Shoulder Innovations
SINYSEUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $21.93 Prior regular-session close from the quote source.
- $21.31–$21.95 Regular-session low and high so far today.
- 191.0K Regular-session shares traded · Nov 11, 4:00 PM ET.
- Jan 28 projected Projected for 2027-01-28 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $12.00–$24.60 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own SI if Shoulder Innovations is a high-growth, shoulder-only medtech challenger whose value depends on proving surgeon adoption can compound into durable gross-margin dollars before losses and cash burn force dilution.
SI price history
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Investment thesis
What must happen next
Shoulder-only specialization continues to convert surgeon preference into procedure adoption despite broader orthopedic incumbents bundling products and rep relationships.StrengtheningMateriality: High
FY2025 annual GAAP revenue was $47.317 million, up from $31.623 million in FY2024, indicating rapid commercial adoption. If this holds, Shoulder Innovations can keep compounding from a small base; if it breaks, the company becomes a subscale device vendor with limited bargaining power.
Watch: Stryker, Zimmer Biomet, Johnson & Johnson MedTech/DePuy Synthes, Smith+Nephew, or Enovis use bundled orthopedic contracts and large rep networks to block new account access.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
FY2025 annual GAAP revenue was $47.317 million, up from $31.623 million in FY2024, indicating rapid commercial adoption.
Open source ↗Product differentiation and clinical value remain sufficient to avoid growth being bought through discounting or unfavorable mix.StrengtheningMateriality: High
FY2025 annual GAAP gross profit was $36.202 million, up from $24.341 million in FY2024. High gross-margin revenue can eventually fund the commercial organization; discounted growth would make scale much less valuable.
Watch: Hospital purchasing groups force shoulder implant price concessions as a condition of adding or retaining accounts.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
FY2025 annual GAAP gross profit was $36.202 million, up from $24.341 million in FY2024.
Open source ↗The commercial and clinical-support build must become more productive as the installed surgeon base matures, so incremental gross profit starts absorbing operating costs rather than expanding losses.WeakeningMateriality: Medium
FY2025 annual GAAP gross profit increased by $11.861 million versus FY2024, showing more dollars are available to fund the operating base. This is the bridge from a good product story to equity value creation; without operating leverage, shareholders own growth that consumes cash.
Watch: The company must keep adding sales representatives, clinical support, and inventory at a pace that prevents account maturity from improving productivity.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
FY2025 annual GAAP gross profit increased by $11.861 million versus FY2024, showing more dollars are available to fund the operating.
Open source ↗The balance sheet must provide enough runway for disciplined commercialization, rather than forcing financing from a position of weakness.HoldingMateriality: Medium
Cash was $26.871 million at FY2025 year-end, up from $6.123 million at FY2024 year-end. If runway is adequate, holders benefit from adoption; if not, dilution or constrained investment can transfer value away from existing shareholders.
Watch: Operating cash burn remains near or above the FY2025 annual level while revenue requires additional inventory and commercial spending.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Cash was $26.871 million at FY2025 year-end, up from $6.123 million at FY2024 year-end.
Open source ↗
Full investment case & evidence
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Original research
Shoulder-only specialization continues to convert surgeon preference into procedure adoption despite broader orthopedic incumbents bundling products and rep relationships. If this holds, Shoulder Innovations can keep compounding from a small base; if it breaks, the company becomes a subscale device vendor with limited bargaining power.
Product differentiation and clinical value remain sufficient to avoid growth being bought through discounting or unfavorable mix. High gross-margin revenue can eventually fund the commercial organization; discounted growth would make scale much less valuable.
The commercial and clinical-support build must become more productive as the installed surgeon base matures, so incremental gross profit starts absorbing operating costs rather than expanding losses. This is the bridge from a good product story to equity value creation; without operating leverage, shareholders own growth that consumes cash.
The balance sheet must provide enough runway for disciplined commercialization, rather than forcing financing from a position of weakness. If runway is adequate, holders benefit from adoption; if not, dilution or constrained investment can transfer value away from existing shareholders.
All standing thesis claims
Original report summary
Shoulder Innovations is a high-growth, shoulder-only medtech challenger whose value depends on proving surgeon adoption can compound into durable gross-margin dollars before losses and cash burn force dilution.
Bull case and bear case
Bull case and bear case for Shoulder Innovations
Where the evidence on Shoulder Innovations disagrees: Mixed on the latest evidence (Oct 22, 2026). Of its 4 thesis points, 2 strengthening, 1 holding and 1 weakening.
Bull case: what the evidence supports
Shoulder-only specialization continues to convert surgeon preference into procedure adoption despite broader orthopedic incumbents bundling products and rep relationships.
Product differentiation and clinical value remain sufficient to avoid growth being bought through discounting or unfavorable mix.
The balance sheet must provide enough runway for disciplined commercialization, rather than forcing financing from a position of weakness.
Bear case: what the evidence questions
The commercial and clinical-support build must become more productive as the installed surgeon base matures, so incremental gross profit starts absorbing operating costs rather than expanding losses.
Thesis-Break Engine
Thesis-break watch · Shoulder Innovations
No break has crossed Shoulder Innovations’s thesis. Its break conditions are checked against every new filing as it lands.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedRegulation FD disclosure.
Shoulder Innovations filed an SEC 8-K on 2026-10-08: Regulation FD disclosure. It is a dated development that tests the current thesis.
- MixedRegulation FD disclosure.
Shoulder Innovations filed an SEC 8-K on 2026-08-10: Regulation FD disclosure. It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
Shoulder Innovations filed an SEC 8-K on 2026-08-06: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Stryker, Zimmer Biomet, Johnson & Johnson MedTech/DePuy Synthes, Smith+Nephew, or Enovis use bundled orthopedic contracts and large rep networks to block new account access.
- Hospital purchasing groups force shoulder implant price concessions as a condition of adding or retaining accounts.
- The company must keep adding sales representatives, clinical support, and inventory at a pace that prevents account maturity from improving productivity.
- Operating cash burn remains near or above the FY2025 annual level while revenue requires additional inventory and commercial spending.
SI news
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Financial statements
SI income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
SI: quick answers
- When does Shoulder Innovations (SI) report earnings next?
- Shoulder Innovations's next results are projected for January 28, 2027, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on November 5, 2026. Earnings calendar
- What is SI's short interest?
- As of October 30, 2026, 706,355 SI shares were sold short, 3.38% of its shares outstanding, down 0.5% from the count before. At the stock's average daily volume that is 7.7 days to cover. FINRA publishes the count twice a month. SI short interest history
- Have members of Congress traded SI?
- 6 trades in SI have been disclosed under the STOCK Act by members of Congress, the President or senior officials, none in reports made public in the last 90 days. Every disclosed SI trade