Filing Flows › Shoulder Innovations (SI) › Q3 2025
Shoulder Innovations (SI) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 12, 2025
Shoulder Innovations (SI) reported revenue of $11.8M for the third quarter 2025 (Q3 2025), +58% from a year earlier and +7% from the quarter before. Operating margin was -65.0%, net loss $8.7M (74.3% of revenue).
Shoulder Innovations, Q3 2025: revenue $11.8M (+58% year over year), operating margin -65.0%, net loss $8.7M, operating cash flow −$8.6M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $11.8M | +7% | +58% |
| Operating profit | −$7.6M | — | — |
| Net earnings | −$8.7M | — | — |
| Operating cash flow | −$8.6M | — | — |
What changed
Revenue was $11.8M in Q3 2025, up 58% year over year and up 7% from the previous quarter.
Gross margin was 76.2%, down 0.3 points from a year earlier. Operating costs exceeded revenue by $7.6M, an operating margin of -65.0%. Operating expenses grew 73% against revenue growth of 58%. The fastest-growing cost line was SG&A (+78%). The quarter ended with a net loss of $8.7M, narrower than the previous quarter's $19.2M loss.
Operating cash flow was −$8.6M. Non-cash charges added back $768K of depreciation and $298K of share-based compensation. Working capital and other items used $892K. Capital expenditures of $2.8M exceeded it, leaving free cash flow of −$11.4M.
Questions
What was Shoulder Innovations' revenue in the third quarter 2025?
Shoulder Innovations (SI) reported revenue of $11.8M for the third quarter 2025 (Q3 2025), +58% from a year earlier and +7% from the quarter before.
Was Shoulder Innovations profitable in the third quarter 2025?
Operating loss was $7.6M (-65.0% of revenue) and net loss $8.7M.