Shoulder Innovations (NYSE:SI – Get Free Report) announced its quarterly earnings results on Thursday. The company reported ($0.34) EPS for the quarter, topping analysts’ consensus estimates of ($0.49) by $0.15, FiscalAI reports. The business had revenue of $16.19 million for the quarter. Shoulder Innovations had a negative return on equity of 23.61% and a negative net margin of 58.33%.
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 Stock Up 0.0%
NYSE:SI traded up $0.01 during mid-day trading on Friday, hitting $20.38. 228,746 shares of the company’s stock were exchanged, compared to its average volume of 89,709. The company has a market cap of $424.21 million, a PE ratio of -12.58 and a beta of -1.51. The company has a debt-to-equity ratio of 0.12, a current ratio of 10.71 and a quick ratio of 8.92. Shoulder Innovations has a one year low of $10.92 and a one year high of $24.59. The business has a fifty day moving average price of $19.00 and a 200 day moving average price of $17.17.
Insider Buying and Selling at Shoulder Innovations
In other news, CEO Robert Ball sold 10,175 shares of the stock in a transaction on Monday, September 14th. The stock was sold at an average price of $18.45, for a total value of $187,728.75. Following the sale, the chief executive officer directly owned 380,824 shares of the company’s stock, valued at approximately $7,026,202.80. This represents a 2.60% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Healthcare Holding B.V. Gilde sold 20,516 shares of the stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $22.61, for a total transaction of $463,866.76. Following the sale, the insider directly owned 2,187,791 shares in the company, valued at $49,465,954.51. This trade represents a 0.93% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 58,968 shares of company stock valued at $1,247,045. Corporate insiders own 29.00% of the company’s stock.
Institutional Investors Weigh In On Shoulder Innovations
Several institutional investors and hedge funds have recently made changes to their positions in SI. Royal Bank of Canada lifted its position in Shoulder Innovations by 7,046.3% in the 1st quarter. Royal Bank of Canada now owns 53,883 shares of the company’s stock valued at $783,000 after acquiring an additional 53,129 shares in the last quarter. Squarepoint Ops LLC purchased a new stake in Shoulder Innovations during the 2nd quarter valued at $896,000. Roubaix Capital LLC increased its holdings in shares of Shoulder Innovations by 61.9% in the 1st quarter. Roubaix Capital LLC now owns 257,121 shares of the company’s stock worth $3,736,000 after purchasing an additional 98,305 shares in the last quarter. KCM Capital Inc bought a new stake in shares of Shoulder Innovations in the 1st quarter worth $509,000. Finally, Compass Financial Management LLC purchased a new position in shares of Shoulder Innovations in the second quarter worth $30,000.
Analyst Upgrades and Downgrades
SI has been the topic of a number of research analyst reports. UBS Group boosted their price target on Shoulder Innovations from $27.00 to $28.00 and gave the company a “buy” rating in a report on Monday, August 10th. Piper Sandler reiterated an “overweight” rating and issued a $25.00 price target (up from $19.00) on shares of Shoulder Innovations in a report on Friday, August 7th. Weiss Ratings reissued a “sell (d)” rating on shares of Shoulder Innovations in a research report on Friday, October 30th. Finally, BTIG Research upped their price objective on shares of Shoulder Innovations from $26.00 to $27.00 and gave the stock a “buy” rating in a 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. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $25.75.
View Our Latest Stock Analysis on Shoulder Innovations
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.
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