SHOULDER INNOVATIONS, INC. (SI) Stock

SHOULDER INNOVATIONS, INC. (SI) is a Healthcare stock trading at $22.10 (as of 2026-08-20), with a market capitalization of $460.10M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Shoulder Innovations, Inc. (SI) manufactures medical devices and has developed a shoulder replacement system. Founded in 2009 and based in Grand Rapids, Michigan, the company’s products are used to support care related to shoulder replacement.

Understand SHOULDER INNOVATIONS, INC.: how it makes money

Shoulder Innovations, Inc. manufactures shoulder replacement medical devices, including a shoulder replacement system, and makes money by selling its implant systems to healthcare providers through its medical device business.

Because the company sells a specific shoulder replacement system, profitability depends on adoption by surgeons and resulting implant system sales, while operating losses indicate that commercialization and operating costs are currently overwhelming product gross profits.

Business quality (Weak): Product gross margin is reported at 77.7%, but the company is still loss-making with an operating margin of -53.7% for the latest reported period, suggesting early commercial scale and cost absorption remain key issues for investors to monitor.

Valuation: At 0× earnings, SI trades 99% below the Medical Equipment average (32×). Note: one-time items can distort reported P/E.

Bull case

  • High reported gross margin: The latest reported gross margin is 77.7%, which indicates the implant system gross economics are favorable if fixed and operating costs can be better absorbed over time.
  • Surgeon adoption is a measurable driver: The company tracks core surgeons and contender surgeons (an operating metric), which can help investors assess whether the shoulder replacement system is gaining traction in the clinical community.

Bear case

  • Loss-making operating profile: The latest reported operating margin is -53.7%, meaning operating expenses currently exceed gross profit.
  • Commercial scale risk: With very small reported revenue in the latest period, the business may be highly sensitive to delays in adoption, changes in pricing, or slower than expected implant system sales.
  • Price and mix sensitivity: Investors should watch Average Selling Price of Implant Systems, since revenue growth and economics can be affected by pricing and product mix.
Valuation — source: SEC EDGAR (first-party)
Price$22.10
Market Cap$460.10M
Price / Book3.70
Price / Sales7.38
FCF Yield-17.3%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$47.32M
Net Margin-85.3%
Revenue Growth (YoY)49.6%
EPS Growth (YoY)-98.1%
FCF Growth (YoY)98.4%
Financial Health — source: SEC EDGAR
Altman Z-Score9.37 (safe)
Valuation vs Sector & Industry
Sector P/E (Healthcare)21.6
Industry P/E (Medical Equipment)32.9
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderFMR LLC ($54.99M)
Institutional Holders Tracked10
Congressional Trades (recent)4
Company
SectorHealthcare
IndustryMedical Equipment
CEOAlan J. Lane
Employees300
CountryUS
IPO Date2025-07-31

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SI earnings history · SI institutional & insider holders · SI KPIs & operating metrics · SI financials · SI investor presentations & press releases · SI SEC filings · SI peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.