SI at a glance
SHOULDER INNOVATIONS, INC. (SI, SEC CIK 1699350) filed its latest 10-K annual report on March 10, 2026, a 10-Q quarterly report on August 6, 2026, an 8-K current report on August 10, 2026 and Form 4 insider filings as recently as October 6, 2026. SignalX summarizes each filing with AI and tracks the company's insider trades and institutional holders.
- For the fiscal year ended December 31, 2025 (FY2025), SHOULDER INNOVATIONS, INC. (SI) reported revenue of $47.3 million (up 49.6% from FY2024) and a net loss of $40.4 million. Diluted EPS was -$4.65.
- As of June 30, 2026, 15 institutional investment managers tracked by SignalX reported holding SHOULDER INNOVATIONS, INC. (SI) shares worth $108.2 million in 13F-HR filings.
- The most recent insider open-market sale reported on Form 4 was by Ball Robert Joseph on September 14, 2026 of 10,175 shares at $18.45 per share.
- In the last 90 days, SI insiders reported 0 open-market purchases ($0) and 14 open-market sales ($5.1M) on Form 4, a net sale of $5.1M.
Source: SEC EDGAR (XBRL financial data, 13F-HR and Form 4 filings).
- Revenue · FY2025
- $47.3M
- +49.6% vs prior year
- Insiders · 90 days
- 0 buys · 14 sells
- Net −$5.1M
- 13F holders
- 15 funds
- $108.2M · +0 vs prior quarter
- Latest 8-K
- Aug 10, 2026
- Item 7.01
AI 10-K Annual Report Analysis
Latest 10-K, fiscal year ended Dec 31, 2025
Business Overview
- Medical technology company focused exclusively on shoulder surgical care with integrated ecosystem including implants, AI-based preoperative planning, and specialized support
- New product launches in 2025-2026: InSet 70 humeral stem, metal sensitivity implants (FDA cleared Jan 2026), and development of a shoulder-specific robotics platform integrating with ProVoyance
- Strategic emphasis on ambulatory surgery centers (ASCs) growth, leveraging streamlined two-tray instrument system to improve efficiency and cost-effectiveness vs traditional hospital settings
- Procedure volume increased 50% from 2024 to 2025, implants utilized in over 17,500 surgeries since 2016, 45 dedicated shoulder specialists with 750+ years combined experience in commercial and clinical education roles
- Long-term clinical data highlights InSet Glenoid’s 8.7-year mean follow-up with no loosening, revision, or surgical complications, supporting implant longevity and differentiation in shoulder arthroplasty
Risk Factors
- Regulatory risk: CMS added total shoulder arthroplasty to ASC covered procedures list effective Jan 1, 2024, impacting Medicare reimbursement and ASC demand
- Geopolitical/macro risk: No specific geopolitical risk disclosed; next material: seasonality with Q3 demand decline due to summer lifestyle impact
- Operational risk: Dependency on third-party U.S. manufacturers for implant production, requiring inventory scaling to meet growing demand
- Competitive risk: Growth tied to ASC procedures outpacing hospital settings, facing downward pricing pressure in medical services industry
- Financial risk: $15M term loan with 11% minimum interest, tranche availability contingent on $45M annualized revenue by Dec 31, 2026
AI summary of the SI 10-K filed . Generated from the filing text; verify against the original.View on SEC EDGARHow to read a 10-K
AI 10-Q Quarterly Report Analysis
Latest 10-Q, quarter ended Jun 30, 2026
Management Discussion & Analysis
- Q2 revenue $17.175M, up 56.0% YoY from $11.013M
- Gross margin 78.3% vs 76.2% YoY
- Implant systems sold 2,238 vs 1,503 YoY
- Net loss $10.153M vs $19.196M; Adjusted EBITDA loss $8.023M vs $18.073M
- R&D investment rose 141.2% to $3.391M, including robotics partnership costs
Risk Factors
- No material changes stated; 2025 Annual Report risk factors remain applicable
- IPO proceeds $64,212 thousand invested primarily in savings and money market accounts
- New debt exposure from June 26, 2026 Loan and Security Agreement with Stifel Bank
- Insider-sale risk: CEO adopted Rule 10b5-1 plan for up to 100,000 shares
- Potential dilution or selling pressure from CEO share sales between September 11, 2026 and June 12, 2027
AI summary of the SI 10-Q filed . Generated from the filing text; verify against the original.View on SEC EDGAR10-K vs 10-Q vs 8-K
AI 8-K Current Report Analysis
The most recent material events, by 8-K item
Item 7.01: Regulation FD Disclosure
- Jon Osborne appointed Chief Commercial Officer, signaling a commercial leadership change
- Appointment may influence sales execution and go-to-market priorities
Item EX-99.1: Item EX-99.1
- Jon Osborne promoted to Chief Commercial Officer, effective August 6, 2026
- Expanded mandate covering all commercial operations, Customer Experience, and Medical Education
Item 2.02: Results of Operations and Financial Condition
- Q2 2026 results for quarter ended June 30, 2026 released August 6, 2026
- Detailed financial results and management commentary available in Exhibit 99.1
Item EX-99.1: Item EX-99.1
- Q2 revenue $17.2M, up 56%, with implant systems sold up approximately 50% to 2,238
- Gross margin improved to 78.3% from 76.2%, supported by higher pricing and cost reductions
Item 1.02: Termination of a Material Definitive Agreement
- $15.7 million voluntary prepayment covering outstanding principal, interest and premiums under Trinity Loan Agreement
- Trinity Loan Agreement terminated effective June 26, 2026
Item 7.01: Regulation FD Disclosure
- Press release announced entry into a new Loan Agreement
- Termination of the Trinity Loan Agreement removes the prior financing arrangement
Item 1.01: Entry into a Material Definitive Agreement
- $15.0M term loan fully funded, refinancing Trinity debt and replacing prior lender exposure
- $30.0M asset-based revolver, expandable by $5.0M, remains undrawn for working capital
Item EX-99.1: Item EX-99.1
- $15M term loan fully funded to refinance existing debt, with no incremental indebtedness at closing
- $30M undrawn credit line plus $5M accordion, expanding potential working-capital capacity to $35M
AI summaries of SI 8-K current reports filed with the SEC. What 8-K item codes mean
SignalX for SI
Don't miss the next SI filing
- Alerts as it files. A push when SI files an 8-K or an insider trades.
