NYSE : SI
Shoulder Innovations, Inc. — Financial statements
Healthcare · Medical - Specialties · United States
Last price 20.05 USD (Oct 30, 2026, 11:50 AM EDT) · Market cap 417.42M
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Shoulder Innovations, Inc. (SI) reported revenue of 60.05M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Revenue | 60.05M | 47.32M | 31.62M | 19.27M |
| Cost of Revenue | 13.61M | 11.12M | 7.28M | 4.00M |
| Gross Profit | 46.45M | 36.20M | 24.34M | 15.27M |
| Selling, General & Admin | 69.71M | 54.77M | 34.51M | 23.11M |
| Research & Development | 11.89M | 7.73M | 4.49M | 3.02M |
| Operating Expenses | 81.60M | 62.50M | 38.99M | 26.13M |
| Operating Income | -35.15M | -26.30M | -14.65M | -10.86M |
| Interest Expense | -70.00K | -1.32M | -761.00K | |
| Other Non Operating Income (Expenses) | 900.00K | -12.18M | -132.00K | 97.00K |
| EBT Excluding Unusual Items | -32.63M | -38.55M | -16.10M | -11.53M |
| Gain (Loss) on Sale of Investments | 404.00K | 404.00K | 482.00K | |
| Other Unusual Items | -2.81M | -2.22M | -1.13M | |
| Pretax Income | -35.03M | -40.36M | -15.62M | -12.65M |
| Net Income | -35.03M | -40.36M | -15.62M | -12.65M |
| Net Income to Common | -35.03M | -40.36M | -15.62M | -12.65M |
| Shares Outstanding (Basic) | 18.97M | 8.67M | 64.53K | 57.35K |
| Shares Outstanding (Diluted) | 18.97M | 8.67M | 64.53K | 57.35K |
| EPS (Basic) | -1.85 | -4.65 | -242.04 | -220.65 |
| EPS (Diluted) | -1.85 | -4.65 | -242.04 | -220.65 |
| Free Cash Flow | -47.08M | -36.02M | -18.16M | -15.89M |
| Free Cash Flow Per Share | -2.48 | -4.15 | -281.39 | -277.09 |
| Gross Margin | 77.34% | 76.51% | 76.97% | 79.23% |
| Operating Margin | -58.54% | -55.58% | -46.34% | -56.37% |
| Profit Margin | -58.34% | -85.30% | -49.39% | -65.66% |
| Free Cash Flow Margin | -78.39% | -76.12% | -57.42% | -82.45% |
| EBITDA | -31.32M | -23.39M | -12.76M | -9.52M |
| EBITDA Margin | -52.14% | -49.43% | -40.34% | -49.41% |
| D&A For EBITDA | 3.84M | 2.91M | 1.90M | 1.34M |
| EBIT | -35.15M | -26.30M | -14.65M | -10.86M |
| EBIT Margin | -58.54% | -55.58% | -46.34% | -56.37% |
| Advertising Expenses | 1.18M | 865.00K | 594.00K |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Cash & Equivalents | 24.46M | 26.87M | 6.12M | 6.24M |
| Short-Term Investments | 74.53M | 97.43M | 8.92M | 26.58M |
| Cash & Short-Term Investments | 98.99M | 124.31M | 15.04M | 32.81M |
| Receivables | 10.87M | 8.27M | 5.12M | 4.69M |
| Inventory | 22.92M | 21.59M | 13.96M | 9.92M |
| Prepaid Expenses | 2.33M | 1.52M | 431.00K | 419.00K |
| Other Current Assets | 2.29M | 1.48M | 573.00K | |
| Total Current Assets | 137.41M | 157.16M | 35.12M | 47.85M |
| Property, Plant & Equipment | 14.57M | 12.64M | 7.55M | 5.75M |
| Other Intangible Assets | 100.00K | 400.00K | 700.00K | |
| Total Assets | 152.01M | 169.91M | 43.08M | 54.29M |
| Accounts Payable | 5.93M | 7.65M | 4.05M | 1.27M |
| Accrued Expenses | 6.86M | 4.84M | 2.97M | 2.60M |
| Current Portion of Leases | 37.00K | 62.00K | 47.00K | 43.00K |
| Other Current Liabilities | 1.64M | 583.00K | 363.00K | |
| Total Current Liabilities | 12.83M | 14.20M | 7.65M | 4.28M |
| Long-Term Debt | 14.81M | 14.91M | 14.66M | 14.35M |
| Long-Term Leases | 34.00K | 51.00K | 25.00K | 71.00K |
| Total Liabilities | 27.68M | 29.16M | 22.33M | 18.70M |
| Common Stock | 21.00K | 21.00K | 1.00K | 1.00K |
| Additional Paid-In Capital | 240.34M | 238.01M | 2.15M | 1.33M |
| Retained Earnings | -115.93M | -97.40M | -57.04M | -41.42M |
| Comprehensive Income & Other | -104.00K | 117.00K | 197.00K | 356.00K |
| Total Common Equity | 124.33M | 140.75M | -54.70M | -39.74M |
| Shareholders' Equity | 124.33M | 140.75M | 20.75M | 35.59M |
