SI
SI
SHOULDER INNOVATIONS, INC.Income Statement
| Period | Revenue | Operating Expense | Net Income | Net Profit Margin | Earnings Per Share | EBITDA |
|---|---|---|---|---|---|---|
| Q3-2025 | $11.76M ▲ | $16.6M ▲ | $-8.73M ▲ | -74.25% ▲ | $-0.06 ▲ | $-7.81M ▲ |
| Q2-2025 | $11.01M ▲ | $14.26M ▲ | $-19.2M ▼ | -174.3% ▼ | $-0.95 ▼ | $-18.26M ▼ |
| Q1-2025 | $10.13M ▲ | $12.09M ▲ | $-4.66M ▼ | -46.01% ▼ | $-0.23 ▼ | $-3.63M ▼ |
| Q4-2024 | $8.72M ▲ | $10.3M ▲ | $-3.79M ▲ | -43.46% ▲ | $-0.19 ▲ | $-3.4M ▲ |
| Q3-2024 | $7.45M | $9.58M | $-4.05M | -54.4% | $-0.2 | $-3.74M |
What's going well?
Revenue is growing and losses are shrinking. Gross margins remain high, showing the core product is profitable before overhead.
What's concerning?
Operating expenses are rising much faster than sales, and the company is still losing money. The huge increase in share count means each share is now worth much less, hurting existing shareholders.
Balance Statement
| Period | Cash & Short-term | Total Assets | Total Liabilities | Total Equity |
|---|---|---|---|---|
| Q3-2025 | $137.29M ▲ | $177.76M ▲ | $14.91M ▼ | $162.85M ▲ |
| Q2-2025 | $39.63M ▲ | $77.83M ▲ | $156.03M ▲ | $-78.2M ▼ |
| Q1-2025 | $27.56M ▲ | $57.52M ▲ | $116.84M ▲ | $-59.31M ▼ |
| Q4-2024 | $15.04M ▼ | $43.08M ▼ | $23.3M ▲ | $19.78M ▼ |
| Q4-2023 | $32.81M | $54.29M | $19.56M | $34.74M |
What's financially strong about this company?
The company holds $137 million in liquid assets and has almost no debt. Equity is strongly positive, and liabilities are minimal. The balance sheet quality is top-tier, with most assets in cash or equivalents.
What are the financial risks or weaknesses?
There are no major financial risks visible now, but the big swing from negative to positive equity suggests a major event—investors should check for one-time items or unusual transactions. Inventory is growing, but not at a worrying pace.
Cash Flow Statement
| Period | Net Income | Cash From Operations | Cash From Investing | Cash From Financing | Net Change | Free Cash Flow |
|---|---|---|---|---|---|---|
| Q3-2025 | $-8.73M ▲ | $-8.55M ▼ | $-72.44M ▼ | $108.87M ▲ | $27.88M ▲ | $-11.37M ▼ |
| Q2-2025 | $-19.2M ▼ | $-4.8M ▲ | $7.19M ▲ | $18.29M ▼ | $20.68M ▲ | $-6.26M ▲ |
| Q1-2025 | $-4.66M ▼ | $-6.48M ▼ | $-13.07M ▼ | $19.79M ▲ | $247K ▼ | $-7.32M ▼ |
| Q2-2024 | $-4.17M ▼ | $-2.51M ▲ | $6.42M ▲ | $0 | $3.92M ▲ | $-3.28M ▲ |
| Q1-2024 | $-3.6M | $-3.48M | $-1.01M | $0 | $-4.49M | $-4.78M |
What's strong about this company's cash flow?
The company managed to raise a large amount of cash this quarter, doubling its cash balance. Net losses are shrinking compared to last quarter.
What are the cash flow concerns?
SI is burning more cash from operations and free cash flow is increasingly negative. The business is highly dependent on outside funding and has no shareholder returns.
5-Year Trend Analysis
A comprehensive look at SHOULDER INNOVATIONS, INC.'s financial evolution and strategic trajectory over the past five years.
The company’s main strengths are its rapid revenue growth, high gross margins, and clearly differentiated technology focused on a well-defined clinical problem in shoulder arthroplasty. A deepening ecosystem of implants, software, and instrumentation, supported by patents and clinical data, enhances surgeon engagement and positions SI as an innovation-driven specialist in its niche.
Key risks include persistent and widening losses, significant cash burn, and a balance sheet that is gradually weakening as equity erodes and liquidity ratios fall. Competitive pressure from large orthopedic companies, the need for ongoing R&D and commercial spending, and dependence on a relatively narrow product focus further increase execution and funding risk.
The outlook hinges on SI’s ability to convert its strong clinical and commercial momentum into a sustainable business model. If the company can scale revenue, slow the growth of overhead, and maintain its innovation edge, its position in the shoulder market could strengthen materially; if not, continued cash burn and balance sheet strain may limit its strategic flexibility and pace of growth.
About SHOULDER INNOVATIONS, INC.
http://www.shoulderinnovations.comShoulder Innovations, Inc. manufactures medical devices. It has developed a shoulder replacement system. The company was founded by Stephen B. Gunther and Michael DeVries in 2009 and is headquartered in Grand Rapids, MI.
