Shoulder Innovations, Inc. (SI)
NYSE:SI
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Shoulder Innovations, Inc.
(NYSE:SI)
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Rating:62Neutral
Price Target:
$19.00
▲(30.67% Upside)
Action:Reiterated
Date:06/11/26
The score is driven by strong technical uptrend signals and a constructive earnings update (raised revenue guidance with strong growth and solid gross margins). These positives are tempered by weak financial fundamentals—widening losses and persistent negative free cash flow—and a valuation profile constrained by negative earnings and no stated dividend yield.
Positive Factors
Revenue Growth & Gross Margin
Sustained high revenue growth with a 77.7% gross margin demonstrates attractive, scalable unit economics that can absorb sales and R&D investments. Management raised 2026 revenue guidance and cites cost‑down programs, indicating margins can remain durable as volumes and surgeon adoption expand.
Negative Factors
Widening Losses & Negative Returns
Operating and net losses have widened materially, producing deeply negative returns on equity. Persistent losses consume capital and delay shareholder value creation; unless operating expenses moderate or revenue growth accelerates further, losses will continue to erode the balance sheet over time.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth & Gross Margin
Sustained high revenue growth with a 77.7% gross margin demonstrates attractive, scalable unit economics that can absorb sales and R&D investments. Management raised 2026 revenue guidance and cites cost‑down programs, indicating margins can remain durable as volumes and surgeon adoption expand.
Read all positive factors
Shoulder Innovations, Inc. (SI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$384.69M
Dividend YieldN/A
Average Volume (3M)130.13K
Price to Earnings (P/E)―
Beta (1Y)0.26
Revenue Growth55.89%
EPS Growth-156.74%
CountryUS
Employees300
SectorHealthcare
Sector Strength45
IndustryMedical - Specialties
Share Statistics
EPS (TTM)-2.17
Shares Outstanding20,738,226
10 Day Avg. Volume53,279
30 Day Avg. Volume130,135
Financial Highlights & Ratios
PEG Ratio-0.05
Price to Book (P/B)1.90
Price to Sales (P/S)6.23
P/FCF Ratio-8.19
Enterprise Value/Market Cap0.98
Enterprise Value/Revenue6.98
Enterprise Value/Gross Profit9.25
Enterprise Value/Ebitda-9.14
Forecast
1Y Price Target
$21.00Price Target Upside44.43% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)-1.7
Revenue Forecast (FY)$67.34M
Shoulder Innovations, Inc. Business Overview & Revenue Model
Company Description
Shoulder Innovations, Inc. is a medical technology firm that engineers and produces sophisticated devices. The company is particularly recognized for designing an innovative shoulder replacement system. Co-founded in 2009 by Stephen B. Gunther and...
Shoulder Innovations, Inc. Earnings Call Summary
Earnings Call Date:May 13, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Sep 15, 2026
Earnings Call Sentiment Positive
The call presented a strong operating and commercial momentum: sizable revenue and volume growth, improving gross margins, accelerating surgeon adoption and meaningful product and technology milestones (I-135 full launch, N22 limited release, >500 patients in registry, and a progressing robotic partnership). These positives were offset by increased operating expenses and larger net and adjusted EBITDA losses as the company invests to scale, a Q1 cash burn driven by inventory and working capital, and some seasonality and ASP/mix variability risk embedded in the updated guidance. Overall, management expressed high conviction in the trajectory and raised full-year guidance while noting near-term investment-related impacts.Positive Updates
Strong Top-Line Growth
Net revenue of $16.7M in Q1 2026, up 65% year-over-year and 16% sequentially, driven by new surgeon adoption, increased utilization and higher ASPs.
Negative Updates
Widening Operating Losses
Net loss increased to $8.4M in Q1 2026 from $4.7M a year earlier; adjusted EBITDA loss rose to $7.0M from $3.5M, primarily driven by higher SG&A and R&D investments.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Top-Line Growth
Net revenue of $16.7M in Q1 2026, up 65% year-over-year and 16% sequentially, driven by new surgeon adoption, increased utilization and higher ASPs.
