Shoulder Innovations, Inc. (SI)
Shoulder Innovations, Inc. brought in $64.5M of revenue over the twelve months to September 30, 2026. It posted a net loss of $33.4M. In fiscal 2025 capital spending exceeded operating cash flow by $36M. At September 30, 2026 it held $36.4M in cash against $14.8M of debt. Its latest periodic report to the SEC is the quarterly report (10-Q) filed on November 5, 2026.
Key facts about Shoulder Innovations, Inc.
- Net worth
- Shoulder Innovations, Inc. has a market value (market cap) of $456.6M at the latest share price, and shareholders' equity of $118.4M on its balance sheet at September 30, 2026. A company's "net worth" usually means one of these: what the market pays for all its shares, or its assets minus its liabilities.
- Revenue and profit
- In fiscal 2025 revenue was $47.3M (+49.6% year on year), with a net loss of $40.4M. Over the 12 months to September 30, 2026: revenue $64.5M, net loss $33.4M.
- Cash flow
- In fiscal 2025 operations used $28.6M of cash.
- Latest report
- The latest periodic report (quarterly report, 10-Q) was filed with the SEC on November 5, 2026 and covers the period to September 30, 2026. Open on SEC EDGAR
- Next earnings report
- Shoulder Innovations, Inc.'s next report is expected around March 9, 2027. That is an estimate from its filing rhythm, not a date the company has announced.
What Shoulder Innovations, Inc. does
Shoulder Innovations, Inc. is registered with the SEC under industry code SIC 3841 (Surgical & Medical Instruments & Apparatus). Its shares trade on NYSE under the ticker SI.
Revenue and profit by year
Key figures
| Fiscal year | Revenue | Net income | Diluted EPS | Free cash flow |
|---|---|---|---|---|
| 2025 | $47.3M | -$40.4M | -$4.65 | -$36M |
| 2025 | $31.6M | -$15.6M | -$242.04 | -$18.2M |
Earnings: every quarter and the next report date
Full financial statements: income, balance sheet and cash flow
Where SI ranks in Health care
Latest SEC filings
What Shoulder Innovations, Inc. has filed recently, newest first. Each links to the original document on SEC EDGAR.
- November 5, 2026Quarterly report 10-Q · period to September 30, 2026Revenue rose 38% to $16.2M versus the same quarter last year; diluted EPS -$0.34 versus -$0.64.
- November 5, 2026
- October 8, 2026
- August 10, 2026
- August 7, 2026Activist stake changed SCHEDULE 13D/A
- August 7, 2026
- August 6, 2026Quarterly report 10-Q · period to June 30, 2026Revenue rose 56% to $17.2M versus the same quarter last year; diluted EPS -$0.49 versus -$165.53.
- August 6, 2026
- August 6, 2026Passive stake changed SCHEDULE 13G/A
- June 29, 2026
Insider trades
What the people running Shoulder Innovations, Inc. did with its shares, from the Form 4 filings they must send the SEC within two business days.
Insiders sold $1.2M worth of shares in the last 90 days and bought none on the open market. 37% of the selling was pre-planned under Rule 10b5-1 trading plans.
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| October 30, 2026 | Ball Robert JosephCEO & Executive Chairman, Director | Exercised options | 66,757 | $165.6K |
| October 30, 2026 | Ball Robert JosephCEO & Executive Chairman, Director | Shares withheld for tax | 29,639 | $605.8K |
| October 5, 2026 | Buckman PaulDirector | Received as pay | 1,275 | $25K |
| October 5, 2026 | Tansey Casey MDirector, 10% owner | Received as pay | 733 | $14.4K |
| October 5, 2026 | Hykes AndrewDirector | Received as pay | 669 | $13.1K |
| October 5, 2026 | Sidow Kevin K.Director | Received as pay | 892 | $17.5K |
| September 14, 2026 | Ball Robert JosephCEO & Executive Chairman, Director | Exercised options | 89,233 | $187.3K |
| September 14, 2026 | Ball Robert JosephCEO & Executive Chairman, Director | Sold | 10,175 | $187.7K |
Who owns SI
Three views from three kinds of SEC filings, each with its own date. They overlap and are not added up.
