SI

Company Overview — What Does SHOULDER INNOVATIONS, INC. Do?

We are a commercial-stage medical technology company exclusively focused on transforming the shoulder surgical care market. We currently offer advanced implant systems for shoulder arthroplasty. These systems are a core element of our ecosystem, which we designed to improve core components of shoulder surgical care – preoperative planning, implant design and procedural efficiency – to benefit each stakeholder in the care chain. Our 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. We believe our exclusive focus on shoulder surgical care, combined with a highly specialized commercial organization and strong clinical data, positions us well to capture significant share in this large, growing market. Shoulder pain is highly prevalent, often chronic, and can significantly reduce quality of life. The primary conditions that can result in shoulder pain and reduced functionality include osteoarthritis, rheumatoid arthritis, rotator cuff tears and shoulder fractures. Shoulder conditions are widespread, often debilitating, are commonly experienced concurrently as interrelated musculoskeletal disorders, and are estimated to result in more than eight million physician visits annually in the United States, based on data from the National Ambulatory Medical Care Survey 2015-2016 conducted by the National Center for Health Statistics of the Centers for Disease Control and Prevention (“CDC”). Despite this prevalence, we believe there has been a historical underutilization of surgical treatments for shoulder care due to several factors including patient hesitation to pursue surgical intervention, insufficient technology to appropriately treat shoulder conditions, complex shoulder anatomy, perceived difficulty of surgical intervention and barriers to patient access of care. We believe the shoulder surgical care market today presents a significant market opportunity. Our initial focus within this broader market is on shoulder arthroplasty. Shoulder arthroplasty is an established surgical procedure involving the reconstruction of the shoulder joint with prosthetic implants through one of two main approaches: anatomic total shoulder arthroplasty (“aTSA”) and reverse total shoulder arthroplasty (“rTSA”). Both approaches can be performed in inpatient hospital settings and in outpatient settings, including ambulatory surgery centers (“ASCs”). A key competitive advantage of ours has been the emergence of ASCs as a cost-efficient site of care with positive outcomes relative to hospital-based care. We expect that future growth in the shoulder surgical care market will be significantly driven by ASCs as hospitals face capacity constraints and are more limited in their ability to meet increasing demand. We believe traditional implants used in shoulder arthroplasty procedures are hindered by several limitations, including poor biomechanical fit, suboptimal kinematics, difficult replacement and conversion procedures (aTSA to rTSA or stemless to stem), imprecise implant positioning due to limited surgical planning, inefficient and burdensome workflow designs and non-specialized case support. These limitations can result in continued pain, lack of mobility, postoperative complications, low rates of implant survivorship, necessity of revision surgeries and costly and inefficient procedures for healthcare providers. We developed our ecosystem with an approach to innovation that prioritizes ease of use, flexibility, predictability of outcomes and site of care efficiency, attributes we believe are critical to win in our market. This ecosystem is comprised of our advanced implant systems, ProVoyance preoperative planning technology, efficient instrument system, specialized support and surgeon-to-surgeon collaboration. Our advanced implants are comprised of our aTSA and rTSA systems, which are designed to address the unique needs of patients and surgeons, and include various, specifically designed components capable of a wide array of system configurations to facilitate different modes of operation (anatomic or reverse). Our InSet Glenoid technology serves as the foundation for our advanced implant systems and includes a novel “InSet” design that aims to reduce mechanical stress at the bone implant interface, improve fixation mechanics, enhance stability and reduce micromotion. Our implant systems leverage consistent surgical techniques and the same efficient, two tray instrumentation system. In addition to our advanced implant systems, we offer a leading preoperative surgical planning technology: ProVoyance. We believe that surgeon-level engagement in preoperative planning provides for better care for patients, and that bespoke surgical plans can help facilitate consistent positioning of implants. ProVoyance integrates artificial intelligence (“AI”) and machine learning (“ML”) to transform planar CT imaging into 3D renderings of patient-specific anatomy ahead of surgery, and is cleared by the U.S. Food and Drug Administration (the “FDA”) for preoperative shoulder planning. ProVoyance received 510(k) clearance in 2021 and is classified by the FDA as a Class II device. ProVoyance is listed on the FDA’s AI/ML-enabled medical devices list, which is a resource maintained, published, and periodically updated by the FDA to identify AI/ML-enabled devices that have been authorized for marketing in the United States through any of the standard paths to market for medical devices, although it is not intended to be a comprehensive list of all such devices that incorporate