Shoulder Innovations (SI) Registration Filing summary

Company overview and business model

• Commercial-stage medical technology company focused on shoulder surgical care, offering advanced implant systems for shoulder arthroplasty and related enabling technologies.

• Ecosystem includes AI-enabled preoperative planning (ProVoyance), efficient instrument systems, specialized support, and surgeon-to-surgeon collaboration.

• Targeting both inpatient hospitals and outpatient ambulatory surgery centers (ASCs), with a focus on high-volume surgeons.

• U.S.-centric commercial focus with plans for international expansion.

Financial performance and metrics

• Net revenue grew 64% year-over-year to $31.6M in 2024; gross margin was 77.0% in 2024.

• Net loss was $15.6M in 2024, up from $12.7M in 2023; accumulated deficit of $61.7M as of March 31, 2025.

• Q1 2025 net revenue was $10.1M (41% increase YoY); gross margin 76.9%; net loss $4.7M.

• Cash, cash equivalents, and marketable securities were $27.6M as of March 31, 2025.

• Issued $40M in convertible notes in July 2025, convertible at IPO.

Use of proceeds and capital allocation

• Estimated net proceeds of $88M (or $102M if over-allotment exercised) at $20/share IPO price.

• Proceeds to be used for scaling commercial organization, R&D for implant innovation, and general corporate purposes.

• May use a portion for strategic acquisitions, though no current commitments.