Shoulder Innovations, Inc.

Shoulder Innovations, Inc.

SI·NYSE

$13.83

-1.2%
HealthcareMedical - Specialties

Shoulder Innovations, Inc. manufactures medical devices. It has developed a shoulder replacement system. The company was founded by Stephen B. Gunther and Michael DeVries in 2009 and is headquartered in Grand Rapids, MI.

At a Glance

Live Snapshot
Market Cap$286.81M
EPS-0.0047
P/E Ratio-2942.55
Earnings Date07/24/2026

Intrinsic Alpha Methodology

Thesis Lenses

Signal · Driver · Risk

Signal

Medium confidence

Valuation multiple is compressed (P/E -2942.6).

Valuation inputs: P/E -2942.6, earnings yield N/A, momentum -1.2%.

If multiples stay elevated while momentum fades, downside repricing risk rises.

Driver

High confidence

Return profile is soft (ROE -26.1%, ROIC -14.8%).

Profitability stack: net margin -85.3%, ROE -26.1%, ROIC -14.8%.

Quality deterioration often appears in margins before it shows up in headline EPS.

Risk

High confidence

Risk profile is balanced but has notable pressure points to monitor.

Risk factors: liabilities/assets +8.8%, momentum -1.2%, net margin -85.3%.

Higher leverage with weak momentum and thin margins can amplify drawdown severity.

si

Shoulder Innovations, Inc. Market vs Earnings Trajectory

SI · NYSE
Current Price
$13.83
EPS (TTM)
$-1.80

Performance Analysis

EPS Growth

-25.8%

Declining earnings warrant investigation into business challenges and competitive position.

Price-EPS Relationship

Aligned

Both price and earnings are declining together, reflecting deteriorating business fundamentals.

Stock Price Change

-8.1%

Over the 1Y period, stock price has decreased by 8.1%.

P/E Ratio (TTM)

-2942.6x

Relatively low P/E may indicate undervaluation or lower growth expectations.

Shoulder Innovations, Inc.

Shoulder Innovations, Inc. Fair Value Envelope

SI · NYSE

Our analysis suggests that SI has a fair value of HIDDEN per share in the Base Case projection. With shares currently trading at $13.83, this represents a potential HIDDEN relative to our calculated worth for Shoulder Innovations, Inc..

Intrinsic Value
Current Price: $13.83
3Y-99.0%
5Y-99.0%
10Y-99.0%
3Y+145.0%
5Y+145.0%
10Y+145.0%
3Y+219.0%
5Y+219.0%
10Y+219.0%
3Y+118.0%
5Y+118.0%
10Y+118.0%
3Y+127.0%
5Y+127.0%
10Y+127.0%
3Y+213.0%
5Y+213.0%
10Y+213.0%
Shoulder Innovations, Inc.

Shoulder Innovations, Inc. Profit Bridge

SI · NYSE
Revenue47.32M
Cost of Goods Sold (11.12M)
Gross Profit36.20M
Operating Expenses (62.50M)
Operating Income-26.30M
Interest Expense (70.00K)
Other Income/Expense-14.06M
Pretax Income-40.36M
Income Tax (0.00)
Net Income-40.36M
Net Income
-40.36M

Profitability Analysis

Gross Margin

76.5%

Exceptional pricing power and cost management. The company retains over half of revenue after direct costs.

Operating Margin

-55.6%

Operating losses indicate the core business is unprofitable. Requires restructuring or revenue growth.

Net Profit Margin

-85.3%

Net losses indicate the company is burning cash. Sustainability depends on path to profitability.

Profitability Insight

Margin squeeze alert: Healthy gross margins but weak operating margins suggest excessive operating expenses. Cost optimization could unlock significant value.

76.51%
Gross Profit Margin
-1%
3Y-3.0%
5Y-3.0%
10Y-3.0%
-55.58%
Operating Profit Margin
20%
3Y-1.0%
5Y-1.0%
10Y-1.0%
-85.29%
Net Profit Margin
73%
3Y+30.0%
5Y+30.0%
10Y+30.0%
-26.05%
Return on Equity
-67%
3Y-29.0%
5Y-29.0%
10Y-29.0%
-23.75%
Return on Assets
-34%
3Y+2.0%
5Y+2.0%
10Y+2.0%
-14.80%
Return on Invested Capital
-64%
3Y-32.0%
5Y-32.0%
10Y-32.0%
SI

Shoulder Innovations, Inc. Cash Conversion Engine

SI · NYSE
Net Income-40.36M
Depreciation & Amortization3.21M
Stock-Based Compensation996.00K
Change in Working Capital0.00
Others7.54M
Capital Expenditures-7.41M
Free Cash Flow-36.02M

Cash Flow Quality Analysis

FCF Conversion Rate

89.2%

Strong cash conversion. Most reported earnings translate into actual cash flow, suggesting solid fundamentals.