AI/ML. We believe the differentiation and value proposition of ProVoyance is validated by high utilization rates across procedures using our advanced implant systems. For example, for the three months ended June 30, 2025, we estimate an implied utilization rate for our ProVoyance technology of approximately 98%, based on 1,478 surgical plans created using ProVoyance technology and 1,503 implant systems sold during such period. This implied utilization rate is based on real-world data from our customers during such period, as ProVoyance technology tracks and reports each surgical plan that our customers create, and the actual number of implant systems sold during the respective period. A key component of shoulder arthroplasty procedures are instrument trays, equipped with the specific instruments, supplies, and equipment needed for the surgery. We have developed a proprietary two-tray instrument system designed to enable interoperability between our aTSA and rTSA systems and a range of humeral stem options. We believe our efficient, two tray instrument system can enable surgeons and staff to reduce operating room footprint, procedural setup time, sterilization time and expense, and procedural complexity. To best support our surgeon customers, we have built our commercial organization around their unique needs. Our commercial organization is comprised of a dedicated commercial leadership team that drives our internal commercial efforts with an exclusive focus on shoulder care, a Customer Experience and Medical Education (“CEME”) team that enhances surgeon engagement and training and a network of independent distributors. These three key components of our commercial organization work in tandem to form a commercial flywheel that is designed to build and reinforce relationships with surgeons and other stakeholders in the shoulder surgical care market, accelerate adoption, and enhance long-term retention. We leverage our team’s decades of experience developing and launching novel shoulder surgical care technologies to identify the unmet needs of patients and surgeons and develop solutions to address those unmet needs. With respect to our advanced implant systems, we commenced development efforts with our InSet Glenoid in 2009 and received 510(k) clearance in 2011. We commercially launched an initial aTSA system with our InSet Glenoid in 2016. Since this initial launch in 2016, we have successfully launched a wide range of new technologies to enhance our ecosystem and provide surgeons with the tools and support needed to deliver quality outcomes for patients requiring shoulder surgical care. For example, we commenced development efforts for our InSet PLUS Augmented Glenoid in 2019 and received 510(k) clearance in 2020. We commenced development efforts for our rTSA system in 2019 and received 510(k) clearance in 2021. We commenced development efforts for our short stem, stemless and I-Series humeral stem system options for our aTSA and rTSA systems in 2017, 2019 and 2021, respectively, and received our primary 510(k) clearances in 2018 and 2022, with an additional 510(k) clearance in 2024 for use of our primary I-Series humeral stem for use with anatomic fractures. Each of these devices is classified by the FDA as a Class II device. We have a robust pipeline of new technologies in various stages of development and evaluation, including the anticipated expansion of our humeral stem line, indication expansions into fracture and revision, and implants tailored for metal-sensitive patients. For example, we commenced development of InSet 70, InSet 135 and InSet 185 stems to expand our I-Series humeral stem line in 2024, and we anticipate pursuing FDA clearance of these stems, as needed, over the next twelve months. We are also evaluating expansion into adjacent areas in shoulder surgical care, which may include sports medicine and shoulder trauma markets. We have contributed to numerous publications that we believe evidence and strengthen our position as a leader in shoulder surgical care. There is a significant body of clinical evidence that supports the safety, efficacy, and durability of our implants in shoulder arthroplasty, including our InSet Glenoid technology. For example, a retrospective long-term follow-up analysis of patients who received our InSet Glenoid was published in the Journal of Shoulder and Elbow Surgery in 2019, which demonstrated a 72-point improvement in the mean American Shoulder and Elbow Surgeons (“ASES”) outcome score, statistically significant improvements in pain scores and range of motion, with no surgical complications, no cases of glenoid loosening and no revision surgeries performed at a mean follow-up time of 8.7 years. We are committed to continued investment in obtaining further clinical evidence with the support of surgeons who are recognized as thought leaders in shoulder surgical care. We believe these efforts will continue to generate a substantial body of clinical evidence that will drive increased awareness and adoption of our products. We were initially formed on July 1, 2009 as Shoulder Innovations, LLC, a Delaware limited liability company. Our principal executive offices are located in Grand Rapids, MI. SHOULDER INNOVATIONS, INC. (SI) is classified as a small-cap stock in the Healthcare sector, specifically within the Medical Equipment industry. The company is led by CEO Robert Ball and employs approximately 61 people, headquartered in HOLLAND, Michigan. With a market capitalization of $303M, SI is one of the notable companies in the Healthcare sector.

