10-K · March 10, 2026
Shoulder Innovations positions itself as a specialist, commercial-stage medtech company focused exclusively on shoulder arthroplasty with a purpose-built ecosystem (InSet implants, ProVoyance planning, two‑tray…
Earnings analysis · 10-Q
SI earnings analysis
Filed May 13, 2026 · Our reading of the company's report
The latest report
Shoulder Innovations reported strong Q1 2026 results, with revenue reaching $16.7 million, up 64.9% year-over-year, significantly exceeding analyst expectations of $14.35 million. Despite an EPS loss of $0.41, which was…
Read full summary
Shoulder Innovations reported strong Q1 2026 results, with revenue reaching $16.7 million, up 64.9% year-over-year, significantly exceeding analyst expectations of $14.35 million. Despite an EPS loss of $0.41, which was better than the anticipated loss of $0.44, the company raised its full-year revenue guidance to between $65 million and $68 million, reflecting confidence in future growth supported by increased sales and operational efficiencies.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.41
- Gross margin
- 77.7%
What stood out
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Strong Revenue Growth
Revenue jumped 64.9% to $16.7 million from $10.1 million in Q1 2025.
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EPS Better Than Expectations
Actual EPS loss was $0.41 versus an estimated loss of $0.44, outperforming estimates.
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Increased Revenue Guidance
Management raised FY2026 revenue guidance to $65M-$68M from $62M-$65M, indicating strong growth expectations.
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Improved Gross Margin
Gross margin improved to 77.7% in Q1 2026 from 76.9% in Q1 2025.
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Higher Implant Sales
Sales of implant systems increased significantly, contributing to overall revenue growth.
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Reduced Interest Expense
Interest expense net improved to income of $436K, from prior expense of $367K, due to increased interest on marketable securities.
What to watch
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Higher Operating Expenses
Total operating expenses surged 81.7% to $21.96 million compared to $12.09 million in Q1 2025.
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Continued Net Losses
Net loss widened to $8.38 million from $4.66 million a year ago, raising concerns about profitability.
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Dependence on Third-Party Manufacturers
Outsourcing production may expose the company to supply chain risks and pricing pressures.
Management's outlook
Revenue guidance raised from $62M-$65M to $65M-$68M for FY2026.
Earlier filings 3
10-Q · November 12, 2025
Shoulder Innovations reported Q3 revenue of $11,756,000 (three months ended September 30, 2025), up 57.7% year-over-year from $7,454,000, while gross margin remained high at 76.2%. Operating loss widened to $7,641,000…
10-Q · September 9, 2025
Shoulder Innovations reported revenue of $11.013 million for the quarter ended June 30, 2025, up from $8.260 million in the prior-year quarter, with gross profit of $8.393 million (≈76.2% gross margin). Despite top-line…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.