No Sign of Loosening — SI Delivers Another Clean Beat and Raise and Numbers Move Higher; Reit. Buy and $24 PT

研报英文原文证据摘录

No Sign of Loosening — SI Delivers Another Clean Beat and Raise and Numbers Move Higher; Reit. Buy and $24 PT

Investment Thesis

Shoulder Innovations (SI) is a commercial-stage medical technology company focused on the shoulder arthroplasty market, a

high-growth segment in the broader musculoskeletal market. The InSet Glenoid, SI's flagship technology, is designed to address

common complications in shoulder arthroplasty such as glenoid loosening via improved fit and fixation. While traditional shoulderMEDICAL implants can have up to ~40% revision rates, SI's InSet Glenoid has seen zero revisions over a 10+ year span in clinical literature.

The clinical benefits afforded through SI's technology, coupled with a robust shoulder implant market (~$1.7B in the US) growing

HSDs and a streamlined instrument tray design, make SI's product offerings a compelling option for surgeons especially as shoulder

arthroplasty shifts towards outpatient and ambulatory surgical care. Importantly, SI's team has been in this market before (originally

at Tornier NV, acquired by Wright Medical, and then by Stryker (SYK, Buy, $379 PT). The team has taken their experience and built

a purposeful, high-growth company. Based on this, we model SI to grow at a ~21% CAGR through FY28, above peers.TECHNOLOGY Upcoming Catalysts Price Performance

■ 2H26 - Additive manufacturing initiatives for I Series stems $19

■ 2H26 - Growing contributions from launches of InSet I-135RFX and N-22 $18

■ FY26 - I-185 stem launch for revision market expansion $17

$16EQUITY ■ FY26 - I-95 stem launch for fracture market expansion

$15 ■ FY27 - Expected 510(k) submission for the robotic system $14

■ Throughout - Updates on robotic system development $13

■ Throughout - Updates on clinical data registry $12

$11