SEC 8-K filings with transcript text
Aug 6, 2026
2 ex-991earningsreleaseq22026.htm
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Exhibit 99.1
Shoulder Innovations Reports Second Quarter 2026 Financial Results and Raises Full Year Outlook
Generates First Half 2026 Revenue Growth of 60%
Grand Rapids, MI – August 6, 2026 – Shoulder Innovations, Inc. (Shoulder Innovations, or the company) (NYSE: SI), a commercial-stage medical technology company exclusively focused on transforming the shoulder surgical care market, today reported financial results for the second quarter ended June 30, 2026.
Second Quarter Financial Highlights
•Generated net revenue of $17.2 million in the second quarter, a 56% increase over the second quarter of 2025
•Achieved gross margin of 78.3% for the second quarter compared to 76.2% for the second quarter of 2025
•Increased average selling price of our implant systems to $7,674 in the second quarter, a 5% increase over the second quarter of 2025
•Increased full year 2026 net revenue guidance to $67 million to $69 million, representing growth of approximately 42% to 46% over full year 2025 net revenue
Recent Business Highlights
•Sold 2,238 total implant systems in the second quarter, an approximate 50% increase over the second quarter of 2025
•Initiated full commercial launch of the N-22 glenosphere for patients with metal hypersensitivity
•Initiated full commercial launch of a new titanium plasma spray (TPS) baseplate line extension for reverse procedures
•Closed two new credit facilities for an aggregate amount of up to $50 million with Stifel Venture Banking, refinancing existing debt and adding undrawn working capital capacity
•Expanded commercial organization in the second quarter to support increased business scale
"Our second quarter results build on a strong start to the year and reflect remarkable momentum across every dimension of our business,” said Rob Ball, CEO of Shoulder Innovations. “We continued to rapidly onboard new surgeons against a large, underpenetrated market opportunity, deepened utilization within our existing surgeon base, and advanced a broad and increasingly differentiated product pipeline. This performance resulted in net revenue growth of 56% and implant volume growth of approximately 50%, enabling us to increase our outlook for the full year.”
Mr. Ball continued, “Our confidence in what lies ahead has never been stronger. The commercial organization we’ve built continues to perform, our innovation pipeline is growing, and our conviction in the team’s ability to execute is high. With a strengthened financial foundation following our recent debt refinancing, we believe Shoulder Innovations remains in the early stages of what we can accomplish in transforming shoulder surgical care, and we look forward to demonstrating that in the back half of 2026 and beyond.”
Second Quarter 2026 Financial Results
Net revenue in the second quarter of 2026 increased 56% to $17.2 million, compared to $11.0 million in the second quarter of 2025. The increase was due to an increase in the number of implant systems sold, as well as an increase in the number of customers.
Gross margin in the second quarter of 2026 was 78.3%, compared to 76.2% in the second quarter of 2025. The increase was was due to increases in the average selling price of implant systems, as well as benefits from negotiated cost reduction programs.
Selling, general and administrative expenses in the second quarter of 2026 increased 56% to $20.1 million, compared to $12.8 million in the second quarter of 2025. The increase was primarily due to investments in the commercial organization, higher variable selling expenses, and increased costs associated with becoming a public company.
Research and development expenses in the second quarter of 2026 increased 141% to $3.4 million, compared to $1.4 million in the second quarter of 2025. The increase was due to investment in new product development efforts, including development related to the robotic platform strategic partnership.
Operating loss in the second quarter of 2026 was $10.0 million, compared to a loss of $5.9 million in the second quarter of 2025. Net loss in the second quarter of 2026 was $10.2 million, compared to a net loss of $19.2 million in the second quarter of 2025. The increase in operating loss was primarily related to increased operating expenses, while the decrease in net loss was primarily due to a significant prior year charge related to changes in the fair value of the company's preferred stock warrant liability and Series E purchase option.
Adjusted EBITDA in the second quarter of 2026 was a loss of $8.0 million, compared to a loss of $18.1 million in the second quarter of 2025. The decrease in loss was primarily due to a significant prior year charge related to changes in the fair value of the company's preferred stock warrant liability and Series E purchase option.
As of June 30, 2026, cash and cash equivalents, and marketable securities totaled $99.0 million.