5% holders
| Holder | Of class | Filed |
|---|---|---|
| Fmr LLC13G, passive with 1 related filers | 17.7% | August 6, 2026 |
| Casey M. Tansey13G, passive with 2 related filers | 13.3% | November 14, 2025 |
| Gilde Healthcare Holding B.V.13D, may seek influence with 4 related filers | 10.7% | August 7, 2026 |
| LSV Associates II, LLC13G, passive with 5 related filers | 9.3% | November 14, 2025 |
| Arboretum Ventures VI, L.P.13G, passive with 4 related filers | 5.8% | August 8, 2025 |
Largest institutional holders
Positions that investment managers reported on Form 13F for the quarter ended June 30, 2026, largest first, with the change on the quarter ended March 31, 2026. Managers file 13F up to 45 days after a quarter ends. 72 managers reported a position.
| Holder | Shares | Change on quarter |
|---|---|---|
| Fmr LLC | 3,673,960 | -110,592 |
| BlackRock, Inc. | 638,420 | +82,368 |
| Sectoral Asset Management Inc | 430,407 | 0 |
| Vanguard Capital Management LLC | 392,181 | -21,299 |
| KCM Capital Inc | 300,000 | +265,000 |
| TimesSquare Capital Management, LLC | 298,219 | -24,545 |
| Roubaix Capital, LLC | 255,288 | -1,833 |
| Driehaus Capital Management LLC | 253,760 | new |
| Parkman Healthcare Partners LLC | 226,212 | new |
| Geode Capital Management, LLC | 199,529 | +15,850 |
| CM Management, LLC | 145,000 | +45,000 |
| Jpmorgan Chase & Co | 124,437 | -6,274 |
| Morgan Stanley | 117,265 | -40,313 |
| State Street Corp | 114,859 | +21,614 |
| HighTower Advisors, LLC | 102,640 | new |
| Jane Street Group, LLC | 86,307 | new |
| Walleye Capital LLC | 86,155 | +972 |
| Schonfeld Strategic Advisors LLC | 77,737 | new |
| Northern Trust Corp | 71,291 | +7,224 |
| Vanguard Portfolio Management LLC | 70,335 | +9,338 |
Insiders
10 insiders reported holding 3,228,757 shares in total, about $70.8M at the last price.
| Holder | Shares |
|---|---|
| Gilde Healthcare Holding B.V.10% owner | 2,185,9142,185,914 held indirectly |
| Ball Robert JosephCEO & Executive Chairman, Director | 417,942 |
| Ahearn Matthew FraserChief Operating Officer, Director | 244,176 |
| Blue David LawrenceSee Remarks | 139,372 |
| Points Jeffrey S.Chief Financial Officer | 70,785 |
| Buckman PaulDirector | 65,025 |
| Tansey Casey MDirector, 10% owner | 53,445 |
| Sidow Kevin K.Director | 25,948 |
| Buchholz RichardDirector | 18,712 |
| Hykes AndrewDirector | 7,438 |
Questions about SI
What does Shoulder Innovations, Inc. do?
Shoulder Innovations, Inc. is a company in the Health care sector, listed on NYSE as SI. Its shares trade on NYSE under the ticker SI.
What is Shoulder Innovations, Inc.'s net worth?
Shoulder Innovations, Inc. has a market value (market cap) of $456.6M at the latest share price, and shareholders' equity of $118.4M on its balance sheet at September 30, 2026. A company's "net worth" usually means one of these: what the market pays for all its shares, or its assets minus its liabilities.
Is Shoulder Innovations, Inc. profitable?
No. Over the twelve months to September 30, 2026 it reported a net loss of $33.4M on revenue of $64.5M.
How much revenue does Shoulder Innovations, Inc. make?
Over the twelve months to September 30, 2026 Shoulder Innovations, Inc. reported revenue of $64.5M.
When did Shoulder Innovations, Inc. last report?
Its most recent periodic report is the quarterly report (10-Q) filed on November 5, 2026. It covers the period to September 30, 2026.
When is Shoulder Innovations, Inc.'s next earnings report?
Shoulder Innovations, Inc.'s next report is expected around March 9, 2027. That is an estimate from its filing rhythm, not a date the company has announced.
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Where the numbers come from
Financial figures are the values Shoulder Innovations, Inc. tagged in its own SEC filings (XBRL), taken from the latest filing for each period, so restatements replace older figures. Revenue, profit and cash flow are for full fiscal years unless marked as the last twelve months, which is the sum of the four most recent quarters. Where a company reports only the full year, the fourth quarter is the year minus the first three.
Prices are delayed end-of-day market data in the listing currency, and market cap moves with the price. P/E is shown only when earnings per share are positive. Nothing here is investment advice.