SHOULDER INNOVATIONS, INC. (SI) Stock Rating — Hold (April 2026)

As of April 2026, SHOULDER INNOVATIONS, INC. receives a Hold rating with a composite score of 31.6/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.SI ranks #1,608 out of 4,446 stocks in our coverage universe. Within the Healthcare sector, SHOULDER INNOVATIONS, INC. ranks #145 of 838 stocks, placing it in the top quartile of its Healthcare peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).

SI Stock Price and 52-Week Range

SHOULDER INNOVATIONS, INC. (SI) currently trades at $14.96. The stock gained $0.14 (0.9%) in the most recent trading session. The 52-week high for SI is $17.94, which means the stock is currently trading -16.6% from its annual peak. The 52-week low is $10.92, putting the stock 37.0% above its annual trough. Recent trading volume was 20K shares, suggesting relatively thin trading activity.

Is SI Overvalued or Undervalued? — Valuation Analysis

SHOULDER INNOVATIONS, INC. (SI) carries a value factor score of 24/100 in the Blank Capital model, signaling premium valuation that prices in significant future growth. The trailing price-to-earnings ratio is 5.54x, compared to the Healthcare sector average of 23.63x — a discount of 77%. The price-to-book ratio stands at 2.13x, versus the sector average of 2.75x. The price-to-sales ratio is 1.62x, compared to 1.66x for the average Healthcare stock. On an enterprise value basis, SI trades at 3.77x EV/EBITDA, versus 6.34x for the sector.

At current multiples, SHOULDER INNOVATIONS, INC. trades at a premium to most Healthcare peers. This elevated valuation may be justified if the company can sustain above-average growth rates and profitability, but it also creates downside risk if earnings disappoint expectations.

SHOULDER INNOVATIONS, INC. Profitability — ROE, Margins, and Quality Score

SHOULDER INNOVATIONS, INC. (SI) earns a quality factor score of 33/100, signaling below-average profitability metrics relative to the broader market. The return on equity (ROE) is 38.4%, compared to the Healthcare sector average of -43.5%, which demonstrates strong shareholder value creation. Return on assets (ROA) comes in at 31.8% versus the sector average of -33.1%.

On a margin basis, SHOULDER INNOVATIONS, INC. reports gross margins of 76.2%, compared to 71.5% for the sector. The operating margin is 3.3% (sector: -66.1%). Net profit margin stands at -36.7%, versus -58.7% for the average Healthcare stock. Revenue growth is running at 57.7% on a trailing basis, compared to 10.6% for the sector. Profitability is below benchmark levels, which may reflect industry headwinds, elevated reinvestment, or structural challenges.

