Shoulder Innovations

SI · NYSE

$18.72+$0.47 (+2.58%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $18.25

SI analyst rating

BuyConsensus of 4 analysts over the last 12 months. 100% rate it a buy.

Strong buy0
Buy4
Hold0
Underperform0
Sell0

12-month price target · 7 analysts

Average $26.77 (+43.0% upside)

Low: $25.25
Now: $18.72
High: $29.40

Upgrades and downgrades

The latest rating actions, newest first

SI analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
BTIG	Oct 12, 2026	Maintains	Buy	$26.00 → $27.00	48%
UBS	Aug 10, 2026	Maintains	Buy	$27.00 → $28.00	43%
Piper Sandler	Aug 7, 2026	Maintains	Overweight	$19.00 → $25.00	43%
BTIG	Aug 7, 2026	Maintains	Buy	$24.00 → $26.00	48%
UBS	Jul 28, 2026	Initiates	Buy	$27.00	43%
Piper Sandler	May 8, 2026	Maintains	Overweight	$18.00 → $19.00	43%
BTIG	Mar 11, 2026	Maintains	Buy	$23.00 → $24.00	48%
Morgan Stanley	Dec 2, 2025	Maintains	Overweight	$18.00 → $23.00	59%
Piper Sandler	Nov 12, 2025	Maintains	Overweight	$18.00	43%

The case for and against

Updated Oct 21, 2026

Bull case

Shoulder Innovations is positioned for durable upside because its clinical differentiation, led by the InSet system, addresses major complications in shoulder arthroplasty and has shown zero revisions over a 10+ year span in clinical literature, supporting surgeon adoption and share gains. Recent results showed revenue of about $17.2M, up 56.0% year over year, with unit growth of 48.9% and durable gross margins, while FY26 sales guidance was raised to $67M-$69M, implying 42% to 46% growth. The outlook is further strengthened by a broad pipeline that could expand the addressable market by $200M+ through fracture, metal sensitivity, and revision products, plus a robot expected for submission in the first half of next year that may deepen workflow advantages and future ASPs.

Bear case

Shoulder Innovations is showing solid top-line momentum, with Q2 revenue of $17.2M up 56% and gross margin of 78.3% beating expectations, but the business still posted an adjusted EBITDA loss of about $8M, underscoring that scale has not yet translated into profitability. The company’s FY26 outlook for $67M-$69M in revenue implies continued growth, yet management flags seasonality, lower 3Q26 sales, potential 4Q ASP pressure from procedure mix, and higher operating expenses as a percentage of sales, all of which limit near-term earnings leverage. The bearish case is further reinforced by execution risk tied to slower surgeon adoption, softer shoulder market growth, faster-than-expected ASP erosion, delayed entry into new segments, and elevated spending needed to support expansion.

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