Shoulder Innovations, Inc. (SI)
NYSE:SI
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Shoulder Innovations, Inc.
(NYSE:SI)
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Rating:54Neutral
Price Target:
$15.50
▲(6.60% Upside)
Action:ReiteratedDate:04/15/26
The score is held back primarily by worsening losses and accelerating cash burn despite strong revenue growth and high gross margins. Technicals are moderately positive with price above key moving averages and a positive MACD, while valuation remains unattractive due to a highly negative P/E and no dividend. Corporate events are generally constructive for long-term execution but may increase near-term spending pressure.
Positive Factors
Revenue Growth & Adoption
Sustained high revenue growth and a 61% rise in adopting surgeons show durable commercial traction and expanding clinical adoption. A larger installed base and broader surgeon use support repeat procedure demand, more predictable revenue scaling and stronger sales channel economics over quarters.
Negative Factors
Widening Net Losses
Deep and expanding net losses indicate the company remains far from self-sustaining profitability. Persistent large losses erode retained capital, heighten dilution or refinancing risk, and limit the firm’s ability to fund growth internally without accessing external capital markets.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth & Adoption
Sustained high revenue growth and a 61% rise in adopting surgeons show durable commercial traction and expanding clinical adoption. A larger installed base and broader surgeon use support repeat procedure demand, more predictable revenue scaling and stronger sales channel economics over quarters.
Read all positive factors
Shoulder Innovations, Inc. (SI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$305.79M
Dividend YieldN/A
Average Volume (3M)130.13K
Price to Earnings (P/E)―
Beta (1Y)0.33
Revenue Growth39.97%
EPS Growth-148.57%
CountryUS
Employees300
SectorHealthcare
Sector Strength45
IndustryMedical - Specialties
Share Statistics
EPS (TTM)-0.38
Shares Outstanding20,647,526
10 Day Avg. Volume53,279
30 Day Avg. Volume130,135
Financial Highlights & Ratios
PEG Ratio30.92
Price to Book (P/B)800.45
Price to Sales (P/S)2621.17
P/FCF Ratio-3.44K
Enterprise Value/Market Cap0.97
Enterprise Value/Revenue6.30
Enterprise Value/Gross Profit8.23
Enterprise Value/Ebitda-7.80
Forecast
1Y Price Target
$21.67Price Target Upside49.01% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)-1.57
Revenue Forecast (FY)$65.38M
Shoulder Innovations, Inc. Business Overview & Revenue Model
Company Description
Shoulder Innovations, Inc. manufactures medical devices. It has developed a shoulder replacement system. The company was founded by Stephen B. Gunther and Michael DeVries in 2009 and is headquartered in Grand Rapids, MI....
How the Company Makes Money
SI makes money primarily by selling its shoulder arthroplasty products to healthcare providers (e.g., hospitals and ambulatory surgery centers) for use in surgical procedures. Revenue is generated from the sale of implant components and associated...
Shoulder Innovations, Inc. Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
66
Positive
Cash Flow
34
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 |
|---|---|---|---|
Income Statement | |||
| Total Revenue | 47.32M | 31.62M | 19.27M |
| Gross Profit | 36.20M | 24.34M | 15.27M |
| EBITDA | -26.30M | -12.11M | -10.25M |
| Net Income | -40.36M | -15.62M | -12.65M |
Balance Sheet | |||
| Total Assets | 169.91M | 43.08M | 54.29M |
| Cash, Cash Equivalents and Short-Term Investments | 124.31M | 15.04M | 32.81M |
| Total Debt | 15.02M | 14.73M | 14.46M |
| Total Liabilities | 14.96M | 97.78M | 94.03M |
| Stockholders Equity | 154.94M | 19.78M | 34.74M |
Cash Flow | |||
| Free Cash Flow | -36.02M | -18.16M | -15.89M |
| Operating Cash Flow | -28.61M | -14.14M | -13.14M |
| Investing Cash Flow | -95.60M | 13.96M | -28.97M |
| Financing Cash Flow | 144.96M | 66.00K | 44.73M |
Shoulder Innovations, Inc. Risk Analysis
Shoulder Innovations, Inc. disclosed 79 risk factors in its most recent earnings report. Shoulder Innovations, Inc. reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Shoulder Innovations, Inc. Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $2.62B | 31.80 | 15.58% | 0.95% | 13.07% | 27.98% | |
66 Neutral | $1.75B | 110.29 | 5.17% | ― | 14.05% | 241.86% | |
65 Neutral | $4.19B | 40.58 | 8.52% | ― | 11.49% | -2.89% | |
57 Neutral | $3.19B | 4,802.44 | 0.04% | ― | -0.81% | 93.27% | |
54 Neutral | $305.79M | -3,073.07 | -89.55% | ― | 39.97% | -148.57% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $1.70B | -22.02 | -1760.45% | ― | 27.11% | 17.66% |
* Healthcare Sector Average
SI
Shoulder Innovations, Inc.
15.01
0.76
5.33%
VCEL
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35.14
-5.68
-13.91%
ATEC
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11.52
1.29
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ICUI
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127.85
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LMAT
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117.39
33.49
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MMSI
Merit Medical Systems
70.54
-20.03
-22.12%
Shoulder Innovations, Inc. Corporate Events
Business Operations and Strategy
Shoulder Innovations Leases New Michigan Headquarters Facility
Positive
Apr 14, 2026
On April 13, 2026, Shoulder Innovations, Inc. entered into a lease agreement for a newly constructed 15,200-square-foot office and warehouse building in Byron Center, Michigan, which will serve as its corporate headquarters. The initial 10-year le...
Business Operations and StrategyExecutive/Board ChangesFinancial Disclosures
Shoulder Innovations Reports Transformational 2025 Growth and Guidance
Positive
Mar 10, 2026
Shoulder Innovations reported that 2025 was a transformational year, with net revenue rising 50% to $47.3 million on strong adoption of its implant systems and a 61% increase in core and contender surgeons, despite a wider full-year net loss of $4...
Business Operations and StrategyExecutive/Board Changes
Shoulder Innovations Adds Medtech Veteran Drew Hykes to Board
Positive
Mar 2, 2026
On March 2, 2026, Shoulder Innovations announced that medtech veteran Drew Hykes joined its Board of Directors and Compensation Committee, effective February 26, 2026, while Independent Director Geoff Pardo resigned. The move signals a governance ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.