The orthopedic implant maker Shoulder Innovations is the latest medtech to plan for a nine-figure IPO, as it looks to scale up its commercial reach.
The Grand Rapids, Michigan-based company aims to raise about $100 million by offering 5 million shares on the New York Stock Exchange priced between $19 and $21 apiece. It plans to list under the ticker SI.
Shoulder Innovations, founded in 2009, has received FDA green lights for its InSet implant systems for total shoulder joint replacements as well as reverse shoulder procedures, in cases where the rotator cuff is damaged. It also offers artificial intelligence-powered surgical planning software, the FDA-cleared ProVoyance, which translates CT images into 3D bone models.
The company says its InSet platform can provide a more secure connection to the bone and reduce the mechanical stresses on the implant as the arm moves, while describing implant loosening as the leading cause of failure in shoulder arthroplasty, where about 250,000 procedures are performed annually in the U.S.
In the future, it also plans to develop a revision solution and a fracture-specific system, as well as a line of implants for patients with a sensitivity to metals.
In its filed prospectus, Shoulder Innovations reported preliminary financial results of about $21 million in revenue for the first six months of this year, up from $15.4 million for the same period in 2024.
The company said it expects its net loss for that time to weigh in at about $24 million, up from last year’s $7.8 million—with the increase primarily due to rising operating losses as it expands its headcount, as well as second-quarter costs tied to changes in the fair value of its preferred stock warrant liability and a series E purchase option exercised in June. For the first quarter of 2025, the company recorded a net loss of $4.6 million, after revenue of $10.1 million.
Earlier this week, Shoulder Innovations said it had closed a $40 million convertible notes financing backed by Fidelity Management; in March, the company announced its $40 million series E round, which was led by U.S. Venture Partners and joined by Gilde Healthcare Partners, Gilmartin Capital, Aperture Venture Partners, Arboretum Ventures and Sectoral Asset Management.
Earlier this month, the AI coronary artery disease diagnostic developer Heartflow filed for a $100 million Nasdaq IPO after previously plotting a SPAC deal valued at $2.4 billion in 2021, which it abandoned the year after. Before that, the spine surgery devicemaker Carlsmed also aimed to raise more than $100 million.
This year has also seen large public offerings from Kestra Medical Technologies, Beta Bionics and Caris Life Sciences, with its $494 million splash.