- Fund moves. Which tracked funds opened, added or cut SI, by share count.
- Ask anything. An AI agent that reads every SI filing and answers with sources.
SI alerts on your phone. Follow it in the SignalX Android app.
Recent Insider Transactions (Form 4)
Latest reported trades by officers, directors and 10% owners
| Insider | Type | Date | Shares | Price |
|---|---|---|---|---|
| BUCKMAN PAUL | A | Oct 5, 2026 | 1,275 | $19.60 |
| Hykes Andrew | A | Oct 5, 2026 | 669 | $19.60 |
| Tansey Casey M | A | Oct 5, 2026 | 733 | $19.60 |
| Sidow Kevin K. | A | Oct 5, 2026 | 892 | $19.60 |
| Ball Robert Joseph | M | Sep 14, 2026 | 89,233 | - |
| Ball Robert Joseph | Sell | Sep 14, 2026 | 10,175 | $18.45 |
| Ball Robert Joseph | M | Sep 14, 2026 | 89,233 | $2.10 |
| Gilde Healthcare Holding B.V. | Sell | Aug 26, 2026 | 1,196 | $22.60 |
Financial SummaryXBRL
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Profitability | |||
| Revenue | - | $31.6M | $47.3M |
| Gross Profit | - | $24.3M | $36.2M |
| Operating Income | - | -$14.7M | -$26.3M |
| Net Income | - | -$15.6M | -$40.4M |
| Gross Margin | - | 77.0% | 76.5% |
| Op. Margin | - | -46.3% | -55.6% |
| Net Margin | - | -49.4% | -85.3% |
| Balance Sheet | |||
| Total Assets | - | $43.1M | $169.9M |
| Equity | -$39.7M | -$54.7M | $140.8M |
| ROE | - | 28.6% | -28.7% |
| Per Share | |||
| EPS | - | $-242.04 | $-4.65 |
| Cash Flow | |||
| Operating CF | - | -$14.1M | -$28.6M |
| CapEx | - | $4.0M | $7.4M |
Source: XBRL data in SHOULDER INNOVATIONS, INC. (SI)'s 10-K filings on SEC EDGAR, in USD. Compare across companies →
13F Fund Holdings: Quarterly Trend
Latest: Q2 2026Aggregate SI share value held by 13F filers tracked by SignalX, by quarter.
