Short answer
SHOULDER INNOVATIONS, INC. (SI) filed its fiscal 2025 10-K annual report with the SEC on Mar 10, 2026. It reported revenue of $47M (+49.6% year over year) and net income of −$40M.
- Top risk flagged: Regulatory risk: CMS added total shoulder arthroplasty to ASC covered procedures list effective Jan 1, 2024, impacting Medicare reimbursement and ASC demand
FY2025 key financial metrics · XBRL
- Revenue
- $47M
- +49.6% YoY
- Net income
- −$40M
- −158.4% YoY
- Operating margin
- -55.6%
- −9.2 pp YoY
- Gross margin
- 76.5%
- −0.5 pp YoY
- EPS (diluted)
- −$4.65
- +98.1% YoY
- ROE
- -28.7%
- −57.2 pp YoY
- Operating cash flow
- −$29M
- −102.3% YoY
Source: XBRL data from the SHOULDER INNOVATIONS, INC. (SI) FY2025 10-K on SEC EDGAR. USD.
SHOULDER INNOVATIONS, INC. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Medical technology company focused exclusively on shoulder surgical care with integrated ecosystem including implants, AI-based preoperative planning, and specialized support
- New product launches in 2025-2026: InSet 70 humeral stem, metal sensitivity implants (FDA cleared Jan 2026), and development of a shoulder-specific robotics platform integrating with ProVoyance
- Strategic emphasis on ambulatory surgery centers (ASCs) growth, leveraging streamlined two-tray instrument system to improve efficiency and cost-effectiveness vs traditional hospital settings
- Procedure volume increased 50% from 2024 to 2025, implants utilized in over 17,500 surgeries since 2016, 45 dedicated shoulder specialists with 750+ years combined experience in commercial and clinical education roles
- Long-term clinical data highlights InSet Glenoid’s 8.7-year mean follow-up with no loosening, revision, or surgical complications, supporting implant longevity and differentiation in shoulder arthroplasty
Risk Factors
- Regulatory risk: CMS added total shoulder arthroplasty to ASC covered procedures list effective Jan 1, 2024, impacting Medicare reimbursement and ASC demand
- Geopolitical/macro risk: No specific geopolitical risk disclosed; next material: seasonality with Q3 demand decline due to summer lifestyle impact
- Operational risk: Dependency on third-party U.S. manufacturers for implant production, requiring inventory scaling to meet growing demand
- Competitive risk: Growth tied to ASC procedures outpacing hospital settings, facing downward pricing pressure in medical services industry
- Financial risk: $15M term loan with 11% minimum interest, tranche availability contingent on $45M annualized revenue by Dec 31, 2026
Generated from the filing text; verify against the original. How to read a 10-K
Ask about this 10-K
Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.