Shoulder Innovations (SI) Piper Sandler 37th Annual Healthcare Conference summary

Company history and market positioning

• Leadership team has nearly 30 years in shoulder arthroplasty, with prior success at DePuy and Tornier.

• Company operations began in 2015, with first clinical product launched in 2016.

• Product line now addresses about 85% of the U.S. shoulder arthroplasty market.

• Plans to enter fracture and revision indications in early 2026.

• Focused on high-volume shoulder specialists, with 95% of revenue from core and contender surgeons.

Product innovation and technology

• InSet glenoid product addresses glenoid loosening, a key issue in anatomic shoulder arthroplasty.

• ProVoyance is an AI-enabled preoperative planning platform used for all cases.

• New robotic solution is portable, integrates with existing workflows, and targets ambulatory surgery centers (ASCs).

• Robotics platform enables intraoperative validation of implant positioning, aiming to improve outcomes.

• Robotic deployment expected to drive an innovation cycle for new implants and techniques.

Financial outlook and growth

• Guided to $45–$46 million in revenue for 2025.

• Recent capital raise via convertible note and IPO supports ongoing R&D and cash flow break-even goals.

• Gross margins remain strong; robotic initiative not expected to materially impact margins.

• Business model is less capital-intensive than peers, with a focus on operational leverage and profitability.