The orthopedic market environment has flipped because of the macro financial market changes in play that started in May 2022.
Earlier, I wrote about the leverage problem that many orthos struggle with. Now it's going to hurt.
My opinion is that the Bioventus revision of the CartiHeal acquisition was the "canary in the coal mine" for orthos.
The Take Home Message: Investors and acquirers have a lower tolerance for risk now.
This is the start of de-leveraging for most orthopedic device companies. The easy money is gone. New debt is more expensive. The IPO market is closing. "Up" financi...
