SHOULDER INNOVATIONS INC (SI)
Health Care · Orthopedic devices · NYSE
A pure-play medical technology company transforming shoulder arthroplasty through an integrated ecosystem of AI-driven planning, advanced implants, and efficient procedural instrumentation.
What SHOULDER INNOVATIONS INC does
Shoulder Innovations is a medical technology company focused exclusively on the shoulder arthroplasty market. The company develops an ecosystem that integrates implant systems (InSet anatomic and reverse total shoulder arthroplasty), AI-driven preoperative surgical planning (ProVoyance), and efficient instrumentation, targeting both hospital and ambulatory surgery center (ASC) settings.
Recent developments
Raised full-year 2026 revenue guidance to $67M-$69M following strong Q2 growth. Recently launched the N-22 glenosphere and a titanium plasma spray (TPS) baseplate line extension, and secured $50 million in new credit facilities to refinance debt and support operations.
From SHOULDER INNOVATIONS INC's filing of 2026-08-06.
Themes: shoulder arthroplasty, AI-driven surgery, ambulatory surgery centers (ASCs), medical robotics
Fundamentals
- Price$17.89 as of 2026-10-08 close
- Market cap$372M as of 2026-07-30 (share count; price 2026-10-08)
- 1-year return+37.5% 2025-10-08 close $13.01 → 2026-10-08 close $17.89
- P/En/a negative earnings
- Net margin-85.3% FY2025, SEC XBRL
- Gross margin+76.5% FY2025, SEC XBRL
- ROE-28.7% FY2025, SEC XBRL
- Debt / equity0.11 as of 2026-09-02
- Revenue growth (YoY)+151.0% as of 2026-09-02
- Beta0.45 as of 2026-09-02
- Last reported earnings2026-08-06 SEC EDGAR Form 8-K (Item 2.02)
How SI compares in its sector
- net profit marginmiddle range 430 covered Health Care peers, as of 2026-09-02
- operating marginmiddle range 417 covered Health Care peers, as of 2026-09-02
- gross margintop 25% 189 covered Health Care peers, as of 2026-09-02
- return on equitymiddle range 510 covered Health Care peers, as of 2026-09-02
- free cash flow (absolute dollars, latest fiscal year)middle range 494 covered Health Care peers, as of FY2025
Position among covered Health Care companies that report each metric (minimum 5 peers). A relative position within our covered catalog — not a valuation, quality, or investment judgment. A higher percentile is simply a higher value (for P/E, more expensive on earnings — never "better"). Informational only.
How SHOULDER INNOVATIONS INC looks technically
SHOULDER INNOVATIONS INC (SI) is trading 7.5% above its 200-day average, the long-term trend line — a longer-term uptrend. Its 50-day average has held above its 200-day average for at least 97 trading days — a long-sustained "golden cross", a bullish long-term signal. There is no clear trend right now — the price is choppy (ADX, a 0–100 trend-strength gauge, is 18, below the 25 that marks a real trend). Momentum is neutral — its 14-day RSI (a 0–100 momentum gauge) is 41, neither overbought (above 70) nor oversold (below 30). MACD, a trend-momentum gauge, turned bullish about 8 trading days ago (its momentum flipped positive). It made a new 20-day low about 10 trading days ago. It is 27.3% below its highest point of the past year.
