SI SHOULDER INNOVATIONS, INC.
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Executive Summary
Shoulder Innovations reported Q1 2026 net revenue of $16.7M (+65% YoY), beating the $14.5M consensus, and raised full-year 2026 revenue guidance to $65M-$68M (from $62M-$65M). However, GAAP net loss per share was -$0.41, which is worse than the -$0.38 reported in Q4 2025 and below the Street consensus of -$0.44 for Q1 2026 (though the filing does not provide a consensus comparison for this quarter). The company remains deeply unprofitable with an operating loss of $9.0M and negative adjusted EBITDA of $7.0M, while cash burn continues.
Key Financial Metrics
Actionable Insight
The 65% revenue growth and raised guidance are strong positive signals for a commercial-stage medtech company. However, the widening operating losses and cash burn rate (~$15.8M per quarter from cash/marketable securities decline) mean the company will likely need to raise capital within the next 6-9 months. Monitor the Q2 2026 earnings for continued revenue acceleration and any update on the path to profitability.
Key Facts
- Q1 2026 net revenue of $16.7M, +65% YoY vs $10.1M in Q1 2025
- Raised FY2026 revenue guidance to $65M-$68M (prior: $62M-$65M), representing 37%-44% YoY growth
- Gross margin improved to 77.7% from 76.9% in Q1 2025
- Implant systems sold increased 51% YoY to 2,184 units
- Average selling price rose 9% to $7,650 per system
- GAAP net loss per share was -$0.41 vs -$52.13 in Q1 2025 (prior year had far fewer shares outstanding)
- Operating loss widened to $9.0M from $4.3M in Q1 2025 due to increased SG&A and R&D spending
- Cash and marketable securities totaled $108.5M as of March 31, 2026, down from $124.3M at year-end 2025
- Full commercial launch of InSet I-135RFX Humeral Stem initiated
Financial Impact
Revenue beat consensus by ~15% ($16.7M vs $14.5M est). Guidance raised by $3M at midpoint ($66.5M vs $63.5M prior).
Risk Factors
- Cash burn rate of ~$15.8M per quarter implies ~7 quarters of runway at current cash levels
- Operating losses continue to widen as SG&A and R&D expenses grow faster than revenue
- No EPS consensus beat for this quarter — GAAP EPS of -$0.41 is worse than the -$0.38 reported in Q4 2025
- High dependence on continued adoption by surgeons and hospitals in a competitive market
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001699350-26-000033 |
| Document: si-20260513.htm | 0001699350-26-000033 |
| Document: 0001699350-26-000033-index-headers.html | 0001699350-26-000033 |
| Document: 0001699350-26-000033-index.html | 0001699350-26-000033 |
| Document: 0001699350-26-000033.txt | 0001699350-26-000033 |
| 8-K Data (Synthetic) | 0001699350-26-000033 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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May 13, 2026
4w ago
|
8-K
| $15.59 $15.10 | ▼ −3.14% | ▼ −2.43% | $18.70 (+19.95%) |
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Apr 29, 2026
6w ago
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DEFA14A
| $12.28 $12.92 | ▲ +5.21% | ▲ +2.10% | $18.70 (+52.28%) |
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Apr 27, 2026
6w ago
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8-K
| $13.53 $13.03 | ▼ −3.70% | ▼ −4.10% | $18.70 (+38.21%) |
US Market Status
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