Every 10-Q that Shoulder Innovations, Inc. (SI) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow SI and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full SI filings page.
Shoulder Innovations, Inc. reported strong top-line growth for the quarter ended June 30, 2026. Net revenue reached $17,175 thousand, up 56.0% from a year earlier, driven by higher procedure volumes; implant systems sold increased to 2,238 from 1,503. Gross margin improved to 78.3%, reflecting scale benefits and pricing.
Operating loss widened to $10,036 thousand as selling, general and administrative expenses increased 56.3% and research and development 141.2%, supporting commercial expansion and a robotics platform partnership. However, net loss narrowed to $10,153 thousand from $19,196 thousand, mainly because prior-year results included an $11,719 thousand non-cash Series E purchase option fair value charge. Adjusted EBITDA loss improved to $8,023 thousand from $18,073 thousand.
For the first half of 2026, net revenue grew 60.2% to $33,883 thousand, with gross margin of 78.0%. The company ended June with $98,993 thousand in cash, cash equivalents and marketable securities and a new $15,000 thousand term loan plus a $30,000 thousand undrawn revolving credit facility with Stifel Bank.
Shoulder Innovations reported strong top-line growth for the quarter ended March 31, 2026. Net revenue rose to $16.7 million, up 64.9% from $10.1 million a year earlier, driven by more implant systems sold and a higher average selling price, while gross margin improved slightly to 77.7%.
Higher spending to scale the business widened the net loss to $8.4 million from $4.7 million, and Adjusted EBITDA was $(7.0) million. The company ended the quarter with $108.5 million in cash, cash equivalents and marketable securities and $15.0 million of term debt, after using $12.4 million of cash in operating activities. Management highlighted rapid procedure growth, ongoing product and robotics development, an active patent dispute with Catalyst Orthoscience, and a new headquarters lease to support future expansion.
Shoulder Innovations, Inc. reported third‑quarter results, highlighting rapid growth and strengthened liquidity following its IPO. Net revenue reached $11.8 million for the quarter, up 57.7% from a year ago, as more implant systems were sold. Gross profit was $9.0 million with a 76.2% gross margin. The company posted a net loss of $8.7 million, reflecting higher commercial, legal, and public‑company costs.
The balance sheet expanded after the IPO. As of September 30, 2025, cash and cash equivalents were $54.9 million and marketable securities were $82.4 million. Total liabilities were $29.9 million, including long‑term debt of $14.8 million, and stockholders’ equity was $147.8 million. Operating cash outflow for the nine months was $19.8 million, offset by $147.0 million provided by financing activities.
On August 1, 2025, the company closed its IPO, issuing 5,000,000 shares at $15.00 per share for approximately $64.2 million in net proceeds. Immediately before closing, all preferred shares and $40.0 million of convertible notes converted into common stock, simplifying the capital structure and increasing the public float.
Shoulder Innovations, Inc. is a commercial-stage medical device company focused on shoulder arthroplasty. The company completed a Series E preferred financing in 2025 with gross commitments of $40,130 thousand and recognized a $11,719 thousand change in fair value related to the Series E purchase option for the six months ended June 30, 2025. It completed an IPO on August 1, 2025, selling 5,000,000 shares at $15.00 and receiving approximately $64,800 thousand net proceeds. As of June 30, 2025, cash, cash equivalents and marketable securities totaled $39,635 thousand. The company had an accumulated deficit of $80,899 thousand and expects continued losses while scaling commercialization, R&D and regulatory efforts. It amended a loan facility and remains in compliance with covenants. The filing discloses litigation, product liability and regulatory risks and a 1-for-19.08 reverse stock split in July 2025.