Trend
8
| Distance from the 200-day | it is trading 7.5% above its 200-day average, the long-term trend line — a longer-term uptrend | +7.5% |
|---|---|---|
| 50-day moving average | its average price over the last 50 trading days — a short-term trend line — is $19.99 | $19.99 |
| 200-day moving average | its average price over the last 200 trading days — the long-term trend line — is $16.65 | $16.65 |
| Swing structure | each recent peak has been lower than the one before it and each dip deeper — the pattern chart-watchers call a downtrend, which describes where price has already been and not where it goes next | lower highs and lower lows |
| Last swing turn | its last significant turn was a swing low 10 calendar days ago — the swings before that are what the structure reading is measured on | 10 sessions |
| Wave structure | its recent swings can be read as a five-part downward sequence — what Elliott-wave chartists call an impulse — now in the fourth leg, a pullback against that downward direction; the labelling fails if price closes above 18.65. It is one of several labellings that fit, and it describes the swings already printed, not what comes next. The same swings also read as a completed three-part correction. | possible downward five-wave sequence, in wave 4 (one of several readings) |
| Since the 50/200 cross | its 50-day average has held above its 200-day average for at least 97 trading days — a long-sustained "golden cross", a bullish long-term signal | at least 97 sessions |
| Trend strength (14-day ADX) | there is no clear trend right now — the price is choppy (ADX, a 0–100 trend-strength gauge, is 18, below the 25 that marks a real trend) | 18.3 |
Momentum
3
| 14-day RSI | momentum is neutral — its 14-day RSI (a 0–100 momentum gauge) is 41, neither overbought (above 70) nor oversold (below 30) | 41.1 |
|---|---|---|
| Position in its 14-day range | it is trading in the lower half of its 14-day range ($16.56 to $20.03) — its "stochastic" reading is 38 out of 100, where 0 would mean closing exactly at the 14-session low and 100 exactly at the high. This measures WHERE the price sits inside its recent range, which is a different question from the RSI beside it: RSI is a momentum gauge, measuring how FAST the price has been moving, so a stock can drift quietly to the bottom of its range with an ordinary RSI, or fall sharply and still sit in the middle. It has been slipping within that range over the last few sessions. | 38.3 |
| Since the MACD crossed zero | MACD, a trend-momentum gauge, turned bullish about 8 trading days ago (its momentum flipped positive) | 8 sessions |
Range
12
| 52-week high | its highest closing price over the past year (about 252 trading days) was $24.59 | $24.59 |
|---|---|---|
| From the 52-week high | it is 27.3% below its 52-week high (its highest price of the past year) | -27.3% |
| Above the 52-week low | it is 63.8% above its 52-week low (its lowest price of the past year) | +63.8% |
| Below the 52-week high | it is 27.3% below its highest point of the past year | 27.3% |
| Since a 20-day breakout | it made a new 20-day low about 10 trading days ago | 10 sessions |
| Since a 55-day breakout | it made a new 55-day low about 10 trading days ago | 10 sessions |
| All-time high | its highest closing price on record is $24.59 (set on 2026-07-29) | $24.59 |
| Given back of the 52-week move | over the past year its closes ranged ($11.01 to $24.25), and it has given back around half of its rise from last year’s low — 48% of it. Chart-watchers call 61.8%-65% given back the "golden pocket" — for this company that is $15.64 to $16.07. It is watched widely enough that orders cluster there, which is the honest reason it matters; it is not a forecast. | 48.0% |
| From the all-time high | it is 27.3% below its all-time high | -27.3% |
| Nearest price level | it is trading 8.0% above a support level at $16.46 — a price it turned at twice since 2025-09-08, most recently on 2026-09-28. Since 2025-07-31 it has 8 such levels below the current price and 1 above. Levels like these describe where the price has reversed or paused before; they are not a forecast of where it will go. | -8.0% |
| All-time low | its lowest closing price on record is $10.92 (set on 2025-11-11) | $10.92 |
| Above the all-time low | it is 63.8% above its all-time low | +63.8% |
Volatility
5
| Band width vs its own 6 months | day-to-day price swings are narrower than usual versus its own recent 6-month history (tighter than about 86% of it) | 14th percentile |
|---|---|---|
| Typical daily range | in a typical session it travels about $1.09 between its high and its low — about 6.1% of its price. That is its "average true range" over the last 14 sessions, which also counts the distance from the previous close, so a day that opens well away from yesterday counts as the large move it was | $1.09 |
| Bollinger bands (20-day, ±2σ) | most of its recent trading has stayed between about $16.79 and $19.60 — the "Bollinger bands", a range drawn two standard deviations either side of its 20-day average price, which widens when the stock gets more volatile and narrows when it settles | $16.79 – $18.20 – $19.60 |
