7%	-53.7%	-59.0%	-65.0%	-53.2%	-42.4%	-40.5%	-52.1%	-48.2%
Income Before Tax (EBT)	-44.076M	-8.379M	-7.772M	-8.729M	-19.196M	-4.662M	-3.792M	-4.055M	-4.172M
Interest Income	—	—	—	—	—	—	—	—	—
Interest Expense	-733K	-436K	-591K	78K	216K	367K	391K	315K	292K
Other Income/Expense	-13.097M	597K	728K	-1.088M	-13.334M	-368K	-256K	-173K	-192K
Net Income	-44.076M	-8.379M	-7.772M	-8.729M	-19.196M	-4.662M	-3.792M	-4.055M	-4.172M
Income Tax Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Profit Margin	-50.1%	-50.1%	-53.9%	-74.3%	-174.3%	-46.0%	-43.5%	-54.4%	-50.5%
EBITDA	-41.136M	-7.683M	-7.383M	-7.808M	-18.262M	-3.627M	-3.401M	-3.740M	-3.365M
EBITDA Margin	-46.0%	-46.0%	-51.2%	-66.4%	-165.8%	-35.8%	-39.0%	-50.2%	-40.7%
Depreciation & Amortization	3.673M	1.132M	980K	843K	718K	668K	0.00	0.00	515K
EPS Basic	-2.17	-0.41	-0.38	-0.43	-0.95	-0.23	-0.19	-0.20	-0.21
EPS Diluted	-2.17	-0.41	-0.38	-0.43	-0.95	-0.23	-0.19	-0.20	-0.21
Shares Outstanding	20.653M	20.653M	20.603M	20.481M	20.360M	19.923M	19.923M	19.923M	19.923M
Diluted Shares Outstanding	20.653M	20.653M	20.603M	20.481M	20.360M	19.923M	19.923M	19.923M	19.923M

SI Annual Income Statement (USD)

Annual Report	12/31/2025	12/31/2024	12/31/2023
Revenue	47.317M	31.623M	19.274M
Cost of Goods Sold	11.115M	7.282M	4.004M
Gross Profit	36.202M	24.341M	15.270M
Gross Profit Margin	76.5%	77.0%	79.2%
Total Operating Expenses	62.499M	38.994M	26.134M
Research & Development	7.731M	4.489M	3.021M
Selling, General & Administrative	54.768M	34.505M	23.113M
Operating Income (EBIT)	-26.297M	-14.653M	-10.864M
Operating Margin	-55.6%	-46.3%	-56.4%
Income Before Tax (EBT)	-40.359M	-15.619M	-12.655M
Interest Income	—	—	—
Interest Expense	70K	1.316M	761K
Other Income/Expense	-14.062M	-966K	-1.791M
Net Income	-40.359M	-15.619M	-12.655M
Income Tax Expense	0.00	0.00	0.00
Net Profit Margin	-85.3%	-49.4%	-65.7%
EBITDA	-37.081M	-12.107M	-10.253M
EBITDA Margin	-78.4%	-38.3%	-53.2%
Depreciation & Amortization	3.208M	2.196M	1.641M
EPS Basic	-1.96	-0.77	-0.63
EPS Diluted	-1.96	-0.77	-0.63
Shares Outstanding	20.628M	19.923M	19.923M
Diluted Shares Outstanding	20.628M	19.923M	19.923M

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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