Shoulder Innovations, Inc.

shoulderinnovations.com

What Do They Do?

Sells shoulder replacement implant systems and related surgical planning, instruments and support to shoulder surgeons and healthcare providers.

How Do They Make Money?

Surgeons and healthcare providers pay for implant products when the company receives a purchase order and confirmation that the product has been used or implanted; products are generally delivered to customers at a point in time.

FY2025 revenue

Who Are Their Customers?

The company sells to surgeons and other stakeholders in shoulder surgical care, focusing its commercial organization on surgeons in hospitals and ambulatory surgery centers. It also reaches customers through a network of independent distributors.

Do Revenues Turn Into Profits?

No. It lost $40.4M in FY2025.

Operating income, FY2025

−56% of revenue

▲ +79% (Loss) vs FY2024 (−$14.7M, −46%)

Net income, FY2025

−85% of revenue

▲ +158% (Loss) vs FY2024 (−$15.6M, −49%)

Free cash flow, FY2025

−76% of revenue

▲ +98% (Loss) vs FY2024 (−$18.2M, −57%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +56%; vs $11M in Q2 FY2025
Net income: ▼ −47% (Loss); vs −$19.2M in Q2 FY2025

Aug 6, 2026 Raised full-year revenue outlook The company increased its 2026 revenue outlook to $67 million to $69 million, from $65 million to $68 million.

Who Do They Compete With?

Competes with Arthrex, Enovis, Exectech, Johnson & Johnson, Smith & Nephew, Stryker, and Zimmer Biomet

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