Silicon Metals Corp.

Fourth Quarter Net Revenue Growth Accelerates to 65% Year-Over-Year

GRAND RAPIDS, Mich., March 10, 2026 /PRNewswire/ -- Shoulder Innovations, Inc. (Shoulder Innovations, or the company) (NYSE: SI), a commercial-stage medical technology company exclusively focused on transforming the shoulder surgical care market, today reported financial results for the fourth quarter and full year ended December 31, 2025.

Financial Highlights

• Generated net revenue of $14.4 million in the fourth quarter, a 65% increase over the prior year quarter
• Generated net revenue of $47.3 million for the full year, a 50% increase over the prior year
• Achieved gross margin of 76.7% for the fourth quarter and 76.5% for the full year
• Initiating full year 2026 net revenue guidance of $62 million to $65 million, representing growth of approximately 31% to 37% over full year 2025 net revenue

Full Year and Recent Business Highlights

• Sold 1,976 total implant systems in the fourth quarter, a 62% increase over the prior year quarter
• Ended 2025 with 134 core surgeons and contender surgeons, a 61% increase over the prior year
• Commenced limited user release of the InSet™ I-135RFX Humeral Stem for primary, revision, and certain fracture indications of the humeral head
• Commenced limited user release of the N-22 Humeral Head for patients with metal hypersensitivity
• Appointed Drew Hykes, former CEO of Inari Medical, to Board of Directors
• Announced a strategic partnership with Interventional Systems to introduce a robotic platform for shoulder arthroplasty

"2025 was a transformational year for Shoulder Innovations. We continued to add new surgeon customers at an accelerated pace, drove rapid commercial adoption of our advanced implant systems, and solidified our position as an innovation leader in the shoulder space, all while beginning our journey as a public company," said Rob Ball, CEO of Shoulder Innovations. "These efforts culminated in record full-year net revenue of $47.3 million, representing an exceptional 50% increase year-over-year, supported by accelerating growth in the second half of the year."

Mr. Ball continued, "Looking into 2026, our momentum remains strong. Our key strategic priorities are focused on delivering sustained growth through world class execution and innovation. With a growing product portfolio, a comprehensive enabling technology strategy, our expanding commercial talent, and a strong balance sheet, we believe we are well positioned to further extend and strengthen our leadership position in shoulder surgical care in the years ahead."

Fourth Quarter 2025 Financial Results

Net revenue in the fourth quarter of 2025 increased 65% to $14.4 million, compared to $8.7 million in the fourth quarter of 2024. The increase was due to an increase in the number of implant systems sold, as well as an increase in the number of new customers.

Gross margin in the fourth quarter of 2025 was 76.7%, compared to 77.6% in the fourth quarter of 2024.

Selling, general, and administrative expenses in the fourth quarter of 2025 increased 79% to $16.3 million, compared to $9.1 million in the fourth quarter of 2024. The increase was primarily due to increased headcount in the commercial organization, higher legal costs related to litigation, higher variable selling expenses, and increased costs associated with becoming a public company.

Research and development expenses in the fourth quarter of 2025 increased 176% to $3.2 million, compared to $1.2 million in the fourth quarter of 2024. The increase was due to investment in new product development efforts, including an initial milestone payment and development related to the robotic platform strategic partnership.

Operating loss in the fourth quarter of 2025 was $8.5 million, compared to a loss of $3.5 million in the fourth quarter of 2024. Net loss in the fourth quarter of 2025 was $7.8 million, compared to a net loss of $3.8 million in the fourth quarter of 2024. The increase in operating loss and net loss was primarily related to increased operating expenses.

Adjusted EBITDA in the fourth quarter of 2025 was a loss of $7.0 million, compared to a loss of $2.6 million in the fourth quarter of 2024. The increase in loss was primarily due to the aforementioned increased operating expenses.

Full Year 2025 Financial Results

Net revenue in the full year of 2025 increased 50% to $47.3 million, compared to $31.6 million in the full year of 2024. The increase was due to an increase in the number of implant systems sold, as well as an increase in the number of new customers.

Gross margin in the full year of 2025 was 76.5%, compared to 77.0% in the full year of 2024. Selling, general, and administrative expenses in the full year of 2025 increased 59% to $54.8 million, compared to $34.5 million in the full year of 2024. The increase was primarily due to increased headcount in the commercial organization, higher legal costs related to litigation, higher variable selling expenses, and increased costs associated with becoming a public company.

Research and development expenses in the full year of 2025 increased 72% to $7.7 million, compared to $4.5 million in the full year of 2024. The increase was due to investment in new product development efforts, including the aforementioned initial milestone payment and development related to the robotic platform strategic partnership.

