Shoulder Innovations, Inc.(SI)Earnings, Financials & Key Ratios

SI•NYSE

$21.35

Price updated Jul 7, 2026

SectorHealthcare IndustryMedical Specialties Sub-IndustryOrthopedic joint replacement implants

AboutShoulder 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.Show more

Revenue$47M+49.6%
EBITDA-$26M-111.1%
Net Income-$40M-158.4%
EPS (Diluted)-0.52+32.5%
Gross Margin76.51%-0.6%
EBITDA Margin-55.58%-41.1%
Operating Margin-55.58%-19.9%
Net Margin-85.29%-72.7%
ROE-80.52%

SI Price & Volume

Shoulder Innovations, Inc. (SI) stock price & volume — 10-year historical chart

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Rapid Revenue Expansion Masks Critical Liquidity Constraints

Investment Thesis • Updated 2026Q1

VerdictNegative

Growth:Accelerating

Profitability:Negative

Financial:Vulnerable

Cash Flow:Burning

Primary Risk:Liquidity depletion risk

Key Thesis Takeaways

Shoulder Innovations is successfully capturing market share with its InSet technology, evidenced by a 64.9% year-over-year revenue growth in 2026Q1.
However, the company's aggressive commercialization strategy has resulted in a -53.7% operating margin and a rapid depletion of cash reserves, which fell from $54.9M in 2025Q3 to $11.5M in 2026Q1.
Investors should monitor the sustainability of this growth model, as the current capital intensity and high cash burn rate may necessitate dilutive financing to maintain operations.

Verdict Logic

the company's rapid cash burn, which reduced the cash position by nearly 80% over two quarters to $11.5M, suggests an unsustainable trajectory without immediate capital intervention.

SI Growth Metrics

Shoulder Innovations, Inc. (SI) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-

5 Years-

3 Years-

TTM-

Profit CAGR

10 Years-

5 Years-

3 Years-

TTM-

EPS CAGR

10 Years-

5 Years-

3 Years-

TTM-

Return on Capital

10 Years-26.9%

5 Years-26.9%

3 Years-26.9%

Last Year-24.68%

SI Recent Earnings

Shoulder Innovations, Inc. (SI) EPS & revenue vs analyst estimates — last 4 quarters

Full history →

●Beat EPS 2/12 qtrs (50%)●Beat Revenue 3/12 qtrs (75%)

Q2 2026Latest

May 13, 2026

Metric

Actual

Est

EPS

$0.41+6.8%

$0.44

Rev

$17M+14.9%

$15M

Q2 2026

Mar 10, 2026

Metric

Actual

Est

EPS

$0.38+9.5%

$0.42

Rev

$14M+12.7%

$13M

Q4 2025

Nov 11, 2025

Metric

Actual

Est

EPS

$0.48-53.1%

$0.31

Rev

$12M-8.1%

$13M

Q4 2025

Sep 9, 2025

Metric

Actual

Est

EPS

$0.64-10131.7%

$0.01

Rev

$11M+0.1%

$11M

Quarter	Date	EPS (Act vs Est)	Revenue (Act vs Est)
Q2 2026Latest	May 13, 2026	$0.41vs $0.44+6.8%	$17Mvs $15M+14.9%
Q2 2026	Mar 10, 2026	$0.38vs $0.42+9.5%	$14Mvs $13M+12.7%
Q4 2025	Nov 11, 2025	$0.48vs $0.31-53.1%	$12Mvs $13M-8.1%
Q4 2025	Sep 9, 2025	$0.64vs $0.01-10131.7%	$11Mvs $11M+0.1%

Based on last 12 quarters of dataView full earnings history →

Latest SI News

Recent stock market news and headlines for Shoulder Innovations, Inc. (SI)

PRNewsWire·Jun 29, 2026

Shoulder Innovations Announces Closing of up to $50 Million Credit Facility

Refinancing Existing Debt with Significantly Improved Terms Provides Additional Undrawn Working Capital Capacity GRAND RAPIDS, Mich., June 29, 2026 /PRNewswire/ -- Shoulder Innovations, Inc. (Shoulder Innovations, or the Company) (NYSE: SI), a commercial-stage medical technology company exclusively focused on transforming the shoulder surgical care market, today announced the closing of two new credit facilities for an aggregate amount of up to $50 million with Stifel Venture Banking.

