SHOULDER INNOVATIONS, INC. · Surgical & Medical Instruments & Apparatus

SI

High riskNext report: Around Nov 11 (est.)

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The short version

A company still losing money with growing sales, with high risk. Institutions are adding.

Going well

Sales up 56% in the latest quarter vs a year ago
Sales up 50% last year
Little debt

Watch out for

About 11 months of cash left at its current burn
Losing money, losses are large next to sales
1 offering filing in 6 months (may sell new shares)

Money moves

No insider buying or selling in the last 30 days
Institutions added 8.6% to their holdings in the quarter ending June 2026 (53 bought, 20 sold)

Facts from SEC filings, not a recommendation.

What the price means

Price as of Oct 26

$19.30-2.0% that day

Company value: $402M; Share price times all shares
Price vs profit (P/E): 23.8x; You pay about $24 for each $1 of yearly profit
Price vs sales: 6.7x; Company value is 6.7 times a year of sales
Cash vs value: 6%; Cash as a share of company value
Debt vs value: 4%; Debt as a share of company value

From SI's last IEX trade and its SEC filings (profits and sales over the last four quarters). A starting point for research, not a verdict.

The business over time

Last 10 quarters, from SEC filings

Sales, Jun '26

$17.2M+56% vs a year earlier

Mar '24Tap a barJun '26

Last 12 months: $60.1M, up 61% from the 12 months before.

What the price assumes

Your guesses, our math

Move the sliders to your own view of SI. Starting points are the company's recent numbers (it isn't profitable yet, so the margin starts at a 10% guess).

Sales growth+30% a yearRecently: +61% a yearProfit margin10%Last 12 months: -58.3%P/E at the end24xToday: 23.8x. Many steady companies trade at 12x to 25xShare count change0% a yearBelow zero means buybacks; above zero means new shares (dilution)

Sales in 5 years$223M

Profit in 5 years$22M

Price these guesses point to$25.71+33% vs $19.30 todayAbout +5.9% a year, before dividends

What today's price needs: with a 10% margin and a 24x P/E, sales would have to grow about 23% a year for 5 years just to match today's price.

Simple math on your guesses, not a forecast or a price target. Real results depend on many things these sliders leave out.

Price

Price chart by TradingView.

Word of mouth

Updated daily

People looking up the company, yesterday: 2.0x normal; 2 views vs about 1 on a usual day

Forum talk counts mentions of SI in popular online stock forums, a slice of the internet rather than all of it. Company lookups show interest in the company itself, which can come from news that isn't about the stock. Attention isn't quality.

Business quality

The checklist Warren Buffett-style investors use. Annual numbers for 2025.

2/5Weak

MissReturn on equity 15%+Earns a lot on the money owners have in the business.-93.8%
PassDebt under half of equityNot relying on borrowed money.0.11x equity
MissNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.-85.3%
MissFree cash flow positiveBrings in more cash than it spends to run and grow.-$36.0M
PassGross margin 40%+Pricing power: sells for well above what it costs to make.76.5%

Revenue: $47.3M; +49.6% vs prior year
Total debt: $14.9M; 0.11x equity
Current ratio: 11.07x; short-term assets / bills due
Free cash flow: -$36.0M; -76.1% of revenue

From annual reports filed with the SEC. Not in this company's SEC data, so not scored: profitable every year, share count not growing. A checklist is a starting point for research, not a verdict.