# Shoulder Innovations, Inc. (SI)

**Exchange:** NYSE  
**Sector:** Healthcare  
**Market cap:** $155M  
**Price:** $17.89 (+16.78%)

> Shoulder Innovations, Inc. is a commercial-stage medical technology company exclusively focused on transforming the shoulder surgical care market through advanced implant systems for shoulder arthroplasty. Its primary products include the InSet Total Shoulder Arthroplasty and InSet Reverse Shoulder Arthroplasty systems, designed for anatomic and reverse procedures addressing conditions such as osteoarthritis, avascular necrosis, rheumatoid and traumatic arthritis, irreparable rotator cuff tears, and certain revision cases. The company also offers the ProVoyance Shoulder Planning Software for preoperative surgical planning and the InSet Tray System for instrumentation. Recently, it launched the InSet 70 humeral stem, expanding its I-Series humeral stem product line. Shoulder Innovations, Inc. supports surgeons with enabling technologies and ecosystem tools to enhance precision, workflow efficiency, and patient outcomes in shoulder replacement surgeries. Headquartered in Grand Rapids, Michigan, the company operates within the medical devices sector, emphasizing innovation in orthopedic implants specifically for shoulder procedures.

## Income Statement (Annual, USD)

| Fiscal Year | Revenue | Gross Profit | Operating Income | Net Income | EPS (dil.) |
| --- | --- | --- | --- | --- | --- |
| 2025 | $47M | $36M | -$26M | -$40M | $-4.65 |
| 2024 | $32M | $24M | -$15M | -$16M | $-0.77 |
| 2023 | $19M | $15M | -$11M | -$13M | — |

## Balance Sheet (Annual, USD)

| Fiscal Year | Total Assets | Total Liabilities | Equity | Cash | Long-term Debt |
| --- | --- | --- | --- | --- | --- |
| 2025 | $170M | $29M | $141M | $27M | $15M |
| 2024 | $43M | $98M | -$55M | $6M | $15M |
| 2023 | $54M | $94M | -$40M | $6M | $14M |

## Cash Flow (Annual, USD)

| Fiscal Year | Operating Cash Flow | CapEx | Free Cash Flow |
| --- | --- | --- | --- |
| 2025 | -$42M | -$7M | -$36M |
| 2024 | -$14M | -$4M | -$18M |
| 2023 | -$14M | -$3M | -$16M |

Source: [CompaniesByCap](https://companiesbycap.com/company/SI)