Shoulder Innovations 1Q26 Results and Outlook

Shoulder Innovations (SI) reported a strong 1Q26 beat with 65% YoY revenue growth and raised its 2026 outlook. Goldman Sachs maintains a Buy rating and increased the price target to $20.

Key Takeaways

• 1.Shoulder Innovations delivered a significant 1Q26 beat, with revenue growing 65% YoY, outperforming both GSe and consensus estimates.
• 2.Management raised its 2026 revenue guidance to $67.6 million, reflecting increased surgeon adoption and new product traction.
• 3.Gross margin expansion of 50bps YoY is funding aggressive reinvestment in R&D and commercial expansion, including a robotics partnership with INS.

Table of Contents

• 1Q26 Results Summary
• Model Changes
• Valuation & Risks
• GS Forecast
• Disclosure Appendix

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