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SI · NYSE · Medical - Specialties

Shoulder Innovations

Builds shoulder arthroplasty implants, planning software, and streamlined procedure tools.

$21.16

After-hours close+0.01 (+0.05%)

At close$21.15(−0.56%)

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Profile

Shoulder Innovations, Inc.SIHealth Care

Sells aTSA and rTSA implant systems for shoulder replacement procedures, centered on InSet Glenoid, humeral stems, ProVoyance planning software, and a compact tray workflow. Revenue is concentrated in U.S. hospitals, outpatient centers, and ASCs through direct commercial teams and independent distributors.

Focuses exclusively on shoulder surgical care, with commercial revenue from aTSA and rTSA implant systems used in shoulder arthroplasty. The portfolio centers on InSet Glenoid implants, humeral stem options, ProVoyance planning software, and a compact instrument-tray workflow.

Sales are concentrated in the United States across hospitals, outpatient centers, and ambulatory surgery centers. The go-to-market model combines a shoulder-specialist commercial team, medical education support, and independent distributors.

Execution depends on surgeon adoption, reimbursement for shoulder arthroplasty in outpatient and ASC settings, FDA-regulated device compliance, third-party implant suppliers, and competition from larger orthopedic companies. An ongoing patent dispute with Catalyst Orthoscience also shapes the operating backdrop.

Company facts

CEORobert Ball

ListedJul 31, 2025

ExchangeNYSE

HeadquartersGrand Rapids, MI

CountryUnited States

Employees75

CIK0001699350

ISINUS82537J1088

Key statistics

Market cap$438.8M

EPS (ttm)−$1.71

P/E (ttm)−12.37

ROE-25.7%

P/B3.53

P/S7.31

Dividend yield—

Beta0.32vs XLV 1.44

Year to date +47.2% · Average volume (30d) 112.3K

Analysts

Price target, next 12 months$23.50+11.1%Median of 4 analysts · vs the Aug 28 close

ConsensusBuy4 of 4 analysts rate it buy or better

Ratings

Strong buyBuyHoldSellStrong sell

Target range

Last close $21.16

High$28.00+32.3%

Median$23.50+11.1%

Low$19.00−10.2%

12 months agoNowIn 12 months

Latest analyst notes

Date	Firm	Action	Rating	Prior target	Target
Aug 10, 2026	UBS	Reiterate	Buy	$27	$28
Jul 28, 2026	UBS	Initiate	Buy		$27
May 8, 2026	Piper Sandler	Reiterate	Overweight	$18	$19
Dec 2, 2025	Morgan Stanley	Reiterate	Overweight	$18	$23

Earnings

EPS

Estimate−$0.46

ReportedDue Sep 8, 2026

Revenue

Estimate$15.5M

ReportedDue Sep 8, 2026

History

Report date	EPS est	EPS	Surprise	Revenue est	Revenue	Surprise	Next session
Aug 6, 2026Q2 FY26	−$0.46	−$0.46	−0.3%	$16.6M	$17.2M	+3.7%	−8.20%
May 13, 2026Q1 FY26	−$0.44	−$0.41	+6.8%	$14.5M	$16.7M	+14.9%	+15.23%
Mar 10, 2026Q4 FY25	−$0.42	−$0.38	+9.5%	$12.8M	$14.4M	+12.7%	+7.36%
Nov 11, 2025Q3 FY25	−$0.31	−$0.48	−53.1%	$12.8M	$11.8M	−8.1%	+32.04%

View details

Financial highlights

	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26
Revenue	$10.1M	$11.0M	$11.8M	$14.4M	$16.7M	$17.2M
Gross profit	$7.1M	$7.7M	$9.0M	$11.1M	$13.0M	$13.4M
Operating income	−$4.3M	−$5.9M	−$7.6M	−$8.5M	−$9.0M	−$10.0M
Net income	−$4.7M	−$19.2M	−$8.7M	−$7.8M	−$8.4M	−$10.2M
Diluted EPS	−$0.23	−$0.95	−$0.43	−$0.38	−$0.41	−$0.49
Gross margin	70.3%	69.7%	76.2%	76.7%	77.7%	78.3%
Operating margin	-42.4%	-53.2%	-65.0%	-59.0%	-53.7%	-58.4%

Fiscal years (4-quarter sums)FY23 $19.3M · FY24 $31.6M · FY25 $47.3M

Revenue by product · Q2 FY26

Reportable Segment$17.2M · 100%

Balance sheet, Jun 30, 2026Cash & short-term investments $99.0M · Total debt $14.9M · Total assets $152.0M · Shareholders' equity $124.3M

Dividends

No dividends on record.

Ownership

Institutions 36.77%7.63M sharesInsiders 24.01%4.98M sharesOther 39.22%8.13M shares

Shares outstanding 20.74M · Float —

Float — provider float is below the insider stake.

The provider's float is smaller than the insider stake it should exclude, so it is not shown.

Top shareholders13F · 13D/G · Form 4

Holder	Shares	% outstanding	Form	Filed
FMR LLC	3.78M	18.25%	13F	May 15, 2026
Geoffrey B. Pardo · director, 10 percent owner:	2.29M	11.03%	Form 4	Aug 5, 2025
Gilde Healthcare Holding B.V. · 10 percent owner	2.19M	10.54%	Form 4	Aug 28, 2026
LSV Associates II, LLC	1.89M	9.30%	13G	Nov 14, 2025
U.S. Venture Partners XII, L.P.	1.69M	8.20%	13G	Nov 14, 2025

Insider tradesForm 4

Date	Insider	Role	Shares	Avg price
Aug 26, 2026	Gilde Healthcare Holding B.V.	10 percent owner	−1,196	$22.60
Aug 24, 2026	Gilde Healthcare Holding B.V.	10 percent owner	−681	$22.62
Aug 21, 2026	Gilde Healthcare Holding B.V.	10 percent owner	−20,516	$22.61
Aug 20, 2026	Gilde Healthcare Holding B.V.	10 percent owner	−3,900	$22.60
Aug 18, 2026	Matthew Fraser Ahearn	director, officer: Chief Operating Officer	−14,186	$20.99