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Shoulder Innovations (SI) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Shoulder Innovations (SI) Q3 2026 earnings results →

Q3 2026 Revenue up 38% year over year to $16.2M · 44¢ of every $1 of revenue lost · operating margin -46.9%

Shoulder Innovations made $16.2M in Q3 2026 (+38% Y/Y). Operating margin -46.9%, net loss $7.0M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.

Revenue$16.2M
Year over year+38%
Operating margin-46.9%
Net earnings−$7.0M
Operating cash flow−$6.4M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $16.2M in Q3 2026, up 38% year over year and down 6% from the previous quarter.

Gross margin was 78.5%, up 2.2 points from Q3 2025. Operating costs exceeded revenue by $7.6M, an operating margin of -46.9%. Operating expenses grew 22% against revenue growth of 38%. The fastest-growing cost line was Research & development (+108%). The quarter ended with a net loss of $7.0M, narrower than the previous quarter's $10.2M loss.

Operating cash flow was −$6.4M. Non-cash charges added back $1.1M of depreciation and $1.0M of share-based compensation. Working capital and other items used $1.5M. Capital expenditures of $586K exceeded it, leaving free cash flow of −$7.0M.

Quarterly history

Shoulder Innovations revenue by quarterShoulder Innovations revenue by quarter$11.0MQ2 2025$11.8MQ3 2025$14.4MQ4 2025$16.7MQ1 2026$17.2MQ2 2026$16.2MQ3 2026
Shoulder Innovations net earnings by quarterShoulder Innovations net earnings by quarter−$19.2MQ2 2025−$8.7MQ3 2025−$7.8MQ4 2025−$8.4MQ1 2026−$10.2MQ2 2026−$7.0MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 5, 2026$16.2M+38%-46.9%−$7.0M−$6.4M
Q2 202610-QAug 6, 2026$17.2M+56%-58.4%−$10.2M−$7.4M
Q1 202610-QMay 13, 2026$16.7M+65%-53.7%−$8.4M−$12.4M
Q4 202510-KMar 10, 2026$14.4M+65%-59.0%−$7.8M−$8.8M
Q3 202510-QNov 12, 2025$11.8M+58%-65.0%−$8.7M−$8.6M
Q2 202510-QSep 9, 2025$11.0M+33%-53.2%−$19.2M−$4.8M

Charts

Shoulder Innovations: revenue growth, year over year and quarter over quarterShoulder Innovations: revenue growth, year over year and quarter over quarterY/YQ/Q+33%Q2 2025+58%+7%Q3 2025+65%+23%Q4 2025+65%+16%Q1 2026+56%+3%Q2 2026+38%-6%Q3 2026
Latest (Q3 2026): Y/Y +38%, Q/Q -6%.
Shoulder Innovations: where the cash came from (+) and went (−), TTM to Q3 2026Shoulder Innovations: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow−$34.9MOther investing$25.9MCash drawn (+) / kept (−)$18.5MCapital spending−$7.8MShares issued−$1.3MOther financing−$507K
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Shoulder Innovations: profit against cash, quarter by quarterShoulder Innovations: profit against cash, quarter by quarterNet incomeOperating cash flow−$3.8M−$3.3MQ4 2024−$4.7M−$6.5MQ1 2025−$19.2M−$4.8MQ2 2025−$8.7M−$8.6MQ3 2025−$7.8M−$8.8MQ4 2025−$8.4M−$12.4MQ1 2026−$10.2M−$7.4MQ2 2026−$7.0M−$6.4MQ3 2026
Latest (Q3 2026): Net income −$7.0M, Operating cash flow −$6.4M.
Shoulder Innovations in its industry: growth against margin (111 companies, SIC 3841)Shoulder Innovations in its industry: growth against margin (111 companies, SIC 3841)revenue growth, year over year →↑ operating marginmedian +10%median -9%MDLNMMMSYKBSXBDXBAXSOLVRMDDXCMWSTMMEDPODDGMEDTFXICUIMMSIIARTPENHAETNDMEMBCIRTCATECGKOSOFIXINSPNVCRUFPTATRCBVSAORTPRCTTCMDARAYANGOKIDSSKINLMATHTFLMDXGCERSSIBNTMCISTIMINFUBBNXKMTSOSURANIKDCTHRCELSGHTIRMDXTNTLUNGNPCEPDEXTELACARLLNSRMOBIAPYXSSIICVRXCLPTKRMDTLSIPROFSNWVCTSOIDXGUTMDRVPSNOAPREMNEPHDRIOVVOSBTCYNXGLMDAIMDNCPMINONE.SRTSSINTIVFNMTCNSPRAURXXAIRLUCDTNONINBSRNXTVTAKUSAQICUVYCOHRGNCNSYPLSEPETVFEMYOSRHCODXOBIORDGLPAVMGUTSSI (+38%, -47%)
Surgical & Medical Instruments & Apparatus; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Shoulder Innovations

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.

In its own words, from its 10-K, filed Mar 10, 2026.

Shoulder Innovations against its Surgical & Medical Instruments & Apparatus peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +38% against the peers' median +5%. Operating margin: -46.9% against the peers' median 13.3%.

CompanyQuarterRevenueY/YOp. margin
SI Shoulder InnovationsQ3 2026$16.2M+38%-46.9%
MDLN MedlineQ3 2026$7.9B+10%6.4%
MMM 3MQ3 2026$6.6B+1%23.7%
SYK StrykerQ3 2026$6.5B+8%15.9%
BSX Boston ScientificQ3 2026$5.1B+1%16.1%
BDX Becton DickinsonQ3 FY26$5.0B+5%13.3%
BAX Baxter InternationalQ3 2026$3.0B+5%7.6%
SOLV SolventumQ3 2026$1.9B-7%3.5%
RMD ResMedQ1 FY27$1.4B+6%32.0%

Source: Shoulder Innovations 10-Q on SEC EDGAR · CIK 1699350 · Surgical & Medical Instruments & Apparatus

Guidance and outlook

Shoulder Innovations: what its forward-looking statements are about (10-Q filed 2026-11-05)Shoulder Innovations: what its forward-looking statements are about (10-Q filed 2026-11-05)Other12Demand11Costs7Products2Margins1
33 statements; tone +0.52 (−1 all cautious, +1 all confident); 5 hedged.
Shoulder Innovations: outlook statements against the filing beforeShoulder Innovations: outlook statements against the filing beforeConfident18Cautious1

13F: who owns SI and who is buying

Largest holders of SI (13F)Largest holders of SI (13F)FMR LLC$74.5MBlackRock$12.9MSectoral Asset Management$8.7MVanguard Capital Management LLC$8.0MKCM Capital$6.1MRoubaix Capital, LLC$5.2MDriehaus Capital Management LLC$5.1MParkman Healthcare Partners LLC$4.6MGeode Capital Management, LLC$4.0MVanguard Group$3.2M
Funds' net buying of SI by quarter (13F)Funds' net buying of SI by quarter (13F)$87.0M2025-09−$8.8M2025-12−$35.5M2026-03$12.3M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on SI

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results

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