Generates First Half 2026 Revenue Growth of 60%
Shoulder Innovations, Inc. (NYSE: SI), a cultivate(MD) portfolio company reported financial results for the first 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.”