Quarterly totals table
| Quarter | Funds | Total value |
|---|---|---|
| Q2 2026 | 15 | $108.2M |
| Q1 2026 | 15 | $80.3M |
| Q4 2025 | 13 | $68.4M |
| Q3 2025 | 11 | $57.1M |
- BlackRock+82.4K (+15%)
- Citadel Advisors LLC+23.3K (+172%)
- State Street Corp+21.6K (+23%)
- Vanguard Portfolio Management LLC+9.3K (+15%)
- Northern Trust+7.2K (+11%)
- FMR LLC (Fidelity)−110.6K (-3%)
- Morgan Stanley−40.3K (-26%)
- Vanguard Capital Management LLC−21.3K (-5%)
- JPMorgan Chase & Co−6.3K (-5%)
- Millennium Management−193.9K
- Goldman Sachs Group−14.0K
Source: 13F-HR filings on SEC EDGAR (aggregated from 54 fund-quarter rows). Reflects only 13F filers tracked by SignalX, not the full institutional ownership universe. How 13F filings work
SI filing archive
AI analysis pages for each 10-K, 10-Q and 8-K
10-K annual reports
10-Q quarterly reports
Latest 2026 SEC Filings: 10-K, 10-Q, 8-K & Form 4
| Form | Filing date | Period | Analysis | SEC |
|---|---|---|---|---|
| 4 | Oct 6, 2026 | - | - | - |
| 4 | Oct 6, 2026 | - | - | - |
| 4 | Oct 6, 2026 | - | - | - |
| 4 | Oct 6, 2026 | - | - | - |
| 4 | Sep 14, 2026 | - | - | - |
| 4 | Aug 28, 2026 | - | - | - |
| 4 | Aug 24, 2026 | - | - | - |
| 4 | Aug 18, 2026 | - | - | - |
| 8-K | Aug 10, 2026 | - | Analysis | - |
| 4 | Aug 7, 2026 | - | - | - |
| 10-Q | Aug 6, 2026 | Jun 30, 2026 | Analysis | |
| 8-K | Aug 6, 2026 | - | Analysis | - |
| 4 | Aug 5, 2026 | - | - | - |
| 4 | Aug 3, 2026 | - | - | - |
| 4 | Jun 29, 2026 | - | - | - |
| 4 | Jun 29, 2026 | - | - | - |
| 4 | Jun 29, 2026 | - | - | - |
| 4 | Jun 29, 2026 | - | - | - |
| 8-K | Jun 29, 2026 | - | Analysis | - |
| 4 | Jun 29, 2026 | - | - | - |
| 8-K | Jun 26, 2026 | - | Analysis | - |
| 4 | Jun 16, 2026 | - | - | - |
| 10-Q | May 13, 2026 | Mar 31, 2026 | Analysis | |
| 8-K | May 13, 2026 | - | Analysis | |
| 4 | Apr 30, 2026 | - | - | - |
Related Health Care companies
- ARAY · ACCURAY INCSurgical & Medical Instruments & Apparatus
- ATEC · Alphatec Holdings, Inc.Surgical & Medical Instruments & Apparatus
- ANGO · ANGIODYNAMICS INCSurgical & Medical Instruments & Apparatus
- ANIK · Anika Therapeutics, Inc.Surgical & Medical Instruments & Apparatus
- AORT · ARTIVION, INC.Surgical & Medical Instruments & Apparatus
- ATRC · AtriCure, Inc.Surgical & Medical Instruments & Apparatus
- RCEL · AVITA Medical, Inc.Surgical & Medical Instruments & Apparatus
- BAX · Baxter InternationalSurgical & Medical Instruments & Apparatus
SI SEC filings: frequently asked questions
Are SI insiders buying or selling?
In the last 90 days, SHOULDER INNOVATIONS, INC. (SI) officers, directors and 10% owners reported no open-market purchases and 14 open-market sales worth $5.1 million by 3 insiders on Form 4. Many insider sales are pre-planned or for taxes, so purchases usually carry more information.
Which institutions hold SI stock?
As of June 30, 2026, the largest SHOULDER INNOVATIONS, INC. (SI) holders among the 13F filers tracked by SignalX were FMR LLC (Fidelity) ($74.5 million), BlackRock ($12.9 million), Vanguard Capital Management LLC ($8.0 million), JPMorgan Chase & Co ($2.6 million), Morgan Stanley ($2.4 million). 13F-HR reports are filed up to 45 days after each quarter ends.
What was SI's revenue in fiscal year 2025?
For the fiscal year ended December 31, 2025 (FY2025), SHOULDER INNOVATIONS, INC. (SI) reported revenue of $47.3 million (up 49.6% from FY2024) and a net loss of $40.4 million. Diluted EPS was -$4.65. The figures come from the XBRL data in the 10-K.
What are the main risks in SI's latest 10-K?
In the 10-K filed March 10, 2026, SHOULDER INNOVATIONS, INC. (SI) flagged: Regulatory risk: CMS added total shoulder arthroplasty to ASC covered procedures list effective Jan 1, 2024, impacting Medicare reimbursement and ASC demand. Geopolitical/macro risk: No specific geopolitical risk disclosed; next material: seasonality with Q3 demand decline due to summer lifestyle impact. (AI summary of the Risk Factors section.)
What did SI report in its latest 8-K?
SHOULDER INNOVATIONS, INC. (SI) filed an 8-K on August 10, 2026 reporting Item 7.01 (Regulation FD Disclosure). Jon Osborne appointed Chief Commercial Officer, signaling a commercial leadership change.
What are the latest SI SEC filings?
SHOULDER INNOVATIONS, INC. (SI) filed its latest 10-K annual report on March 10, 2026, a 10-Q quarterly report on August 6, 2026, an 8-K current report on August 10, 2026 and a Form 4 insider filing on October 6, 2026.
What is SI's SEC CIK number?
SHOULDER INNOVATIONS, INC. (SI)'s SEC Central Index Key (CIK) is 1699350. EDGAR lists every SI filing under that number.
Ask anything about SI
The research agent reads SI's filings, financials, insider trades and 13F holders, then answers with sources.