| Typical daily range (% of price) | its price moves about 6.1% in a typical session — more volatile than most companies we cover. This is the average gap between a session's high and low over the last 14 sessions, counting overnight moves, expressed against the current price so it can be compared with companies trading at any price | 6.1% |
| Stretch from the 200-day average | it is trading 1.1 daily ranges above its 200-day average price (7.5% above it in plain percentage terms) — a way of asking how far it has stretched from its own average in units of how far it normally moves in a day, so a calm company and a jumpy one can be compared on the same scale | 1.1 daily ranges above its 200-day average |
Volume
1
| Volume vs its 30-day average | trading volume is about normal versus its 30-day average | 0.81× |
|---|
Analyst
2
| Change in the average price target | analysts' average price target is unchanged from the prior reading | 0.0% |
|---|---|---|
| Change in the consensus rating | not available for this company yet | n/a |
Candlestick patterns
3
| Since a doji | 6 sessions ago it opened and closed at almost the same price after trading through a wider range — a "doji", the classic picture of buyers and sellers finishing the session level | 6 sessions ago |
|---|---|---|
| Since a bullish engulfing | 8 sessions ago it opened below the previous session's close and finished above that session's open — a "bullish engulfing" pair, where one up day more than undid the down day before it | 8 sessions ago |
| Since a bearish engulfing | 5 sessions ago it opened above the previous session's close and finished below that session's open — a "bearish engulfing" pair, where one down day more than undid the up day before it | 5 sessions ago |
Price gaps
3
| Gap at the open | it opened on 2026-10-08 at essentially the same price it closed at the session before — no meaningful overnight gap | -0.1% |
|---|---|---|
| Open gap | it gapped 2.1% below the previous close 29 sessions ago and has not traded back through the level it left behind at 22.43 — an "unfilled gap", which describes a price range no trade has since crossed and is not a forecast that it will be crossed | -2.0% |
| Gap filled | a 3.1% gap down opened on 2026-09-15 has been "filled" 14 sessions ago — price traded back through the level the gap left behind, and it took 3 sessions to close | 14 sessions ago |
Price streaks
1
| Closing streak | it has closed lower 3 sessions in a row, a -8.72% move over the run — an unbroken run of down days, which describes what has already happened and says nothing about the next session | 3 sessions down |
|---|
Relative strength
4
| vs market, 1 month | over the past 1 month this stock lagged the market by 11.5 percentage points (the stock lost 10.5% while the market gained 1.0%) | -11.6% |
|---|---|---|
| vs market, 3 months | over the past 3 months this stock lagged the market by 15.7 percentage points (the stock lost 11.9% while the market gained 3.8%) | -15.7% |
| vs market, 6 months | over the past 6 months this stock beat the market by 6.0 percentage points (the stock gained 23.5% while the market gained 17.5%) | +6.0% |
| vs market, 12 months | over the past 12 months this stock beat the market by 22.5 percentage points (the stock gained 37.5% while the market gained 15.0%) | +22.5% |
Signal agreement
2
| Bullish technical signals | 4 of the 9 technical signals we can compute for it are currently in a bullish state: a "golden cross" — its 50-day average is above its 200-day, trading above its 200-day average, MACD momentum is positive, outperforming the market over 6 months — these describe past price behaviour, not a forecast | 4 of 9 |
|---|---|---|
| Bearish technical signals | 1 of the 9 technical signals we can compute for it is currently in a bearish state: trading below the Ichimoku cloud — these describe past price behaviour, not a forecast | 1 of 9 |
Trend (Ichimoku cloud)
1
| Vs the Ichimoku cloud | trading 15% below the Ichimoku cloud — a band drawn from where its own highs and lows sat up to 2026-09-01 and projected forward over today's price, the side traders read as an established downtrend, with the band above acting as the level that would have to be cleared. The band itself is moderate, spanning 2.1% of the share price. | -15.3% |
|---|
Volume-weighted price
2
| Vs this year’s average price paid | the price is sitting right on the average price paid so far this year, so the typical buyer over that stretch is roughly break-even. That average is $17.86 — a volume-weighted average of daily closes over 189 sessions, not a true tick-by-tick VWAP. | +0.2% |
|---|---|---|
| Vs the average paid since it last reported | the price is 9% below the average price paid since it last reported on 2026-08-06 (its 10-Q), so the typical buyer over that stretch is under water. That average is $19.60 — a volume-weighted average of daily closes over 45 sessions, not a true tick-by-tick VWAP. | -8.7% |
Head and shoulders, bearish — broke down · entry $17.16 · 59 sessions in
Price levels it has turned at before
SI last closed at $17.89 on 2026-10-08. Since 2025-07-31 it has turned at 8 prices below its last close and 1 above; the 3 nearest below and the nearest above are listed, nearest first.