Operating loss in the full year of 2025 was $26.3 million, compared to a loss of $14.7 million in the full year of 2024. Net loss in the full year of 2025 was $40.4 million, compared to a net loss of $15.6 million in the full year of 2024. The increase in operating loss and net loss was primarily related to increased operating expenses and changes in the fair value of the company's preferred stock warrant liability and convertible notes.

Adjusted EBITDA in the full year of 2025 was a loss of $36.1 million, compared to a loss of $11.4 million in the full year of 2024. The increase in loss was primarily due to the aforementioned increased operating expenses and changes in the fair value of the company's preferred stock warrant liability and convertible notes.

As of December 31, 2025, cash and cash equivalents, and marketable securities totaled $124.3 million.

2026 Financial Outlook

Shoulder Innovations expects net revenue for the full year 2026 to be in the range of $62 million to $65 million, representing growth of approximately 31% to 37% over full year 2025 net revenue.

Conference Call

Management will host a conference call today, March 10, 2026, at 4:30 p.m. ET / 1:30 p.m. PT to discuss the company's fourth quarter and full year 2025 financial results. Those interested in listening to the conference call may do so by dialing (877) 407-8216 for domestic callers or (412) 902-1015 for international callers and providing access code 13758375. A live and archived webcast of the event will be available in the "Investor Relations" section of the Shoulder Innovations website at https://ir.shoulderinnovations.com.

Use of Non-GAAP Financial Measures and Key Business Metrics

In addition to our results and measures of performance determined in accordance with U.S. GAAP, we believe that non-GAAP financial measures can be useful in evaluating and comparing our financial and operational performance over multiple periods, identifying trends affecting our business, formulating business plans and making strategic decisions. We use and present Adjusted EBITDA for this purpose. We define Adjusted EBITDA as net loss before interest expense, net, income tax expense, depreciation and amortization, and stock-based compensation expense. We have reconciled our historic non-GAAP financial measures to the applicable most comparable GAAP measures in this press release.

We believe that Adjusted EBITDA, together with a reconciliation to net loss, provides meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our business, results of operations, or outlook. However, Adjusted EBITDA has limitations as an analytical tool, and you should not consider this measure in isolation or as a substitute for analysis of our financial results as reported under U.S. GAAP. Some of these potential limitations include: (i) other companies, including companies in our industry which have similar business arrangements, may report Adjusted EBITDA, or similarly titled measures but calculate them differently, which reduces their usefulness as comparative measures; (ii) although depreciation and amortization expenses are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA does not reflect cash capital expenditures for such replacements or for new capital expenditure requirements; (iii) Adjusted EBITDA also does not reflect changes in, or cash requirements for, our working capital needs or the potentially dilutive impact of stock-based compensation; and (iv) Adjusted EBITDA does not reflect the interest expense, or the cash requirements necessary to service interest or principal payments, on existing or future debt that we may incur. Because of these and other limitations, you should consider Adjusted EBITDA only as supplemental to other GAAP-based financial measures.

In addition, we believe that the number of implant systems sold is a key business metric and a useful indicator of our ability to drive demand for our implant systems, generate net revenue and expand our business. We regularly review a number of operating and financial metrics to evaluate our business, measure our performance, identify trends affecting our business, formulate our business plan and make strategic decisions.

About Shoulder Innovations

Shoulder Innovations is a commercial-stage medical technology company exclusively focused on transforming the shoulder surgical care market, with a current offering of advanced implant systems for shoulder arthroplasty. These systems are a core element of Shoulder Innovations' ecosystem, which is designed to improve core components of shoulder surgical care – preoperative planning, implant design and procedural efficiency – to benefit each stakeholder in the care chain. Shoulder Innovations' ecosystem is also comprised of enabling technologies, efficient instrument systems, specialized support and surgeon-to-surgeon collaboration. Together, these elements seek to address the long-standing clinical and operational challenges in the shoulder surgical care market by delivering predictable outcomes, procedural simplicity, and efficiency across all sites of care.

Forward-Looking Statements

This press release contains, and other communications of the company may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as "believe," "expect," "anticipate," "intend," "estimate," "project," "outlook," "forecast," "target," "trend," "plan," "goal," or other words of comparable meaning or future-tense or conditional verbs such as "may," "will," "should," "would," or "could."

