Shoulder Innovations (NYSE:SI) Announces Earnings Results

Shoulder Innovations (NYSE:SI) announced its quarterly earnings data on Thursday. The company reported ($0.34) EPS for the quarter, beating the consensus estimate of ($0.49) by $0.15, FiscalAI reports. Shoulder Innovations had a negative net margin of 58.33% and a negative return on equity of 23.61%. The firm had revenue of $16.19 million during the quarter.

Here are the key takeaways from Shoulder Innovations’ conference call:

• Third-quarter revenue rose 38% to $16.2 million, and Shoulder Innovations raised its 2026 revenue outlook to $68 million–$70 million, implying 44%–48% growth. Management said procedure volumes improved in September and described the start of Q4 as encouraging.
• Implant volume among core, contender, and prospect customers grew approximately 34% year over year to 2,126 units, with new surgeon additions ahead of plan. Management said summer seasonality affected established core surgeons more than in Q3 2025, but new customer growth drove above-market expansion.
• Gross margin increased to 78.5% from 76.2% a year earlier, supported by higher average selling prices and cost reductions. The company expects further cost savings from 2027, while noting that margins may face pressure as more procedures shift to lower-priced ambulatory surgery centers.
• The company launched its InSet Go anatomic glenoid and N-22 humeral head, and said its InSet Neo robotics program remains on track for an FDA submission in the first half of 2027. Other pipeline initiatives include a surgical guide, patient-matched implants, and complex-case solutions through its ALM Ortho partnership.
• Operating expenses rose, including higher R&D spending tied partly to robotics, and management expects cash burn to increase moderately in Q4 as it invests in hiring and development. It reported a $7.0 million quarterly net loss, although that was narrower than the prior-year loss of $8.7 million.

Shoulder Innovations Price Performance

NYSE:SI traded down $0.12 during trading hours on Friday, reaching $20.25. 63,906 shares of the company traded hands, compared to its average volume of 99,580. The company has a debt-to-equity ratio of 0.12, a current ratio of 10.71 and a quick ratio of 8.92. The firm’s 50-day moving average is $19.02 and its 200-day moving average is $17.14. The stock has a market cap of $421.71 million, a P/E ratio of -10.54 and a beta of -1.51. Shoulder Innovations has a 1-year low of $10.92 and a 1-year high of $24.59.

Insider Activity at Shoulder Innovations

In related news, major shareholder Healthcare Holding B.V. Gilde sold 20,516 shares of the stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $22.61, for a total transaction of $463,866.76. Following the transaction, the insider directly owned 2,187,791 shares in the company, valued at approximately $49,465,954.51. This represents a 0.93% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Robert Ball sold 10,175 shares of the firm’s stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $18.45, for a total transaction of $187,728.75. Following the completion of the sale, the chief executive officer directly owned 380,824 shares in the company, valued at $7,026,202.80. This represents a 2.60% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 58,968 shares of company stock valued at $1,247,045. 29.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Shoulder Innovations

A number of large investors have recently modified their holdings of the company. China Universal Asset Management Co. Ltd. lifted its position in Shoulder Innovations by 28.0% during the third quarter. China Universal Asset Management Co. Ltd. now owns 6,400 shares of the company’s stock valued at $120,000 after buying an additional 1,400 shares in the last quarter. Compass Financial Management LLC purchased a new position in shares of Shoulder Innovations in the 2nd quarter valued at $30,000. Integrated Wealth Concepts LLC purchased a new position in shares of Shoulder Innovations in the 2nd quarter valued at $35,000. Bank of America Corp DE raised its stake in shares of Shoulder Innovations by 43.7% in the 1st quarter. Bank of America Corp DE now owns 26,983 shares of the company’s stock valued at $392,000 after acquiring an additional 8,205 shares during the period. Finally, Bank of New York Mellon Corp acquired a new position in shares of Shoulder Innovations during the 1st quarter valued at $252,000.

Analyst Ratings Changes

A number of analysts have commented on the company. UBS Group boosted their target price on Shoulder Innovations from $27.00 to $28.00 and gave the stock a “buy” rating in a research report on Monday, August 10th. Piper Sandler reaffirmed an “overweight” rating and set a $25.00 price target (up from $19.00) on shares of Shoulder Innovations in a research note on Friday, August 7th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Shoulder Innovations in a research note on Friday, October 30th. Finally, BTIG Research boosted their price objective on shares of Shoulder Innovations from $26.00 to $27.00 and gave the stock a “buy” rating in a research report on Monday, October 12th. Five investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Shoulder Innovations has an average rating of “Moderate Buy” and a consensus price target of $25.75.

Shoulder Innovations Company Profile

Shoulder Innovations, Inc is a medical device company focused on developing and commercializing products for shoulder arthroplasty, or shoulder replacement surgery. The company aims to address challenges associated with conventional shoulder-replacement procedures through implant designs intended to support surgical efficiency, fixation, and patient outcomes.

Its product portfolio includes shoulder replacement systems and related components, including glenoid implants and technologies designed for anatomic and reverse shoulder arthroplasty procedures.