| Level | Side | Distance | Evidence |
|---|---|---|---|
| $16.46 | Support | 8.0% below the last close | turned there twice · 2025-09-08 to 2026-09-28 |
| $16.07 | Support | 10.2% below the last close | turned there three times · 2025-11-26 to 2026-05-15 |
| $15.45 | Support | 13.6% below the last close | turned there three times · 2025-11-12 to 2026-04-15 |
| $22.96 | Resistance | 28.3% above the last close | turned there twice · 2026-06-26 to 2026-07-16 |
A level is a price this company reversed or paused at more than once — they describe past behaviour, not a forecast of where the price will go.
Wave structure
Its recent swings can be read as a five-part downward sequence — what Elliott-wave chartists call an impulse — now in leg 4 of five, a pullback against that direction.
This labelling fails — stops being a possible reading at all — if it closes above $18.65.
This is one of several labellings that fit the same swings, so treat it as a reading rather than the reading. It was chosen from 2 labellings that survived the rules, counting shorter readings of the same bars.
On past moves of this shape the leg has usually ended somewhere between $18.16 and $18.65 — that is where it has tended to end if the count holds, not a forecast of where the price goes.
Alternate reading: The same swings also read as a completed three-part correction, which fails on a close below $16.56.
This reading has stood for 1 trading day, since 2026-10-08.
Read from daily closes as of 2026-10-08.
An Elliott-wave count describes the swings already printed and the level that would disprove it. It is not a forecast, a target, or advice.
Screens: Trading above the 200-day moving average · Pulled back from the 12-month high · trendless / choppy (low ADX) · beating the market · Most volatile (6%+ typical daily range) · Trading at this year’s average price paid (anchored VWAP) | Learn: moving average · golden cross · adx · rsi · macd · breakout · fifty two week high low
Based on daily closing prices as of 2026-10-08. Describes past price behavior only — informational, not financial advice.
Analyst consensus
- Consensus ratingStrong Buy (1.25 mean, 1=Strong Buy…5=Strong Sell) — 4 analysts
- Mean price target$26.25 range $25.00 – $28.00; median $26.00
Analyst estimates, as of 2026-10-05. These are third-party analyst opinions and price targets, aggregated — not a recommendation, prediction, or advice from stocks-llm. Informational only.
Analyst EPS estimate for SI
- Consensus EPS estimate-$0.491 next reporting period, as of 2026-10-05
- Estimate change, 30 days$0.00 from -$0.491, on 2026-08-31, 35-day window
- Readings revised upward0% of 8 comparable readings
The consensus estimate for the next reporting period, and how it has moved between readings of that SAME period. A change is measured only between readings estimating one period — when a company reports, the consensus moves to the next quarter and the two numbers are not comparable. Informational only, not a forecast and not advice.
Key risks (from latest filing)
["History of significant net losses with expectation of continued operating losses; dependency on successfully scaling commercial adoption and market penetration.","Regulatory risks associated with ongoing product development and potential future clearance for new indications or technologies.","Operational risks related to the use of third-party manufacturing and supply providers."]
What changed in the latest 10-Q
AI-assisted comparison of SI's 10-Q filed 2026-05-13 against the prior one filed 2025-11-12.