Statements concerning the company's future are forward-looking statements, and are based on management's current expectations, assumptions and beliefs about the company's business, financial performance, creation of long-term shareholder value, operating results, the industry in which we operate and possible future events. These statements include, but are not limited to, statements regarding the company's anticipated growth prospects and future operating and financial performance. Forward-looking statements convey the company's expectations, intentions, or forecasts about future events, circumstances, results, or aspirations. Forward-looking statements are not guarantees of future results and are subject to risks, uncertainties, assumptions and other important factors, which may change over time and many of which are beyond the company's control, and which could cause the company's actual results to materially and adversely differ from those expressed in any forward-looking statement, including (i) our history of significant net losses; (ii) failure to manage the growth of our business; (iii) our inability to compete successfully against our existing or potential competitors; (iv) failure to develop, retain, or expand an effective dedicated commercial leadership team; (v) risks associated with litigation; (vi) our dependence upon the adoption of our implant systems by hospitals, ambulatory surgery centers, surgeons and patients; (vii) our ability to enhance our implant systems, expand our indications and develop and commercialize additional products in a timely manner; (viii) risks associated with our third-party manufacturers and suppliers; (ix) demand forecasts for our implant systems; (x) our ability to demonstrate to shoulder specialists or key opinion leaders the merits of our implant systems; (xi) federal and state healthcare laws and government regulation and oversight over our devices and operations; (xii) our ability to obtain and maintain patent and other intellectual property protection over our products; (xiii) risks associated with our common stock; and (xiv) the other important factors described in our most recently filed Annual Report on Form 10-K and subsequent other filings with the Securities and Exchange Commission.

These documents are available in the Investor Relations section of the company's website at www.shoulderinnovations.com (information on the website is not incorporated by reference into this presentation and should not be considered part of this document). You should not place undue reliance on forward-looking statements. The information in this press release is provided as of today's date only, and, except as required by federal securities law, we do not undertake to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changing circumstances or for any other reason after today.

Contact

Brian Johnston or Sam Bentzinger

Gilmartin Group LLC

ir@shoulderinnovations.com

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SOURCE Shoulder Innovations

GRAND RAPIDS, Mich., March 2, 2026 /PRNewswire/ -- Shoulder Innovations, Inc. ("Shoulder Innovations") (NYSE: SI), a commercial-stage medical technology company exclusively focused on transforming the shoulder surgical care market, today announced the appointment of Drew Hykes to the company's Board of Directors ("Board") and as a member of the Compensation Committee, effective February 26, 2026. Concurrent with Mr. Hykes's appointment, Geoff Pardo will resign as an Independent Director from the Board.  

"Drew is a proven healthcare leader, and we are thrilled to welcome him to Shoulder Innovations as a member of our Board of Directors," said Rob Ball, CEO and Executive Chairman of Shoulder Innovations. "His strategic leadership and broad functional experience across commercial operations, product development, and business management at both Inari Medical and Medtronic will undoubtedly benefit Shoulder Innovations as we continue to rapidly scale adoption of our novel shoulder arthroplasty portfolio. On behalf of the Board, we are grateful to Geoff for his thoughtful support and guidance over the past three years and thank him for his many contributions."

"It's been a privilege serving on the Board of Shoulder Innovations and supporting the company's mission to advance shoulder surgical care," said Geoff Pardo. "I am proud of what the team has accomplished during my tenure and am confident the company is well-positioned for continued growth and innovation in the years ahead."

Mr. Hykes is a seasoned medical device executive with more than 25 years of operating experience. He currently serves as President and Chief Executive Officer of Okami Medical, a privately held medical technology company pioneering novel vascular embolization solutions. He joined Okami Medical following nearly 8 years at Inari Medical, having served most recently as Chief Executive Officer from 2023 until Inari's acquisition by Stryker Corporation in 2025. He also held the roles of Chief Operating Officer and Chief Commercial Officer during his tenure at Inari Medical. Prior, he served as Vice President of Commercial Operations at Sequent Medical, where he led the commercialization strategy for the WEB Aneurysm Embolization system from early prototype to broad adoption in the European market, before Sequent's acquisition by Terumo Corporation. Earlier in his career, Mr. Hykes spent 11 years at Medtronic where he held multiple roles of increasing responsibility across various business units, including Vice President of Clinical and Regulatory Affairs, Vice President of Marketing, and Director of Investor Relations.

"I'm excited to join the Board of Shoulder Innovations at a pivotal stage of growth," said Drew Hykes. "The company has built a differentiated platform with strong surgeon traction and meaningful clinical value. I look forward to working with the team to expand access to this technology and improve outcomes for the patients who need it most."

About Shoulder Innovations
Shoulder Innovations is a commercial-stage medical technology company exclusively focused on transforming the shoulder surgical care market, with a current offering of advanced implant systems for shoulder arthroplasty. These systems are a core element of Shoulder Innovations' ecosystem, which is designed to improve core components of shoulder surgical care – preoperative planning, implant design and procedural efficiency – to benefit each stakeholder in the care chain. Shoulder Innovations' ecosystem is also comprised of enabling technologies, efficient instrument systems, specialized support and surgeon-to-surgeon collaboration. Together, these elements seek to address the long-standing clinical and operational challenges in the shoulder surgical care market by delivering predictable outcomes, procedural simplicity, and efficiency across all sites of care.

Contact 
Brian Johnston or Sam Bentzinger 
Gilmartin Group LLC 
ir@shoulderinnovations.com

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SOURCE Shoulder Innovations