Peers Comparison

Key metrics vs top competitors for Shoulder Innovations, Inc. (SI)

Full Screener →

Company	Price	Market Cap	P/E Ratio	Rev Growth (1Y)	Net Margin	ROE	Div Yield
SIShoulder Innovations, Inc.Current	$21.35	$440.94M	-41.06	49.63%	-85.29%	-80.52%	—
GMEDGlobus Medical, Inc.	$78.83	$10.63B	20.11	16.65%	18.92%	13.04%	—
ATECAlphatec Holdings, Inc.	$9.38	$1.42B	-9.77	24.95%	-21.07%	-443.09%	—
XTNTXtant Medical Holdings, Inc.	$0.42	$58.84M	13.98	14.21%	1.5%	3.68%	—
NVCRNovoCure Limited	$17.72	$2.02B	-14.52	8.28%	-25.66%	-50.82%	—
ZBHZimmer Biomet Holdings, Inc.	$89.41	$17.51B	25.19	7.2%	9.05%	5.77%	—

Compare SI vs Peers

Shoulder Innovations, Inc. (SI) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs GMED

Most directly comparable listed peer for SI.

Scale Benchmark

vs JNJ

Larger-name benchmark to compare SI against a more recognizable public peer.

Peer Set

Compare Top 5

vs GMED, ATEC, XTNT, NVCR

SI SEC Filings & Documents

Shoulder Innovations, Inc. (SI) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

Material company update

May 13, 2026·SEC

Material company update

Apr 27, 2026·SEC

Material company update

Apr 14, 2026·SEC

10-K Annual Reports

FY 2026

Mar 10, 2026·SEC

10-Q Quarterly Reports

FY 2026

May 13, 2026·SEC

FY 2025

Nov 12, 2025·SEC

FY 2025

Sep 9, 2025·SEC

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SI Frequently Asked Questions

Shoulder Innovations, Inc. (SI) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

What is Shoulder Innovations, Inc.'s revenue?

Shoulder Innovations, Inc. (SI) reported $53.9M in revenue for fiscal year 2025. This represents a 180% increase from $19.3M in 2023.

How fast is Shoulder Innovations, Inc. growing?

Shoulder Innovations, Inc. (SI) grew revenue by 49.6% over the past year. This is strong growth.

Is SI profitable?

Shoulder Innovations, Inc. (SI) reported a net loss of $44.1M for fiscal year 2025.

Dividend & Returns

What is SI's return on equity?

Shoulder Innovations, Inc. (SI) has a return on equity (ROE) of -80.5%. Negative ROE indicates the company is unprofitable.

What is Shoulder Innovations, Inc.'s free cash flow?

Shoulder Innovations, Inc. (SI) had negative free cash flow of $43.8M in fiscal year 2025, likely due to heavy capital investments.

What if you invested $1,000 in SI back in 2023?

Total return calculator · dividends reinvested · 3+ years of data

See returns →

Quarter

Date

EPS (Act vs Est)

Revenue (Act vs Est)

Q2 2026Latest

May 13, 2026

$0.41vs $0.44+6.8%

$17Mvs $15M+14.9%

Q2 2026

Mar 10, 2026

$0.38vs $0.42+9.5%

$14Mvs $13M+12.7%

Q4 2025

Nov 11, 2025

$0.48vs $0.31-53.1%

$12Mvs $13M-8.1%

Q4 2025

Sep 9, 2025

$0.64vs $0.01-10131.7%

$11Mvs $11M+0.1%

Company

Price

Market Cap

P/E Ratio

Rev Growth (1Y)

Net Margin

ROE

Div Yield

SIShoulder Innovations, Inc.Current

$21.35

$440.94M

-41.06

49.63%

-85.29%

-80.52%

—

GMEDGlobus Medical, Inc.

$78.83

$10.63B

20.11

16.65%

18.92%

13.04%

—

ATECAlphatec Holdings, Inc.

$9.38

$1.42B

-9.77

24.95%

-21.07%

-443.09%

—

XTNTXtant Medical Holdings, Inc.

$0.42

$58.84M

13.98

14.21%

1.5%

3.68%

—

NVCRNovoCure Limited

$17.72

$2.02B

-14.52

8.28%

-25.66%

-50.82%

—

ZBHZimmer Biomet Holdings, Inc.

$89.41

$17.51B

25.19

7.2%

9.05%

5.77%

—