2026 Financial Outlook
May 13, 2026
2 ex-991earningsreleaseq12026.htm
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Exhibit 99.1
Shoulder Innovations Reports First Quarter 2026 Financial Results and Raises Full Year Outlook
Generates First Quarter Net Revenue Growth of 65% Year-Over-Year
Grand Rapids, MI – May 13, 2026 – Shoulder Innovations, Inc. (Shoulder Innovations, or the company) (NYSE: SI), a commercial-stage medical technology company exclusively focused on transforming the shoulder surgical care market, today reported financial results for the first quarter ended March 31, 2026.
First Quarter Financial Highlights
•Generated net revenue of $16.7 million in the first quarter, a 65% increase over the first quarter of 2025
•Achieved gross margin of 77.7% for the first quarter compared to 76.9% for the first quarter of 2025
•Increased average selling price of our implant systems to $7,650 in the first quarter, a 9% increase over the first quarter of 2025
•Increased full year 2026 net revenue guidance to $65 million to $68 million, representing growth of approximately 37% to 44% over full year 2025 net revenue
Recent Business Highlights
•Sold 2,184 total implant systems in the first quarter, a 51% increase over the first quarter of 2025
•Initiated full commercial launch of the InSet™ I-135RFX Humeral Stem following a successful limited user release and FDA clearance of additional fracture indications
•Expanded commercial organization in the first quarter to support increased business scale
"We are very pleased with our first quarter performance, which reflects accelerating revenue growth and intensifying commercial momentum across our entire organization,” said Rob Ball, CEO of Shoulder Innovations. “Net revenue growth of 65%, implant volume growth of 51%, and continued improvement in gross margin demonstrate the strength and efficiency of our rapidly expanding ecosystem.”
Mr. Ball continued, “Building on this traction, recent product portfolio milestones, including the full commercial launch of our InSet™ I-135RFX Humeral Stem, meaningfully extend the comprehensive suite of solutions we offer surgeons and their patients. This disciplined financial and operational execution to start the year provides us with increased confidence in the trajectory of the business and enables us to increase our full year 2026 revenue guidance.”
First Quarter 2026 Financial Results
Net revenue in the first quarter of 2026 increased 65% to $16.7 million, compared to $10.1 million in the first quarter of 2025. The increase was due to an increase in the number of implant systems sold, as well as an increase in the number of customers.
Gross margin in the first quarter of 2026 was 77.7%, compared to 76.9% in the first quarter of 2025.
Selling, general and administrative expenses in the first quarter of 2026 increased 73% to $18.2 million, compared to $10.5 million in the first quarter of 2025. The increase was primarily due to investments in the commercial organization, higher variable selling expenses, and increased costs associated with becoming a public company.
Research and development expenses in the first quarter of 2026 increased 137% to $3.8 million, compared to $1.6 million in the first quarter of 2025. The increase was due to investment in new product development efforts, including a milestone payment and development related to the robotic platform strategic partnership.
Operating loss in the first quarter of 2026 was $9.0 million, compared to a loss of $4.3 million in the first quarter of 2025. Net loss in the first quarter of 2026 was $8.4 million, compared to a net loss of $4.7 million in the first quarter of 2025. The increase in operating loss and net loss was primarily related to increased operating expenses.
Adjusted EBITDA in the first quarter of 2026 was a loss of $7.0 million, compared to a loss of $3.5 million in the first quarter of 2025. The increase in loss was primarily due to the aforementioned increased operating expenses.
As of March 31, 2026, cash and cash equivalents, and marketable securities totaled $108.5 million.
2026 Financial Outlook
Shoulder Innovations expects net revenue for the full year 2026 to be in the range of $65 million to $68 million, representing growth of approximately 37% to 44% over full year 2025 net revenue. This compares to prior guidance of $62 million to $65 million, representing growth of approximately 31% to 37% over full year 2025 net revenue.
Conference Call
Management will host a conference call today, May 13, 2026, at 4:30 p.m. ET / 1:30 p.m. PT to discuss the company’s first quarter 2026 financial results. Those interested in listening to the conference call may do so by dialing (877) 407-8216 for domestic callers or (412) 902-1015 for international callers and providing access code 13759613. A live and archived webcast of the event will be available in the "Investor Relations" section of the Shoulder Innovations website at https://ir.shoulderinnovations.com.
