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Shoulder Innovations, Inc., a medtech company focused exclusively on shoulder arthroplasty, is preparing to go public on the New York Stock Exchange under the ticker “SI”. The company is offering 5,000,000 shares at a price range of $19.00 to $21.00, aiming to raise approximately $100 million if priced at the midpoint of the range. Based on the expected post-offering share count of roughly 19.9 million, Shoulder Innovations is targeting a market capitalization of approximately $398 million.
The IPO is being led by a syndicate that includes Morgan Stanley, Goldman Sachs, Jefferies, Piper Sandler, and BTIG. As a high-growth medical technology company operating in the $2.8 billion global shoulder arthroplasty market, Shoulder Innovations distinguishes itself with a proprietary surgical ecosystem that combines novel implant design, artificial intelligence-driven planning software, and a streamlined instrumentation system—all aimed at improving surgical precision, outcomes, and efficiency, particularly in outpatient surgery centers.
Shoulder Innovations is pursuing a traditional IPO structure. All shares are primary, no existing shareholders are selling in the offering—and proceeds will go directly to the company. The expected net proceeds will fund the expansion of its commercial team and infrastructure, continued R&D investment, and general corporate purposes.
At its core, Shoulder Innovations is a commercial-stage medtech company focused solely on shoulder surgical care. The company’s flagship offerings are advanced implant systems designed for both anatomic total shoulder arthroplasty (aTSA) and reverse total shoulder arthroplasty (rTSA). These systems are built around its proprietary InSet Glenoid platform, which improves fixation mechanics and reduces complications such as glenoid loosening—one of the most common reasons for implant failure.
The company also offers ProVoyance, an FDA-cleared AI/ML-enabled preoperative planning platform that converts CT scans into personalized 3D surgical plans, enabling surgeons to position implants with greater precision. This high-tech capability is supported by a two-tray surgical instrument system, designed to reduce OR footprint, streamline setup, and drive procedural efficiency—particularly critical for ambulatory surgery centers (ASCs), which are gaining prominence in elective orthopedic procedures.
The company boasts 98% utilization of its ProVoyance platform across procedures using its implants, highlighting strong adoption by surgeons. To deepen engagement, Shoulder Innovations also leverages a dedicated Customer Experience and Medical Education (CEME) team, which fosters surgeon-to-surgeon collaboration and continuous education.
Shoulder Innovations traces its origins back to 2009, when it launched as a limited liability company. In 2017, it converted to a Delaware C-corporation to prepare for institutional capital and growth. Over the years, the company has received a series of FDA 510(k) clearances for its innovative implants and surgical technologies, including stemless and modular humeral components and specialized devices for revision and fracture cases.
Significant capital infusions came in 2025 via a $40 million convertible note issuance and a Series E preferred round, setting the stage for the current public offering. The company has also built a deep IP portfolio and clinical validation, including studies showing long-term implant durability with zero reported glenoid loosening or revision surgeries over 8.7 years in select patient groups.
As with any high-growth medtech company, there are considerable risks investors must weigh. Shoulder Innovations is still unprofitable and has generated accumulated net losses over recent years. The company operates in a highly competitive landscape dominated by large orthopedic device manufacturers, and depends on continued adoption by surgeons and hospitals.
Supply chain risks also exist, particularly as some implant components are single-sourced, and the company relies heavily on regulatory clearance for continued innovation. Risks around cybersecurity, intellectual property, and product liability are material considerations given the company’s AI tools and surgical applications. Furthermore, shifting reimbursement dynamics and pricing pressure in the U.S. healthcare market could impact gross margins over time.
Shoulder Innovations has shown strong revenue growth while maintaining industry-leading gross margins. Here's a look at key performance metrics:
Shoulder Innovations plans to leverage IPO proceeds to scale its commercial footprint, especially within the high-growth ASC channel. The company is also developing next-generation implants for fracture-specific procedures, metal-allergic patients, and revision surgeries. International expansion is a medium-term goal, with early-stage efforts already underway.
Over the next two years, the company aims to improve margins, continue launching new products, and grow share in the U.S. shoulder arthroplasty market. Investors should expect a steady cadence of new 510(k) submissions, clinical publications, and potentially strategic partnerships as the company scales.
Shoulder Innovations joins a wave of specialized medtech firms going public. Recent comps include Treace Medical Concepts (TMCI), Paragon 28 (FNA), and the now-acquired Conformis (CFMS). These companies have pursued similar ASC-focused, specialty-device strategies and achieved varying degrees of success in public markets.
Compared to peers, Shoulder Innovations’ revenue multiples appear conservative, especially given its technology stack and growth rate. Its post-IPO valuation (at ~9x 2024 revenue) is in line or slightly below peers that debuted with similar sales scale but lacked a full AI-enabled platform.
Post-IPO, the company’s focus will shift toward executing on its growth roadmap. Key metrics to watch include revenue growth from ASC channels, FDA clearances for next-gen devices, and improvements in adjusted EBITDA. While M&A is not central to its current strategy, the company could become both an acquirer and a potential target given the consolidation trend in orthopedics. Shoulder Innovations’ IPO presents an opportunity to invest in a pure-play, AI-enabled surgical platform tackling a high-need, underpenetrated segment of the orthopedic market.
Shoulder Innovations is expected to price the week of July 28th, 2025.