Shoulder Innovations, Inc. (SI) Income Statement
SI 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsSI revenue and net income
Where SI's revenue goes
2025Each bar shows an amount and its share of revenue. SI kept −85.3% of revenue as net income.
SI profit margins
SI growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +49.6% | — | — | — |
| Gross profit | +48.7% | — | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
SI quarterly EPS vs estimates
Shoulder Innovations beat the analyst EPS estimate in 2 of the last 5 quarters. Next report: November 10, 2026 (estimate $-0.49).
SI income statement
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Revenue | $47.3M | $31.6M | $19.3M |
| Cost of revenue | $11.1M | $7.3M | $4.0M |
| Gross profit | $36.2M | $24.3M | $15.3M |
| Research & development | $7.7M | $4.5M | $3.0M |
| Sales, general & admin | $54.8M | $34.5M | $23.1M |
| Total operating expenses | $62.5M | $39.0M | $26.1M |
| Operating income | −$26.3M | −$14.7M | −$10.9M |
| Interest expense | $70,000 | $1.3M | $761,000 |
| Income before taxes | −$40.4M | −$15.6M | −$12.7M |
| Net income | −$40.4M | −$15.6M | −$12.7M |
| EBITDA | −$37.1M | −$12.1M | −$10.3M |
| EPS (diluted) | −$1.96 | −$0.78 | −$0.64 |
| Gross margin | 76.5% | 77.0% | 79.2% |
| Operating margin | −55.6% | −46.3% | −56.4% |
| Net margin | −85.3% | −49.4% | −65.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $17.2M | $16.7M | $14.4M | $11.8M | $11.0M | $10.1M | $8.7M | $7.5M | $8.3M | $7.2M | $6.8M | $4.4M |
| Cost of revenue | $3.7M | $3.7M | $3.4M | $2.8M | $3.3M | $3.0M | $2.0M | $1.8M | $1.9M | $1.7M | $1.4M | $920,000 |
| Gross profit | $13.4M | $13.0M | $11.1M | $9.0M | $7.7M | $7.1M | $6.8M | $5.7M | $6.4M | $5.5M | $5.4M | $3.5M |
| Research & development | $3.4M | $3.8M | $3.2M | $1.5M | $1.4M | $1.6M | $1.2M | $1.1M | $1.2M | $1.1M | $794,000 | $856,000 |
| Sales, general & admin | $20.1M | $18.2M | $16.3M | $15.1M | $12.8M | — | — | — | — | — | — | — |
| Total operating expenses | $23.5M | $22.0M | $19.6M | $16.6M | $13.5M | $11.4M | $10.3M | $9.6M | $10.3M | $8.8M | $7.8M | $7.1M |
| Operating income | −$10.0M | −$9.0M | −$8.5M | −$7.6M | −$5.9M | −$4.3M | −$3.5M | −$3.9M | −$4.0M | −$3.3M | −$2.4M | −$3.6M |
| Interest income | $673,000 | $436,000 | — | — | — | — | — | — | — | — | — | — |
| Interest expense | — | $436,000 | $591,000 | $78,000 | $216,000 | $367,000 | $391,000 | $315,000 | $292,000 | $317,000 | $565,000 | $77,000 |
| Income before taxes | −$10.2M | −$8.4M | −$7.8M | −$8.7M | −$19.2M | −$4.7M | −$3.8M | −$4.1M | −$4.2M | −$3.6M | −$2.5M | −$3.8M |
| Net income | −$10.2M | −$8.4M | −$7.8M | −$8.7M | −$19.2M | −$4.7M | −$3.8M | −$4.1M | −$4.2M | −$3.6M | −$2.5M | −$3.8M |
| EBITDA | −$9.0M | −$7.7M | −$7.4M | −$7.8M | −$18.3M | −$3.6M | −$3.4M | −$3.7M | −$3.4M | −$2.8M | −$2.0M | −$3.7M |
| EPS (diluted) | −$0.46 | −$0.41 | −$0.38 | −$0.64 | −$0.94 | — | — | — | — | — | — | — |
| Gross margin | 78.3% | 77.7% | 76.7% | 76.2% | 69.7% | 70.3% | 77.6% | 76.5% | 76.9% | 76.8% | 79.5% | 79.2% |
| Operating margin | −58.4% | −53.7% | −59.0% | −65.0% | −53.2% | −42.4% | −40.5% | −52.1% | −48.2% | −45.3% | −35.2% | −81.2% |
| Net margin | −59.1% | −50.1% | −53.9% | −74.3% | −174.3% | −46.0% | −43.5% | −54.4% | −50.5% | −50.1% | −37.0% | −84.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in SI's financial statements (latest annual report filed March 10, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
SI financial results
In fiscal year 2025 (ended December 31, 2025), Shoulder Innovations reported revenue of $47.3 million, up 49.6% from the year before. It had a net loss of $40.4 million, a net profit margin of −85.3%. Diluted earnings per share came to −$1.96.
See the SI stock overview for the latest quote and news, or the SI chart for price history and technical indicators.
SI income statement FAQ
What is Shoulder Innovations's annual revenue?
Shoulder Innovations reported total revenue of $47.3 million for fiscal year 2025, which ended on December 31, 2025. That was up 49.6% from $31.6 million the previous year.
Is Shoulder Innovations profitable?
No. Shoulder Innovations reported a net loss of $40.4 million in fiscal 2025, a net profit margin of −85.3%; its operating margin was −55.6%.
What is Shoulder Innovations's gross margin?
Shoulder Innovations's gross margin was 76.5% in fiscal 2025: for every $100 of revenue, Shoulder Innovations kept $77 after the direct cost of its products and services.
How much does Shoulder Innovations spend on research and development?
Shoulder Innovations spent $7.7 million on research and development in fiscal 2025, 16.3% of revenue.
What are Shoulder Innovations's earnings per share?
Shoulder Innovations earned $-1.96 per diluted share in fiscal 2025, compared with $-0.78 a year earlier.
When will Shoulder Innovations report its next earnings?
Shoulder Innovations is expected to report results for the quarter ending September 30, 2026 on November 10, 2026.
When does Shoulder Innovations's fiscal year end?
Shoulder Innovations's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 10, 2026.