Shoulder Innovations (NYSE:SI) Announces Quarterly Earnings Results

06 Nov 2026, 01:10 by Kim Johansen · The Markets Daily

Shoulder Innovations (NYSE:SI – Get Free Report) issued its earnings results on Thursday. The company reported ($0.34) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.49) by $0.15, FiscalAI reports. The company 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 Down 2.9%

Shares of Shoulder Innovations stock traded down $0.61 during trading on Thursday, hitting $20.40. 121,219 shares of the stock traded hands, compared to its average volume of 99,761. The stock has a market cap of $424.73 million, a P/E ratio of -10.63 and a beta of -1.51. The company has a debt-to-equity ratio of 0.12, a quick ratio of 8.92 and a current ratio of 10.71. Shoulder Innovations has a twelve month low of $10.92 and a twelve month high of $24.59. The company has a fifty day moving average price of $19.02 and a two-hundred day moving average price of $17.14.

Insider Activity at Shoulder Innovations

In related news, COO Matthew Fraser Ahearn sold 14,186 shares of the stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $20.99, for a total value of $297,764.14. Following the transaction, the chief operating officer owned 244,176 shares in the company, valued at approximately $5,125,254.24. This represents a 5.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Robert Ball sold 10,175 shares of the firm’s stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $18.45, for a total transaction of $187,728.75. Following the transaction, the chief executive officer directly owned 380,824 shares in the company, valued at approximately $7,026,202.80. The trade was a 2.60% decrease in their position. The disclosure for this sale is available in the SEC filing. 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 corporate insiders.

Institutional Trading of Shoulder Innovations

Large investors have recently added to or reduced their stakes in the business. Compass Financial Management LLC bought a new position in shares of Shoulder Innovations during the 2nd quarter valued at $30,000. Integrated Wealth Concepts LLC acquired a new stake in shares of Shoulder Innovations in the 2nd quarter valued at $35,000. China Universal Asset Management Co. Ltd. lifted its stake in shares of Shoulder Innovations by 28.0% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 6,400 shares of the company’s stock valued at $120,000 after purchasing an additional 1,400 shares during the last quarter. Bank of New York Mellon Corp acquired a new stake in shares of Shoulder Innovations in the 1st quarter valued at $252,000. Finally, Bank of America Corp DE boosted its holdings in Shoulder Innovations by 43.7% in the first quarter. Bank of America Corp DE now owns 26,983 shares of the company’s stock worth $392,000 after purchasing an additional 8,205 shares in the last quarter.

Analyst Ratings Changes

Several analysts recently commented on SI shares. UBS Group raised their price target on shares of Shoulder Innovations from $27.00 to $28.00 and gave the stock a “buy” rating in a report on Monday, August 10th. Weiss Ratings reiterated a “sell (d)” rating on shares of Shoulder Innovations in a research note on Friday, October 30th. BTIG Research increased their target price 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. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $25.00 price target (up from $19.00) on shares of Shoulder Innovations in a research note on Friday, August 7th. Five analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $25.75.

View Our Latest Research Report on SI

Shoulder Innovations Company Profile

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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.