Shoulder Innovations cash flow, quarter by quarter

In Q3 2026, Shoulder Innovations generated −$6.4M of operating cash flow and spent $586K on capital projects, leaving free cash flow of −$7.0M. That is $4.4M more than in Q3 2025 (−$11.4M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$34.9M; the largest uses were operating cash flow ($34.9M), capital spending ($7.8M), shares issued ($1.3M); besides operations, cash came from other investing ($25.9M); the cash balance fell by $18.5M.

Operating cash flow was −$6.4M against net income of −$7.0M. The largest differences: receivables +$1.5M, inventory −$1.5M, payables −$1.2M.

Its cash conversion cycle was 543 days (receivables 57 + inventory 624 − payables 138).

Shoulder Innovations is burning cash: its operations consume cash, a free cash flow of −$42.7M a year at the current rate against $92.3M of cash and investments: a runway of about 2.2 years before any new financing.