Shoulder Innovations
SI on NYSE. Shoulder Innovations sells shoulder implant systems to surgeons and hospitals. Market value $408m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-11.81 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$19.14 a share, 75% above its 1-year low
Over the past year the price has ranged from $10.92 to $24.59.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |
| Revenue | $47m |
| Operating margin | |
| Operating margin | -55.6% |
| Debt to equity | |
| Debt to equity | 0.11 |
| Shares outstanding | |
| Shares outstanding | 0.02bn |
Health checks
- Free cash flow positive0 of 1 years
- Accounting checksSkipped: company is not yet profitable
- Debt0.11× equity
- Revenue growth, five yearsUnknown
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $17 million last quarter, up 56% on a year ago.
- A loss of $10 million, compared with a loss of $19 million a year ago.
- 17781% more shares than a year ago. Each share owns a bit less of the company.
- It has $10 million more cash than debt, down from $12 million a year ago.
| Quarter to | Amount |
|---|---|
| June 2025 | $11m |
| September 2025 | $12m |
| December 2025 | $14m |
| March 2026 | $17m |
| June 2026 | $17m |
| Quarter to | Amount |
|---|---|
| June 2025 | -$19m |
| September 2025 | -$9m |
| December 2025 | -$8m |
| March 2026 | -$8m |
| June 2026 | -$10m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 10 March 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
None of the long-term investors we follow own it. 72 funds in all.
Largest holders overall
- FMR$75mCut
- BlackRock$13mAdded
- Sectoral Asset Management$9m
- Vanguard Capital Management$8mCut
- KCM Capital$6mAdded
- TimesSquare Capital Management$6mCut
- Roubaix Capital$5m
- Driehaus Capital Management$5mNew
- Parkman Healthcare Partners$5mNew
- Geode Capital Management$4mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
6 investors own more than 5%.
- FMR LLCPassive investorat least 17.7%−1.3 pts(filed with 1 related holder)Since 30 June 2026
- Casey M. TanseyPassive investorat least 13.3%(filed with 2 related holders)Since 30 September 2025
- Gilde Healthcare Holding B.V.Passive investorat least 10.7%−1.1 pts(filed with 4 related holders)Since 5 August 2026
- LSV Associates II, LLCPassive investorat least 9.3%(filed with 5 related holders)Since 30 September 2025
- Arboretum Ventures VI, L.P.Passive investorat least 5.8%(filed with 4 related holders)Since 1 August 2025
- Ball Robert JosephPassive investorat least 3.6%−3.1 pts(filed with 4 related holders)Since 31 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
FMR LLC Passive investor | at least 17.7%−1.3 pts (filed with 1 related holder) | 30 June 2026 | |
Casey M. Tansey Passive investor | at least 13.3% (filed with 2 related holders) | 30 September 2025 | |
Gilde Healthcare Holding B.V. Passive investor | at least 10.7%−1.1 pts (filed with 4 related holders) | 5 August 2026 | |
LSV Associates II, LLC Passive investor | at least 9.3% (filed with 5 related holders) | 30 September 2025 | |
Arboretum Ventures VI, L.P. Passive investor | at least 5.8% (filed with 4 related holders) | 1 August 2025 | |
Ball Robert Joseph Passive investor | at least 3.6%−3.1 pts (filed with 4 related holders) | 31 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 3 insiders bought $214,878 of shares on the open market. 2 sold $1m, $839,066 of it under preset trading plans.
- Ball Robert JosephCEO & Executive Chairman, DirectorSold
- Date
- 14 September 2026
- Shares
- 10,175
- Price
- $18.45
- Value
- $187,706
- Ahearn Matthew FraserChief Operating Officer, DirectorSoldunder a preset trading plan
- Date
- 18 August 2026
- Shares
- 14,186
- Price
- $20.99
- Value
- $297,704
- Ahearn Matthew FraserChief Operating Officer, DirectorSoldunder a preset trading plan
- Date
- 17 August 2026
- Shares
- 8,314
- Price
- $20.10
- Value
- $167,101
- Ahearn Matthew FraserChief Operating Officer, DirectorSoldunder a preset trading plan
- Date
- 15 June 2026
- Shares
- 4,144
- Price
- $18.84
- Value
- $78,071
- Ahearn Matthew FraserChief Operating Officer, DirectorSoldunder a preset trading plan
- Date
- 12 June 2026
- Shares
- 15,856
- Price
- $18.68
- Value
- $296,190
- Ball Robert JosephCEO & Executive Chairman, DirectorBought
- Date
- 13 March 2026
- Shares
- 2,200
- Price
- $15.18
- Value
- $33,396
- Buchholz RichardDirectorBought
- Date
- 13 March 2026
- Shares
- 1,000
- Price
- $14.84
- Value
- $14,840
- Points Jeffrey S.Chief Financial OfficerBought
- Date
- 13 March 2026
- Shares
- 2,000
- Price
- $15.00
- Value
- $30,000
- Points Jeffrey S.Chief Financial OfficerBought
- Date
- 12 December 2025
- Shares
- 1,005
- Price
- $14.98
- Value
- $15,055
- Ball Robert JosephCEO & Executive Chairman, DirectorBought
- Date
- 12 December 2025
- Shares
- 3,900
- Price
- $14.89
- Value
- $58,071
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 14 September 2026 | Ball Robert Joseph CEO & Executive Chairman, Director | Sold | 10,175 | $18.45 | $187,706 |
| 18 August 2026 | Ahearn Matthew Fraser Chief Operating Officer, Director | Sold under a preset trading plan | 14,186 | $20.99 | $297,704 |
| 17 August 2026 | Ahearn Matthew Fraser Chief Operating Officer, Director | Sold under a preset trading plan | 8,314 | $20.10 | $167,101 |
| 15 June 2026 | Ahearn Matthew Fraser Chief Operating Officer, Director | Sold under a preset trading plan | 4,144 | $18.84 | $78,071 |
| 12 June 2026 | Ahearn Matthew Fraser Chief Operating Officer, Director | Sold under a preset trading plan | 15,856 | $18.68 | $296,190 |
| 13 March 2026 | Ball Robert Joseph CEO & Executive Chairman, Director | Bought | 2,200 | $15.18 | $33,396 |
| 13 March 2026 | Buchholz Richard Director | Bought | 1,000 | $14.84 | $14,840 |
| 13 March 2026 | Points Jeffrey S. Chief Financial Officer | Bought | 2,000 | $15.00 | $30,000 |
| 12 December 2025 | Points Jeffrey S. Chief Financial Officer | Bought | 1,005 | $14.98 | $15,055 |
| 12 December 2025 | Ball Robert Joseph CEO & Executive Chairman, Director | Bought | 3,900 | $14.89 | $58,071 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.