Income Statement
| Period | Revenue | Operating Expense | Net Income | Net Profit Margin | Earnings Per Share | EBITDA |
|---|---|---|---|---|---|---|
| Q3-2025 | $11.76M ▲ | $16.6M ▲ | $-8.73M ▲ | -74.25% ▲ | $-0.06 ▲ | $-7.81M ▲ |
| Q2-2025 | $11.01M ▲ | $14.26M ▲ | $-19.2M ▼ | -174.3% ▼ | $-0.95 ▼ | $-18.26M ▼ |
| Q1-2025 | $10.13M ▲ | $12.09M ▲ | $-4.66M ▼ | -46.01% ▼ | $-0.23 ▼ | $-3.63M ▼ |
| Q4-2024 | $8.72M ▲ | $10.3M ▲ | $-3.79M ▲ | -43.46% ▲ | $-0.19 ▲ | $-3.4M ▲ |
| Q3-2024 | $7.45M | $9.58M | $-4.05M | -54.4% | $-0.2 | $-3.74M |
What's going well?
Revenue is growing and losses are shrinking. Gross margins remain high, showing the core product is profitable before overhead.
What's concerning?
Operating expenses are rising much faster than sales, and the company is still losing money. The huge increase in share count means each share is now worth much less, hurting existing shareholders.
Balance Statement
| Period | Cash & Short-term | Total Assets | Total Liabilities | Total Equity |
|---|---|---|---|---|
| Q3-2025 | $137.29M ▲ | $177.76M ▲ | $14.91M ▼ | $162.85M ▲ |
| Q2-2025 | $39.63M ▲ | $77.83M ▲ | $156.03M ▲ | $-78.2M ▼ |
| Q1-2025 | $27.56M ▲ | $57.52M ▲ | $116.84M ▲ | $-59.31M ▼ |
| Q4-2024 | $15.04M ▼ | $43.08M ▼ | $23.3M ▲ | $19.78M ▼ |
| Q4-2023 | $32.81M | $54.29M | $19.56M | $34.74M |
What's financially strong about this company?
The company holds $137 million in liquid assets and has almost no debt. Equity is strongly positive, and liabilities are minimal. The balance sheet quality is top-tier, with most assets in cash or equivalents.
What are the financial risks or weaknesses?
There are no major financial risks visible now, but the big swing from negative to positive equity suggests a major event—investors should check for one-time items or unusual transactions. Inventory is growing, but not at a worrying pace.
Cash Flow Statement
| Period | Net Income | Cash From Operations | Cash From Investing | Cash From Financing | Net Change | Free Cash Flow |
|---|---|---|---|---|---|---|
| Q3-2025 | $-8.73M ▲ | $-8.55M ▼ | $-72.44M ▼ | $108.87M ▲ | $27.88M ▲ | $-11.37M ▼ |
| Q2-2025 | $-19.2M ▼ | $-4.8M ▲ | $7.19M ▲ | $18.29M ▼ | $20.68M ▲ | $-6.26M ▲ |
| Q1-2025 | $-4.66M ▼ | $-6.48M ▼ | $-13.07M ▼ | $19.79M ▲ | $247K ▼ | $-7.32M ▼ |
| Q2-2024 | $-4.17M ▼ | $-2.51M ▲ | $6.42M ▲ | $0 | $3.92M ▲ | $-3.28M ▲ |
| Q1-2024 | $-3.6M | $-3.48M | $-1.01M | $0 | $-4.49M | $-4.78M |
What's strong about this company's cash flow?
The company managed to raise a large amount of cash this quarter, doubling its cash balance. Net losses are shrinking compared to last quarter.
What are the cash flow concerns?
SI is burning more cash from operations and free cash flow is increasingly negative. The business is highly dependent on outside funding and has no shareholder returns.
5-Year Trend Analysis
A comprehensive look at SHOULDER INNOVATIONS, INC.'s financial evolution and strategic trajectory over the past five years.
The company’s main strengths are its rapid revenue growth, high gross margins, and clearly differentiated technology focused on a well-defined clinical problem in shoulder arthroplasty. A deepening ecosystem of implants, software, and instrumentation, supported by patents and clinical data, enhances surgeon engagement and positions SI as an innovation-driven specialist in its niche.
Key risks include persistent and widening losses, significant cash burn, and a balance sheet that is gradually weakening as equity erodes and liquidity ratios fall. Competitive pressure from large orthopedic companies, the need for ongoing R&D and commercial spending, and dependence on a relatively narrow product focus further increase execution and funding risk.
The outlook hinges on SI’s ability to convert its strong clinical and commercial momentum into a sustainable business model. If the company can scale revenue, slow the growth of overhead, and maintain its innovation edge, its position in the shoulder market could strengthen materially; if not, continued cash burn and balance sheet strain may limit its strategic flexibility and pace of growth.
CEO
Alan J. Lane
Compensation Summary
(Year 2021)
Upcoming Earnings
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Ratings Snapshot
Rating : C+
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