CapEx Intensity

-25.9%

Asset-light business model. Low capital requirements leave more cash available for shareholders and growth investments.

FCF Growth Trend

-98.4%

Significant FCF decline raises concerns. Urgent review needed of operational performance and capital allocation.

Working Capital Impact

+$0.00

Neutral working capital impact. Changes in current assets and liabilities balanced out.

si

Shoulder Innovations, Inc. Funding & Solvency Profile

SI · NYSE
Cash & Cash Equivalents11.49M
Net Receivables10.55M
Inventory21.83M
Other Current Assets4.86M
Total Current Assets146 M
Property, Plant & Equipment14.56M
Goodwill & Intangible Assets25.00K
Long-Term Investments0.00
Other Non-Current Assets0.00
Total Non-Current Assets15 M
Total Assets
160.36M

Financial Health Analysis

Current Ratio

11.81x

Excellent liquidity position. The company can easily cover its short-term obligations with substantial cushion.

Debt-to-Equity Ratio

0.10x

Conservative capital structure. The company relies primarily on equity financing, indicating low financial risk.

Working Capital

133 M

Strong working capital position provides significant operational flexibility and financial cushion.

Asset Composition

91% Current

Asset-light business model with high liquidity. Majority of assets are easily convertible to cash.

Financial Health Insight

Strong financial foundation: Excellent liquidity combined with conservative leverage suggests the company is well-positioned to weather economic uncertainties and fund growth opportunities.

si

Shoulder Innovations, Inc. Street Expectations Map

SI · NYSE

Wall Street analysts project that SI stock may rise significantly over the coming 12 months. The consensus 1-year price target stands at 19.00, with estimates ranging from a low of 19.00 to a high of 19.00.

Lowest Target
19.00
37.38%
Consensus Target
19.00
37.38%
Highest Target
19.00
37.38%

The consensus 1-year price target stands at 19.00, with estimates ranging from a low of 19.00 to a high of 19.00.

Analyst Consensus Analysis

Upside Potential

+37.4%

Substantial upside potential. Analysts see significant value gap, suggesting the stock may be materially undervalued at current levels.

Analyst Agreement

0.0% spread

High analyst agreement. Narrow target range indicates strong consensus on valuation, suggesting clear investment thesis and predictable outlook.

Analyst Conviction

Very High

Strong buy conviction: High upside with tight consensus suggests compelling investment opportunity backed by analyst confidence.

Market Sentiment Insight

Rare opportunity: Exceptional upside potential with strong analyst consensus creates a compelling setup. The combination of significant price target premium and tight agreement suggests high-conviction undervaluation that may attract institutional capital.

si

Shoulder Innovations, Inc. Insider Positioning

SI · NYSE

During the last 12 months, insiders have purchased $215K worth of SI shares, with no selling activity reported.

3 Months

Bought

5.2K

78.23K

Sold

0

0.00

Net Activity

+78K

+$78K

3-6 Months

Bought

9.2K

136.64K

Sold

0

0.00

Net Activity

+137K

+$137K

6-9 Months

Bought

0

0.00

Sold

0

0.00

Net Activity

+0

+$0

9-12 Months

Bought

0

0.00

Sold

0

0.00

Net Activity

+0

+$0

Top Buyers

1
BRJ

Ball Robert Joseph

Director, Officer: Ceo & Executive Chairman

9.4K shares3 transactions

$140K

2
PJS

Points Jeffrey S.

Officer: Chief Financial Officer

4.0K shares3 transactions

$60K

3
BR

Buchholz Richard

Director

1.0K shares1 transactions

$15K

Top Sellers

No selling activity

Insider Activity Analysis

Net Insider Sentiment

Bullish

Strong bullish signal with $215K net buying. Insiders are aggressively accumulating shares, suggesting significant confidence in future prospects.

Buy/Sell Ratio

∞:1

Perfect buy/sell ratio. Only buying activity with zero selling—the most bullish possible insider signal.

Recent Trend (3 Months)

$78K

Very strong recent buying momentum. Recent insider purchases significantly outpace sales, suggesting near-term optimism.

Insider Participation

High Buying

3 insider buyers vs. 0 sellers. Broad-based buying across management team suggests widespread confidence.

Insider Activity Insight

Strong confluence of bullish signals: High buy/sell ratio, multiple insiders participating, and recent buying momentum all point to significant insider confidence. This level of coordinated buying often precedes positive developments.

No Dividend Yield Data

SI has not reported any dividend yield values in the available annual periods.

 

si Dividend History

SI
10Y CAGR +0%
Latest $0
Annual $0
Stable dividend payments
Last Period: +0%