Management's Discussion & Analysis (MD&A)
- Added:
- Reference to 'audited financial statements for the year ended December 31, 2025' and '2025 Annual Report' (newer filing, 2026-05-13)
- Explicit mention that Risk Factors are in 'Part I, Item 1A of the Company's 2025 Annual Report' (newer filing, 2026-05-13)
- New paragraph describing shoulder arthroplasty approaches: '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").' (newer filing, 2026-05-13)
- New statement: '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.' (newer filing, 2026-05-13)
- New statement: '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.' (newer filing, 2026-05-13)
- Change from 'CEME' abbreviation to 'Customer Experience and Medical Education' spelled out in full (newer filing, 2026-05-13)
- Table data extended to include Dec. 31, 2025 (1,976 implant systems) and Mar. 31, 2026 (2,184 implant systems) (newer filing, 2026-05-13)
- Removed:
- Reference to 'audited financial statements for the year ended December 31, 2024' (older filing, 2025-11-12)
- Reference to 'final prospectus dated July 30, 2025 in connection with our initial public offering (the "IPO")' (older filing, 2025-11-12)
- Paragraph: 'Our initial focus within this broader market is on shoulder arthroplasty, and 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 this market.' (older filing, 2025-11-12)
- Paragraph: 'While our primary commercial focus to date has been within the United States, we believe the international shoulder surgical care market represents a compelling opportunity for long-term growth. We plan to strategically pursue entry into certain international markets over time.' (older filing, 2025-11-12)
- Phrase 'Customer Experience and Medical Education ("CEME") team' with abbreviation (older filing, 2025-11-12)
- Phrase 'build and reinforce relationships with surgeons' (older filing, 2025-11-12)
- Incomplete phrase at end: 'As a result, we believe outpatient and ASC settings represent an important and growing opportunity to drive demand and' (older filing, 2025-11-12)
- Table data for periods prior to Mar. 31, 2024 (Mar. 31, 2023 through Sept. 30, 2023) (older filing, 2025-11-12)
- Reworded:
- Changed reference location from 'Part II, Item 1A of this Quarterly Report on Form 10-Q' to 'Part I, Item 1A of the Company's 2025 Annual Report' for Risk Factors (newer filing, 2026-05-13)
- Changed phrase from 'build and reinforce relationships' to 'provide key product support' in describing commercial flywheel purpose (newer filing, 2026-05-13)
- Removed specific mention of IPO prospectus as a source of business discussion (newer filing, 2026-05-13)
- Notes:
- The older filing (2025-11-12) text appears truncated at the end of the 'Increasing importance of outpatient and ASC settings' section, making full comparison of that section incomplete
- Table header row was removed in newer filing (no 'Three Months Ended' caption visible in newer version), but data structure and values are comparable
Risk Factors
The two filings could not be meaningfully compared for this section.
AI-assisted comparison of two SEC filing sections. It describes wording and theme changes only, makes no materiality, legal, or investment judgement, and is not financial advice. Informational only — not financial advice.
Insider activity (SEC Form 4)
0 open-market purchases and 14 open-market sales by insiders in the last 90 days, of which we have read Form 4 filings through 2026-10-04. The 5 days since 2026-10-04 have not been checked yet.
- Last 30 days · read to 2026-10-040 buys · 1 sell ($187706) — 1 selling insider
- Last 90 days · read to 2026-10-040 buys · 14 sells ($5M) — 3 selling insiders
- Last 180 days · read to 2026-10-040 buys · 17 sells ($5M) — 3 selling insiders
Cluster buying: 3 different insiders reported open-market purchases (SEC code P) of SI within a 30-day window between 2026-03-13 and 2026-03-13. Disclosed Form 4 activity, not a prediction of performance or a buy signal.
Activity heuristic: net selling (a transparent product heuristic from the counts above, not a prediction or advice)
Most recent open-market transaction: 2026-09-14. Based on Form 4 filings read through 2026-10-04; anything filed since is not yet included.
View full insider trading history → View SEC Form 3/4/5 filingsAsk about SI's insider activity →
Only open-market purchases (SEC code P) and sales (code S) are counted here. Option exercises, vesting/awards, gifts, and shares withheld for taxes are excluded — they are compensation or mechanical, not open-market conviction. Sales may be planned and non-discretionary (e.g. a Rule 10b5-1 plan) and are not necessarily bearish; open-market buying is not a recommendation to buy. Informational only — not financial advice.
Institutional ownership (13F)
4 institutional 13F filers reported holding SI as of 2026-06-30 (quarter-end position, filed within 45 days).