| Total Liabilities & Equity | 152.01M | 169.91M | 43.08M | 54.29M |
| Total Debt | 14.88M | 15.02M | 14.73M | 14.46M |
| Net Cash (Debt) | 84.11M | 109.28M | 314.00K | 18.35M |
| Net Cash Per Share | 4.43 | 12.60 | 4.87 | 319.91 |
| Filing Date Shares Outstanding | 20.82M | 20.65M | 83.88K | 57.35K |
| Total Common Shares Outstanding | 20.82M | 20.62M | 83.88K | 57.35K |
| Working Capital | 124.58M | 142.97M | 27.48M | 43.56M |
| Book Value Per Share | 5.97 | 6.82 | -652.05 | -692.84 |
| Tangible Book Value | 124.33M | 140.65M | -55.09M | -40.44M |
| Tangible Book Value Per Share | 5.97 | 6.82 | -656.82 | -705.04 |
| Machinery | 19.24M | 11.58M | 8.17M | |
| Leasehold Improvements | 167.00K | 150.00K | 146.00K |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Net Income | -35.03M | -40.36M | -15.62M | -12.65M |
| Depreciation & Amortization | 3.84M | 2.91M | 1.90M | 1.34M |
| Other Amortization | 477.00K | 553.00K | 607.00K | 549.00K |
| Loss (Gain) From Sale of Assets | 100.00K | 100.00K | 44.00K | 129.00K |
| Loss (Gain) From Sale of Investments | -157.00K | -404.00K | -482.00K | |
| Stock-Based Compensation | 2.49M | 996.00K | 754.00K | 451.00K |
| Provision & Write-off of Bad Debts | 153.00K | 153.00K | 146.00K | 67.00K |
| Other Operating Activities | 1.84M | 14.19M | -452.00K | 1.74M |
| Change in Accounts Receivable | -4.34M | -3.30M | -575.00K | -2.69M |
| Change in Inventory | -5.84M | -7.64M | -4.03M | -2.41M |
| Change in Accounts Payable | 165.00K | 3.37M | 3.12M | -737.00K |
| Change in Other Net Operating Assets | -782.00K | 815.00K | 446.00K | 1.08M |
| Operating Cash Flow | -37.09M | -28.61M | -14.14M | -13.14M |
| Capital Expenditures | -9.99M | -7.41M | -4.01M | -2.75M |
| Investment in Securities | -62.41M | -88.19M | 17.98M | -26.23M |
| Investing Cash Flow | -72.40M | -95.60M | 13.96M | -28.97M |
| Long-Term Debt Issued | 39.86M | 15.00M | ||
| Long-Term Debt Repaid | -5.00M | |||
| Net Debt Issued (Repaid) | 39.86M | 39.86M | 10.00M | |
| Issuance of Common Stock | 65.50M | 65.13M | 66.00K | |
| Other Financing Activities | 1.48M | -149.00K | ||
| Financing Cash Flow | 106.89M | 144.96M | 66.00K | 44.73M |
| Net Cash Flow | -2.59M | 20.75M | -113.00K | 2.61M |
| Free Cash Flow | -47.08M | -36.02M | -18.16M | -15.89M |
| Free Cash Flow Margin | -78.39% | -76.12% | -57.42% | -82.45% |
| Free Cash Flow Per Share | -2.48 | -4.15 | -281.39 | -277.09 |
| Levered Free Cash Flow | -33.91M | -25.68M | -12.42M | |
| Unlevered Free Cash Flow | -34.14M | -25.89M | -11.91M | |
| Cash Interest Paid | 2.08M | 1.69M | 1.78M | 901.00K |
| Change in Working Capital | -10.79M | -6.75M | -1.04M | -4.76M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Market Capitalization | 399.93M | 294.60M | ||
| Enterprise Value | 315.82M | 172.30M | ||
| Last Close Price | 19.13 | 14.30 | ||
| PS Ratio | 6.66 | 6.23 | ||
| PB Ratio | 3.20 | 2.09 | ||
| P/TBV Ratio | 3.22 | 2.10 | ||
| EV/Sales Ratio | 5.26 | 3.64 | ||
| Debt / Equity Ratio | 0.12 | 0.11 | 0.71 | 0.41 |
| Net Debt / Equity Ratio | -0.68 | -0.78 | -0.01 | -0.52 |
| Net Debt / EBITDA Ratio | 2.69 | 4.67 | 0.03 | 1.93 |
| Net Debt / FCF Ratio | 1.79 | 3.03 | 0.02 | 1.16 |
| Asset Turnover | 0.52 | 0.44 | 0.65 | |
| Inventory Turnover | 0.68 | 0.62 | 0.61 | |
| Quick Ratio | 8.56 | 9.34 | 2.64 | 8.76 |
| Current Ratio | 10.71 | 11.07 | 4.59 | 11.17 |
| Return on Equity (ROE) | -40.09% | -49.98% | -55.45% | |
| Return on Assets (ROA) | -19.12% | -15.43% | -18.81% | |
| Return on Capital Employed (ROCE) | -25.30% | -16.90% | -41.40% | -21.70% |
| Earnings Yield | -9.61% | -13.70% | ||
| FCF Yield | -11.77% | -12.23% | ||
| Buyback Yield / Dilution | -21,643.28% | -13,340.49% | -12.51% |