SHOULDER INNOVATIONS, INC.
SI · Surgical & Medical Instruments & Apparatus · 20.7M shares · EDGAR filings ↗
Reference price $18.20 · est. market cap ~$377M — last insider sale, 2026-06-15 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D46Medical-device company (shoulder-arthroplasty systems) with operating losses and cash burn.
Strengths
- Liquidity — current ratio 11.1 (94th)
Risks
- Operating/net losses & cash burn — per metrics
- heavy cash burn during commercialization (recently public) — per 10-K
- Adoption/reimbursement dependence — per 10-K
Notable findings
- High convictionHigh conviction — notable institutional holders, insider buying, and a strong balance sheet
- Net lossNet loss (net margin -85.3%)
- Cash burnNegative free cash flow (-36.0M)
- Exec changeRecent 8-K item 5.02 8-K ↗
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC, RENAISSANCE TECHNOLOGIES LLC
- Strong balance sheetStrong balance sheet — $124M cash & investments, ~14 quarters of runway
- Insider buyingInsider buying — 3 open-market buy(s) by 3 insider(s) (cluster of 3 insiders, last 6mo) Form 4 ↗
- FDA approvalFDA clearance/approval — InSet Reverse Total Shoulder System (2026-04-13)
- New fund positionNotable fund(s) opened this quarter: GOLDMAN SACHS GROUP INC
- Insider sellingInsider selling — 3 open-market sale(s) by 1 insider(s) (~$374,255, last 6mo) Form 4 ↗
- Notable holderHeld by 4 notable fund(s): FMR LLC, STATE STREET CORP, GOLDMAN SACHS GROUP INC +1 more (as of 2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
76.5%
Operating margin
-55.6%
Net margin
-85.3%
Return on equity
-28.7%
Return on assets
-23.8%
ROIC
-13.3%
Revenue growth (QoQ)
15.9%
Debt / equity
0.1×
Current ratio
11.1×
Free cash flow
-$36M
Tangible book value
$141M
Cash & investments
$124M
Cash runway
14q
Stock comp / revenue
2.1%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-15 | Ahearn Matthew Fraser | Sell | 1.6K | $18.20 |
| 2026-06-15 | Ahearn Matthew Fraser | Sell | 2.5K | $19.26 |
| 2026-06-12 | Ahearn Matthew Fraser | Sell | 16K | $18.68 |
| 2026-04-30 | Ball Robert Joseph | Option exercise | 10K | $2.48 |
| 2026-04-20 | Ahearn Matthew Fraser | Option exercise | 7.4K | $2.48 |
| 2026-04-20 | Ahearn Matthew Fraser | Option exercise | 14K | $2.86 |
| 2026-03-13 | BUCKMAN PAUL | Option exercise | 26K | $2.10 |
| 2026-03-13 | BUCKMAN PAUL | Tax withheld | 3.7K | $14.82 |
| 2026-03-13 | BUCKMAN PAUL | Tax withheld | 3.3K | $14.62 |
| 2026-03-13 | Ball Robert Joseph | Buy | 2.2K | $15.18 |
| 2026-03-13 | Buchholz Richard | Buy | 1.0K | $14.84 |
| 2026-03-13 | Points Jeffrey S. | Option exercise | 13K | $2.48 |
| 2026-03-13 | Points Jeffrey S. | Buy | 2.0K | $15.00 |
| 2026-03-13 | BUCKMAN PAUL | Option exercise | 19K | $2.48 |
| 2026-02-06 | Ball Robert Joseph | Option exercise | 2.1K | $2.10 |
| 2026-02-06 | Ball Robert Joseph | Option exercise | 10K | $2.48 |
| 2025-12-31 | Ball Robert Joseph | Grant | 1.7K | $12.16 |
| 2025-12-31 | Ahearn Matthew Fraser | Grant | 477 | $12.16 |
| 2025-12-31 | Points Jeffrey S. | Grant | 1.1K | $12.16 |
| 2025-12-31 | Blue David Lawrence | Grant | 1.0K | $12.16 |
| 2025-12-12 | Points Jeffrey S. | Buy | 1.0K | $14.98 |
| 2025-12-12 | Ball Robert Joseph | Buy | 3.9K | $14.89 |
| 2025-12-11 | Points Jeffrey S. | Buy | 995 | $14.65 |