SI Debt, Balance Sheet, and Financial Health

SHOULDER INNOVATIONS, INC. has a debt-to-equity ratio of 21.0%, compared to the Healthcare sector average of 32.0%. The low leverage indicates a conservative balance sheet with significant financial flexibility. The current ratio is 11.07x, indicating strong short-term liquidity. Total debt on the balance sheet is $15M. Cash and equivalents stand at $55M.

SI has a beta of 0.72, meaning it is less volatile than the S&P 500, making it a relatively defensive holding. The stability factor score for SHOULDER INNOVATIONS, INC. is 47/100, reflecting average volatility within the normal range for its sector.

SHOULDER INNOVATIONS, INC. Revenue and Earnings History — Quarterly Trend

In TTM 2026, SHOULDER INNOVATIONS, INC. reported revenue of $185M and earnings per share (EPS) of $-4.65. Net income for the quarter was $54M. Gross margin was 76.2%. Operating income came in at $92M.

In FY 2025, SHOULDER INNOVATIONS, INC. reported revenue of $47M and earnings per share (EPS) of $-4.65. Net income for the quarter was $-40M. Gross margin was 76.5%. Operating income came in at $-26M.

In Q3 2025, SHOULDER INNOVATIONS, INC. reported revenue of $12M and earnings per share (EPS) of $-0.64. Net income for the quarter was $-9M. Gross margin was 76.2%. Operating income came in at $-8M.

In Q2 2025, SHOULDER INNOVATIONS, INC. reported revenue of $11M and earnings per share (EPS) of $-165.53. Net income for the quarter was $-19M. Gross margin was 76.2%. Operating income came in at $-6M.

Over the past 7 quarters, SHOULDER INNOVATIONS, INC. has demonstrated a growth trajectory, with revenue expanding from $130M to $185M. Investors analyzing SI stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.

SI Dividend Yield and Income Analysis

SHOULDER INNOVATIONS, INC. (SI) does not currently pay a dividend. This is common among smaller companies in the Medical Equipment industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Healthcare dividend stocks may want to explore other Healthcare stocks or use the stock screener to filter by dividend yield.

SI Momentum and Technical Analysis Profile

SHOULDER INNOVATIONS, INC. (SI) has a momentum factor score of 36/100, signaling weak relative price performance. Stocks with low momentum scores have historically tended to continue underperforming in the near term. The investment factor score is 25/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 20/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.

SI vs Competitors — Healthcare Sector Ranking and Peer Comparison

Within the Healthcare sector, SHOULDER INNOVATIONS, INC. (SI) ranks #145 out of 838 stocks based on the Blank Capital composite score. This places SI in the top quartile of all Healthcare stocks in our coverage universe. Key competitors and sector peers include ASTRAZENECA PLC (AZN) with a score of 61.4/100, Sol-Gel Technologies Ltd. (SLGL) with a score of 56.6/100, VIEMED HEALTHCARE, INC. (VMD) with a score of 53.4/100, Innoviva, Inc. (INVA) with a score of 52.7/100, and JOHNSON & JOHNSON (JNJ) with a score of 51.7/100.

Comparing SI against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full SI vs S&P 500 (SPY) comparison to assess how SHOULDER INNOVATIONS, INC. stacks up against the broader market across all factor dimensions.

SI Next Earnings Date

No upcoming earnings date has been announced for SHOULDER INNOVATIONS, INC. (SI) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.

Should You Buy SI? — Investment Thesis Summary

SHOULDER INNOVATIONS, INC. presents a balanced picture with arguments on both sides. The quality score of 33/100 flags below-average profitability. The value score of 24/100 indicates premium valuation. Momentum is weak at 36/100, a headwind for near-term performance.

In summary, SHOULDER INNOVATIONS, INC. (SI) earns a Hold rating with a composite score of 31.6/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on SI stock.

Related Resources for SI Investors

Explore more research and tools: SI vs S&P 500 comparison, top Healthcare stocks, stock screener, our methodology, quality factor explained, value factor explained, momentum factor explained. Compare SI head-to-head with peers: SI vs AZN, SI vs SLGL, SI vs VMD.