- Distinct 13F filers 4
- Reported shares held 4,500,829
- Reported value $91,276,811
reported quarterly holdings change (2026-03-31 → 2026-06-30): 0 new, 3 increased, 1 decreased, 0 exited. Change counts cover only managers that filed 13F reports in BOTH quarters, derived between two quarter-end snapshots — not same-day trades; a single manager is never said to have "bought" or "sold".
Institutional holdings are quarter-end long positions reported on SEC Form 13F-HR, filed up to 45 days after the quarter ends — they are delayed, are not real-time trades, exclude short positions and most non-US securities, and are not investment advice. Any increase/decrease is a reported change between two quarterly snapshots, not a same-day purchase or sale. These are quarter-end snapshots from the 13F filings on SEC EDGAR, filed within 45 days — not real-time, and any change is a difference between two quarterly reports, not a same-day trade. Informational only — not financial advice.
Ask about SI's institutional holders → See what each manager we track holds →
Short interest (FINRA)
SI had 419,759 shares of reported short interest as of the 2026-09-15 FINRA settlement date (delayed, bi-monthly; not real-time).
SI had 2.02% of its shares outstanding sold short as of the 2026-09-15 FINRA settlement date (percent of FLOAT would be higher — float is not disclosed in the source). FINRA reported 4.69 days to cover at the same settlement.
- Reported short interest (shares) 419,759
- Short interest (% of shares outstanding) 2.02%
- Prior settlement (shares) 301,537
- Reported change 39.21%
- Days to cover (reported) 4.69
Reported to FINRA as of the 2026-09-15 settlement date. Short interest is reported to FINRA and published on a delayed, bi-monthly schedule (as of a settlement date, disseminated roughly eight business days later) — it is NOT real-time, does not cover every venue or all US trading, and is not a short-squeeze prediction or investment advice. Days-to-cover is the value FINRA reports; percent of float is not shown because the source file carries no share-count denominator — where a percent appears it is of shares OUTSTANDING, the larger base, and is therefore a floor on percent of float. Informational only — not financial advice.
Competitors & peers
AI-enriched competitor set. Linked names are companies covered by stocks-llm; other named peers are shown for reference only.
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Frequently asked questions
What does SHOULDER INNOVATIONS INC (SI) do?
Shoulder Innovations is a medical technology company focused exclusively on the shoulder arthroplasty market. The company develops an ecosystem that integrates implant systems (InSet anatomic and reverse total shoulder arthroplasty), AI-driven preoperative surgical planning (ProVoyance), and efficient instrumentation, targeting both hospital and ambulatory surgery center (ASC) settings.
What sector is SHOULDER INNOVATIONS INC (SI) in?
SHOULDER INNOVATIONS INC (SI) is classified in the Health Care sector. Its industry is Orthopedic devices. It trades on NYSE.
Who are SHOULDER INNOVATIONS INC's (SI) competitors?
Notable peers of SHOULDER INNOVATIONS INC (SI) include Zimmer Biomet, Stryker, Smith & Nephew, Enovis and Arthrex. This peer set is informational only — not financial advice.
Is SHOULDER INNOVATIONS INC (SI) overbought or oversold right now?
SHOULDER INNOVATIONS INC (SI) is currently neither overbought nor oversold — its 14-day RSI (a 0–100 momentum gauge) is 41, in the neutral middle (as of 2026-10-08). RSI describes recent price momentum, not a forecast — informational only, not financial advice.
Where does stocks-llm's data on SI come from?
Fundamentals come from SEC XBRL company filings for the figures marked with a fiscal year, and market data, as of 2026-09-02 for the rest; prices are market data, as of 2026-09-02; company filings and profile facts come from SEC EDGAR. All figures are delayed daily-close data shown with their as-of date — informational only, not financial advice.
Fundamentals: SEC XBRL company filings for the figures marked with a fiscal year, and market data, as of 2026-09-02 for the rest. Filings: SEC EDGAR. Prices are delayed daily-close data.
Last updated 2026-10-08.
Informational only — NOT financial advice. All figures are delayed daily-close data from SEC EDGAR & market data, shown with their as-of date.