| 2025-12-11 | Ball Robert Joseph | Buy | 3.3K | $14.83 |
| 2025-09-12 | Ball Robert Joseph | Buy | 6.0K | $15.49 |
| 2025-09-12 | Points Jeffrey S. | Buy | 1.6K | $15.67 |
| 2025-09-12 | Blue David Lawrence | Option exercise | 79K | $2.10 |
| 2025-09-12 | Blue David Lawrence | Option exercise | 16K | $2.48 |
| 2025-09-11 | Ball Robert Joseph | Buy | 2.0K | $14.90 |
| 2025-09-11 | Points Jeffrey S. | Option exercise | 13K | $2.48 |
| 2025-09-11 | Ahearn Matthew Fraser | Option exercise | 12K | $0.93 |
| 2025-09-11 | Ahearn Matthew Fraser | Option exercise | 79K | $2.10 |
| 2025-09-11 | Ahearn Matthew Fraser | Option exercise | 16K | $2.48 |
| 2025-08-01 | Tansey Casey M | Conversion | 1.7M | — |
| 2025-08-01 | Tansey Casey M | Conversion | 86K | — |
| 2025-08-01 | Tansey Casey M | Conversion | 921K | — |
| 2025-08-01 | Tansey Casey M | Grant | 7.7K | — |
| 2025-08-01 | Tansey Casey M | Buy | 40K | $15.00 |
| 2025-08-01 | Sidow Kevin K. | Conversion | 12K | — |
| 2025-08-01 | Sidow Kevin K. | Grant | 7.7K | — |
| 2025-08-01 | Points Jeffrey S. | Buy | 50 | $15.00 |
| 2025-08-01 | Pardo Geoffrey B | Conversion | 2.3M | — |
| 2025-08-01 | Pardo Geoffrey B | Buy | 100K | $15.00 |
| 2025-08-01 | Pardo Geoffrey B | Grant | 7.7K | — |
| 2025-08-01 | Ahearn Matthew Fraser | Conversion | 67K | — |
| 2025-08-01 | LSV Associates II, LLC | Conversion | 1.6M | — |
| 2025-08-01 | LSV Associates II, LLC | Buy | 267K | $15.00 |
| 2025-08-01 | Carusi Michael A | Conversion | 1.6M | — |
| 2025-08-01 | Carusi Michael A | Buy | 267K | $15.00 |
| 2025-08-01 | Carusi Michael A | Grant | 7.7K | — |
| 2025-08-01 | BUCKMAN PAUL | Conversion | 6.2K | — |
| 2025-08-01 | BUCKMAN PAUL | Grant | 7.7K | — |
| 2025-08-01 | Buchholz Richard | Grant | 7.7K | — |
| 2025-08-01 | Buchholz Richard | Buy | 5.0K | $15.00 |
| 2025-08-01 | Blue David Lawrence | Conversion | 44K | — |
| 2025-08-01 | Ball Robert Joseph | Conversion | 86K | — |
| 2025-08-01 | Gilde Healthcare Holding B.V. | Conversion | 1.7M | — |
| 2025-08-01 | Gilde Healthcare Holding B.V. | Conversion | 537K | — |
| 2025-08-01 | Gilde Healthcare Holding B.V. | Buy | 100K | $15.00 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-26 | Shareholder vote | filing ↗ |
| 2026-05-13 | ResultsExhibits | filing ↗ |
| 2026-04-27 | Reg FDExhibits | filing ↗ |
| 2026-04-14 | Material agreement | filing ↗ |
| 2026-03-10 | ResultsExec/director changeExhibits | filing ↗ |
| 2026-03-02 | Exec/director changeReg FDExhibits | filing ↗ |
| 2025-12-03 | Reg FDExhibits | filing ↗ |
| 2025-11-12 | ResultsExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-26 | 2026-06-26 | 0001699350-26-000042 ↗ |
| 10-Q | 2026-05-13 | 2026-03-31 | 0001699350-26-000035 ↗ |
| 8-K | 2026-05-13 | 2026-05-13 | 0001699350-26-000033 ↗ |
| 8-K | 2026-04-27 | 2026-04-27 | 0001699350-26-000021 ↗ |
| 8-K | 2026-04-14 | 2026-04-13 | 0001699350-26-000016 ↗ |
| 10-K | 2026-03-10 | 2025-12-31 | 0001699350-26-000011 ↗ |
| 8-K | 2026-03-10 | 2026-03-10 | 0001699350-26-000010 ↗ |
| 8-K | 2026-03-02 | 2026-02-26 | 0001699350-26-000003 ↗ |
| 8-K | 2025-12-03 | 2025-12-03 | 0001699350-25-000020 ↗ |
| 10-Q | 2025-11-12 | 2025-09-30 | 0001699350-25-000017 ↗ |
| 8-K | 2025-11-12 | 2025-11-11 | 0001699350-25-000015 ↗ |
| 10-Q | 2025-09-09 | 2025-06-30 | 0001699350-25-000011 ↗ |