Filing Flows › Shoulder Innovations (SI) › Q2 2025
Shoulder Innovations (SI) Q2 2025 earnings results (second quarter 2025)
10-Q filed Sep 9, 2025
Shoulder Innovations (SI) reported revenue of $11.0M for the second quarter 2025 (Q2 2025), +33% from a year earlier and +9% from the quarter before. Operating margin was -53.2%, net loss $19.2M (174.3% of revenue).
Shoulder Innovations, Q2 2025: revenue $11.0M (+33% year over year), operating margin -53.2%, net loss $19.2M, operating cash flow −$4.8M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $11.0M | +9% | +33% |
| Operating profit | −$5.9M | — | — |
| Net earnings | −$19.2M | — | — |
| Operating cash flow | −$4.8M | — | — |
What changed
Revenue was $11.0M in Q2 2025, up 33% year over year and up 9% from the previous quarter.
Gross margin was 76.2%, down 0.7 points from a year earlier. Operating costs exceeded revenue by $5.9M, an operating margin of -53.2%. Operating expenses grew 38% against revenue growth of 33%. The fastest-growing cost line was SG&A (+40%). The quarter ended with a net loss of $19.2M, wider than the previous quarter's $4.7M loss. Net interest and other expense of $13.3M was the main reason.
Operating cash flow was −$4.8M. Non-cash charges added back $643K of depreciation and $190K of share-based compensation. Working capital and other items added $13.6M. Capital expenditures of $1.5M exceeded it, leaving free cash flow of −$6.3M.
Questions
What was Shoulder Innovations' revenue in the second quarter 2025?
Shoulder Innovations (SI) reported revenue of $11.0M for the second quarter 2025 (Q2 2025), +33% from a year earlier and +9% from the quarter before.
Was Shoulder Innovations profitable in the second quarter 2025?
Operating loss was $5.9M (-53.2% of revenue) and net loss $19.2M.