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Edge14 Nov 2025
Ball: The King of Cans
From a 19th-century glass-jar legacy to a global plant network, Ball is now a pure-play aluminum can partner to the world's biggest beverage brands.
Shoulder Innovations (SI) investor relations material
Shoulder Innovations Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary11 Nov, 2025
Executive summary
Q3 2025 revenue reached $11.8 million, up 58% year-over-year, driven by strong implant system sales and customer expansion.
Gross margin remained robust at 76.2%, reflecting operational efficiency and product mix.
Ended Q3 with $137 million in cash and marketable securities, supported by IPO and convertible notes financing.
Completed IPO in August 2025, raising $64.2 million in net proceeds and converting all preferred stock and convertible notes to common stock.
Continued expansion of high-volume surgeon base and product portfolio, including the launch of InSet 70 and FDA 510(k) clearance for new indications.
Financial highlights
Q3 2025 net revenue: $11.8 million, up from $7.5 million in Q3 2024.
Gross margin: 76.2% in Q3 2025 vs. 76.5% in Q3 2024.
SG&A expenses: $15.1 million, up from $8.5 million, driven by headcount, legal, and public company costs.
Net loss: $8.7 million in Q3 2025, compared to $4.1 million in Q3 2024; adjusted EBITDA loss: $7.5 million.
Cash, cash equivalents, and marketable securities totaled $137 million as of September 30, 2025.
Outlook and guidance
Full-year 2025 revenue guidance raised to $45–46 million, representing 42–45% annual growth, up from previous $42–44 million.
Guidance reflects confidence in commercial momentum, new product launches, and continued adoption among surgeons.
Sufficient liquidity projected for at least 12 months, with ongoing investments in R&D and commercial expansion.
Q4 guidance assumes continued volume and ASP strength, with new product launches expected to impact results more significantly in 2026.
Path to profitability given rising operating costs?
Impact of new products on market penetration?
Cash runway given current operating losses?
What drives faster new surgeon productivity ramp?
Gross margin expansion drivers beyond ASPs?
ASC shift: What's the remaining market opportunity?
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Next Shoulder Innovations earnings date
Jefferies London Healthcare Conference 202518 Nov, 2025
Next Shoulder Innovations earnings date
Jefferies London Healthcare Conference 202518 Nov, 2025
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