Read all positive updates
Company Guidance
Management raised full‑year 2026 net revenue guidance to $65–68 million (growth of 37%–44% vs. 2025; prior range $62–65M or 31%–37%) after a strong Q1: net revenue $16.7M (+65% YoY, +16% sequential), total implant volume 2,184 units (+51% YoY) and gross margin 77.7% (vs. 76.9% a year ago). Q1 operating metrics included SG&A $18.2M (vs. $10.5M prior year) with variable selling expense down from 128% of revenue in Q3 2025 to 109% in Q1 2026, R&D $3.8M (vs. $1.6M), net loss $8.4M, adjusted EBITDA loss $7.0M, and cash & equivalents $108.5M at 3/31/26. Guidance assumes similar gross margins for the balance of 2026 (subject to quarter‑to‑quarter product‑mix and ASP variability), typical seasonality (lighter Q3, step‑up in Q4), a modest rise in SG&A as a percent of revenue in Q2–Q3 to fund greenfield expansion before declining in Q4, and R&D as a percent of revenue moderating late in the year; management also noted increased inventory/asset purchases in H1 but expects significantly lower cash burn starting in Q2 and believes current cash can support the path to cash‑flow breakeven.Shoulder Innovations, Inc. Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
66
Positive
Cash Flow
34
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 |
|---|---|---|---|---|
Income Statement | ||||
| Total Revenue | 53.89M | 47.32M | 31.62M | 19.27M |
| Gross Profit | 40.68M | 36.20M | 24.34M | 15.27M |
| EBITDA | -41.14M | -37.08M | -12.11M | -10.25M |
| Net Income | -44.08M | -40.36M | -15.62M | -12.65M |
Balance Sheet | ||||
| Total Assets | 160.36M | 169.91M | 43.08M | 54.29M |
| Cash, Cash Equivalents and Short-Term Investments | 108.54M | 124.31M | 15.04M | 32.81M |
| Total Debt | 15.01M | 15.02M | 14.73M | 14.46M |
| Total Liabilities | 15.00M | 14.96M | 97.78M | 94.03M |
| Stockholders Equity | 133.02M | 154.94M | 19.78M | 34.74M |
Cash Flow | ||||
| Free Cash Flow | -43.79M | -36.02M | -18.16M | -15.89M |
| Operating Cash Flow | -34.49M | -28.61M | -14.14M | -13.14M |
| Investing Cash Flow | -85.65M | -95.60M | 13.96M | -28.97M |
| Financing Cash Flow | 125.26M | 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 |
|---|---|---|---|---|---|---|---|
73 Outperform | $2.15B | 34.33 | 16.19% | 0.95% | 13.27% | 36.99% | |
72 Outperform | $2.05B | 94.87 | 6.41% | ― | 22.45% | 602.15% | |
68 Neutral | $4.01B | 28.71 | 8.95% | ― | 11.34% | 12.26% | |
62 Neutral | $384.69M | -8.69 | -35.31% | ― | 55.89% | -156.74% | |
57 Neutral | $3.51B | 75.01 | 2.19% | ― | -10.76% | ― | |
53 Neutral | $1.35B | ― | -443.09% | ― | 22.55% | 27.87% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
SI
Shoulder Innovations, Inc.
18.55
4.30
30.18%
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Shoulder Innovations, Inc. Corporate Events
Business Operations and StrategyProduct-Related Announcements
Shoulder Innovations Launches Expanded InSet Humeral Stem System
Positive
Apr 27, 2026
Shoulder Innovations, Inc., a commercial-stage medical technology company focused on advanced implant systems for shoulder arthroplasty, is building an ecosystem that integrates implant design, preoperative planning, efficient instruments and spec...
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...
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.