Shoulder Innovations (SI)
Builds shoulder arthroplasty implants, planning software, and streamlined procedure tools.
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Sells aTSA and rTSA implant systems for shoulder replacement procedures, centered on InSet Glenoid, humeral stems, ProVoyance planning software, and a compact tray workflow. Revenue is concentrated in U.S. hospitals, outpatient centers, and ASCs through direct commercial teams and independent distributors.
Focuses exclusively on shoulder surgical care, with commercial revenue from aTSA and rTSA implant systems used in shoulder arthroplasty. The portfolio centers on InSet Glenoid implants, humeral stem options, ProVoyance planning software, and a compact instrument-tray workflow.
Sales are concentrated in the United States across hospitals, outpatient centers, and ambulatory surgery centers. The go-to-market model combines a shoulder-specialist commercial team, medical education support, and independent distributors.
Execution depends on surgeon adoption, reimbursement for shoulder arthroplasty in outpatient and ASC settings, FDA-regulated device compliance, third-party implant suppliers, and competition from larger orthopedic companies. An ongoing patent dispute with Catalyst Orthoscience also shapes the operating backdrop.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 10, 2026 | UBS | Reiterate | Rating: —Target: $27 | Target: $28 |
| Jul 28, 2026 | UBS | Initiate | Rating: —Target: — | Target: $27 |
| May 8, 2026 | Piper Sandler | Reiterate | Rating: —Target: $18 | Target: $19 |
| Dec 2, 2025 | Morgan Stanley | Reiterate | Rating: —Target: $18 | Target: $23 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $99.0M · Total debt $14.9M · Total assets $152.0M · Shareholders' equity $124.3M
- Revenue
- $17.2M
- Operating income
- −$10.0M
- Net income
- −$10.2M
No dividends on record.
| Institutions | 40.15% | 8.36M shares | |
|---|---|---|---|
| 75 holders · as of Jun 30, 2026 | |||
| Insiders | 29.55% | 6.15M shares | |
| 12 holders · as of Sep 14, 2026 | |||
| Strategic holders | 19.55% | 4.07M shares | |
| 2 holders · as of Aug 28, 2026 | |||
| Other | 10.75% | 2.24M shares | |
| remainder | |||
20.82M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
FMR LLCInstitution | 17.65% | 3.67M | as of Jun 30, 2026 |
Casey M. TanseyInsiderdirector, 10 percent owner | 13.19% | 2.75M | filed Jun 29, 2026 |
Geoffrey B. PardoInsiderdirector, 10 percent owner | 11.47% | 2.39M | filed Aug 5, 2025 |
Gilde Healthcare Holding B.V.Strategic10 percent owner | 10.50% | 2.19M | filed Aug 28, 2026 |
LSV Associates II, LLC1,2Strategicother: Former 10% Owner | 9.05% | 1.89M | filed Nov 14, 2025 |
- LSV Associates II, LLC's transaction reports restate only vehicles that traded; the 2025 ownership statement (1.89M) is used instead.
- LSV Associates II, LLC reports a block also reported by another filer; it is counted once, under that filer.
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 14, 2026 | Robert Joseph Ball | director, officer: CEO & Executive Chairman | −10,175 | $18.45 |
| Aug 26, 2026 | Gilde Healthcare Holding B.V. | 10 percent owner | −1,196 | $22.60 |
| Aug 24, 2026 | Gilde Healthcare Holding B.V. | 10 percent owner | −681 | $22.62 |
| Aug 21, 2026 | Gilde Healthcare Holding B.V. | 10 percent owner | −20,516 | $22.61 |
| Aug 20, 2026 | Gilde Healthcare Holding B.V. | 10 percent owner | −3,900 | $22.60 |
- Stryker
Broad Tornier shoulder portfolio with Blueprint planning
- Johnson & Johnson
DePuy Synthes shoulder arthroplasty platform and hospital reach
- Zimmer Biomet
Comprehensive shoulder implants plus ROSA Shoulder robotics
- Enovis
AltiVate shoulder arthroplasty systems and one-tray workflow
- Smith & Nephew (ADR)
AETOS shoulder system with ATLASPLAN planning software
- Corvex
Modular shoulder system with U.S. NextAR shoulder cases
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Shoulder Innovations | $18.07 | +3.14% | $363.3M | — | — | 6.1 | +56.0% |
| Stryker | $276.35 | +0.79% | $105.11B | 28.4 | 17.3 | 4.1 | +9.4% |
| Johnson & Johnson | $267.81 | −0.62% | $649.40B | 31.2 | 22.6 | 6.6 | +6.6% |
| Zimmer Biomet | $94.63 | +0.33% | $18.25B | 22.9 | 10.8 | 2.1 | +4.8% |
| Enovis | $18.29 | +1.39% | $1.04B | — | 5.1 | 0.5 | +3.2% |
| Smith & Nephew (ADR) | $27.52 | −0.63% | $11.63B | 19.0 | — | 1.8 | +4.6% |
| Corvex | $11.50 | +1.86% | $8.6M | — | — | 1.9 | +3,590.3% |
| Median | 25.7 | 14.0 | 2.0 | +5.7% |