Earnings Releases·Nov 5, 2026, 4:13 PM ET

Shoulder Innovations — Third Quarter 2026 Earnings Summary

Net revenue rose 38% year-over-year to $16.2 million, driven by a 34% increase in implant systems sold and a 2% rise in average selling price to $7,616, while gross margin expanded to 78.5%.
Full-year 2026 net revenue guidance was raised to $68 million–$70 million (44%–48% growth), and the company expects to submit the InSet Neo robotic platform for FDA approval in 2027.
Adjusted EBITDA loss narrowed to $5.5 million from $7.5 million in the prior year, though operating loss remained flat at $7.6 million due to a 107% increase in R&D expenses and 14% rise in SG&A.
Strategic milestones include the commercial launch of the N-22 humeral head, the first surgical cases with InSet® Go, an exclusive partnership with ALM Ortho for complex revision cases, and a settlement resolving patent litigation with Catalyst OrthoScience.
The company holds $92.3 million in cash and marketable securities as of September 30, 2026, with long-term debt slightly reduced to $14.8 million.