Use of Non-GAAP Financial Measures
Mar 10, 2026
2 ex-991earningsreleaseq42025.htm
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Exhibit 99.1
Shoulder Innovations Reports Fourth Quarter and Full Year 2025 Financial Results
Fourth Quarter Net Revenue Growth Accelerates to 65% Year-Over-Year
Grand Rapids, MI – March 10, 2026 – Shoulder Innovations, Inc. (Shoulder Innovations, or the company) (NYSE: SI), a commercial-stage medical technology company exclusively focused on transforming the shoulder surgical care market, today reported financial results for the fourth quarter and full year ended December 31, 2025.
Financial Highlights
•Generated net revenue of $14.4 million in the fourth quarter, a 65% increase over the prior year quarter
•Generated net revenue of $47.3 million for the full year, a 50% increase over the prior year
•Achieved gross margin of 76.7% for the fourth quarter and 76.5% for the full year
•Initiating full year 2026 net revenue guidance of $62 million to $65 million, representing growth of approximately 31% to 37% over full year 2025 net revenue
Full Year and Recent Business Highlights
•Sold 1,976 total implant systems in the fourth quarter, a 62% increase over the prior year quarter
•Ended 2025 with 134 core surgeons and contender surgeons, a 61% increase over the prior year
•Commenced limited user release of the InSet™ I-135RFX Humeral Stem for primary, revision, and certain fracture indications of the humeral head
•Commenced limited user release of the N-22 Humeral Head for patients with metal hypersensitivity
•Appointed Drew Hykes, former CEO of Inari Medical, to Board of Directors
•Announced a strategic partnership with Interventional Systems to introduce a robotic platform for shoulder arthroplasty
"2025 was a transformational year for Shoulder Innovations. We continued to add new surgeon customers at an accelerated pace, drove rapid commercial adoption of our advanced implant systems, and solidified our position as an innovation leader in the shoulder space, all while beginning our journey as a public company," said Rob Ball, CEO of Shoulder Innovations. “These efforts culminated in record full-year net revenue of $47.3 million, representing an exceptional 50% increase year-over-year, supported by accelerating growth in the second half of the year.”
Mr. Ball continued, "Looking into 2026, our momentum remains strong. Our key strategic priorities are focused on delivering sustained growth through world class execution and innovation. With a growing product portfolio, a comprehensive enabling technology strategy, our expanding commercial talent, and a strong balance sheet, we believe we are well positioned to further extend and strengthen our leadership position in shoulder surgical care in the years ahead.”
Fourth Quarter 2025 Financial Results
Net revenue in the fourth quarter of 2025 increased 65% to $14.4 million, compared to $8.7 million in the fourth quarter of 2024. The increase was due to an increase in the number of implant systems sold, as well as an increase in the number of new customers.
Gross margin in the fourth quarter of 2025 was 76.7%, compared to 77.6% in the fourth quarter of 2024.
Selling, general, and administrative expenses in the fourth quarter of 2025 increased 79% to $16.3 million, compared to $9.1 million in the fourth quarter of 2024. The increase was primarily due to increased headcount in the commercial organization, higher legal costs related to litigation, higher variable selling expenses, and increased costs associated with becoming a public company.
Research and development expenses in the fourth quarter of 2025 increased 176% to $3.2 million, compared to $1.2 million in the fourth quarter of 2024. The increase was due to investment in new product development efforts, including an initial milestone payment and development related to the robotic platform strategic partnership.
Operating loss in the fourth quarter of 2025 was $8.5 million, compared to a loss of $3.5 million in the fourth quarter of 2024. Net loss in the fourth quarter of 2025 was $7.8 million, compared to a net loss of $3.8 million in the fourth quarter of 2024. The increase in operating loss and net loss was primarily related to increased operating expenses.
Adjusted EBITDA in the fourth quarter of 2025 was a loss of $7.0 million, compared to a loss of $2.6 million in the fourth quarter of 2024. The increase in loss was primarily due to the aforementioned increased operating expenses.
Full Year 2025 Financial Results
Net revenue in the full year of 2025 increased 50% to $47.3 million, compared to $31.6 million in the full year of 2024. The increase was due to an increase in the number of implant systems sold, as well as an increase in the number of new customers.
Gross margin in the full year of 2025 was 76.5%, compared to 77.0% in the full year of 2024.
Selling, general, and administrative expenses in the full year of 2025 increased 59% to $54.8 million, compared to $34.5 million in the full year of 2024. The increase was p
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