Shoulder Innovations Raises 2026 Guidance to $62M–$65M after 65% Q4 Revenue Surge
Shoulder Innovations reported Q4 net revenue of $14.4M, up 65% year-over-year, and full-year sales of $47.3M, up 50%, with Q4 gross margin of 76.7%. It guided 2026 net revenue to $62M–$65M (31–37% growth), sold 1,976 implants in Q4 (+62%), and initiated limited release of two new implant products.
1. Financial Performance Highlights
Shoulder Innovations delivered net revenue of $14.4 million in Q4 2025, a 65% increase year-over-year, and $47.3 million for the full year, a 50% rise. Gross margin reached 76.7% in Q4 and 76.5% for full-year 2025.
2. Expense Trends and Profitability
Selling, general and administrative expenses grew 79% to $16.3 million in Q4 due to expanded commercial headcount, legal costs and public company expenses. Research and development spending rose 176% to $3.2 million, leading to a Q4 net loss of $7.8 million and an operating loss of $8.5 million.
3. 2026 Guidance and Strategic Developments
The company guided 2026 net revenue to $62 million–$65 million, implying 31–37% growth. It sold 1,976 implants in Q4 (+62%), launched limited user releases of InSet™ I-135RFX and N-22 implants, appointed Drew Hykes to the board, and entered a robotic platform partnership.