SHOULDER INNOVATIONS, INC. SI
We are a commercial-stage medical technology company exclusively focused on transforming the shoulder surgical care market. We currently offer advanced implant systems for shoulder arthroplasty. These systems are a core element of our ecosystem, which we designed to improve core components of shoulder surgical care – preoperative planning, implant design and procedural efficiency – to benefit each stakeholder in the care chain. Our ecosystem is also comprised of enabling technologies, efficient instrument systems, specialized support and surgeon-to-surgeon collaboration. Together, these elements seek to address the long-standing clinical and operational challenges in the shoulder surgical care market by delivering predictable outcomes, procedural simplicity, and efficiency across all sites of care. We believe our exclusive focus on shoulder surgical care, combined with a highly specialized commercial organization and strong clinical data, positions us well to capture significant share in this large, growing market.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Revenue | $47.3M | $31.6M | — |
| Cost of revenue | $11.1M | $7.3M | — |
| Gross profit | $36.2M | $24.3M | — |
| R&D | $7.7M | $4.5M | — |
| SG&A | $54.8M | $34.5M | — |
| Operating income | -$26.3M | -$14.7M | — |
| Interest expense | $70.0K | $1.3M | — |
| Pre-tax income | -$40.4M | -$15.6M | — |
| Income tax | $0 | $0 | — |
| Net income | -$40.4M | -$15.6M | — |
| EPS, basic | -4.65 | -242.04 | — |
| EPS, diluted | -4.65 | -242.04 | — |
| Shares, diluted (wtd. avg.) | $8.7M | $64.5K | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Cash and equivalents | $26.9M | $6.1M | $6.2M |
| Short-term investments | $97.4M | $8.9M | — |
| Receivables | $8.3M | $5.1M | — |
| Inventory | $21.6M | $14.0M | — |
| Total current assets | $157.2M | $35.1M | — |
| Property, plant and equipment | $12.5M | $7.5M | — |
| Other intangibles | $100.0K | $400.0K | — |
| Total assets | $169.9M | $43.1M | — |
| Accounts payable | $8.9M | $4.9M | — |
| Total current liabilities | $14.2M | $7.6M | — |
| Long-term debt | $14.9M | $14.7M | — |
| Total liabilities | $29.2M | $23.3M | — |
| Retained earnings | -$97.4M | -$57.0M | — |
| Total equity | $140.8M | -$54.7M | -$39.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Operating cash flow | -$28.6M | -$14.1M | — |
| Depreciation and amortisation | $2.9M | $1.9M | — |
| Stock-based compensation | $996.0K | $754.0K | — |
| Capital expenditure | $7.4M | $4.0M | — |
| Investing cash flow | -$95.6M | $14.0M | — |
| Financing cash flow | $145.0M | $66.0K | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001699350-26-000011.
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