Shoulder Innovations is planning to raise around US$100m in an IPO as it looks to expand its orthopaedic implant business in the US and globally.
The company will offer 5 million shares on the New York Stock Exchange, priced between US$19 and US$21 each, and will trade under the ticker SI.
Founded in 2009, Shoulder Innovations has received US regulatory approval for its InSet implant systems, designed for total shoulder replacements and reverse procedures.
The latter is typically used when the rotator cuff—the group of muscles and tendons that stabilise the shoulder—is damaged.
The company also offers ProVoyance, an AI-powered surgical planning system that converts CT scans into 3D bone models.
It claims the InSet platform provides stronger fixation to the bone and reduces mechanical stress during arm movement.
Implant loosening is described as the leading cause of failure in shoulder arthroplasty—a joint replacement surgery performed around 250,000 times annually in the US.
Shoulder Innovations also plans to develop a revision system, a fracture-specific implant, and a line for patients with metal sensitivities.
In its filed prospectus, the company reported preliminary revenue of around US$21m for the first six months of 2025, up from US$15.4m during the same period in 2024.
It expects a net loss of approximately US$24m for that timeframe, up from US$7.8m the previous year.
The company cited increased operating losses due to workforce expansion and second-quarter costs related to changes in the fair value of its preferred stock warrant liability, as well as the exercise of a Series E purchase option in June.
For Q1 2025, it recorded a net loss of US$4.6m, with revenue of US$10.1m.
Earlier this week, the firm announced it had closed a US$40m convertible notes round backed by Fidelity Management.
In March, it raised US$40m in a Series E round led by U.S. Venture Partners, with participation from Gilde Healthcare Partners, Gilmartin Capital, Aperture Venture Partners, Arboretum Ventures and Sectoral Asset Management.
