A compelling trend emerged in our ortho industry: companies are staying private far longer than they used to.
IPOs have been rare in recent years in Ortho. Additionally, the last five Ortho companies to go public haven't fared well from their IPO price (as of mid-June 2025).
May 2023 – Monogram Orthopaedics (80% drop in stock price, $13.50 to $2.66)
October 2021 – Bone Biologics (99+% drop in stock price, $1099.20 to $4.81)
April 2021 – Treace Medical Concepts (77% drop in stock price, $25.53 to $5.63)
February 2021 – Bioventus (61% drop in stock price, $17.22 to $6.62)
October 2020 – Paragon 28 (30% drop in stock price, $18.71 to $13.00 at the ZB cash acquisition takeout)
The implications resonate deeply for private orthopedic companies navigating today’s capital markets.
The decision to delay going public—or to avoid it altogether—carries both a "gift" and a "curse." For growing orthopedic companies, understanding this dynamic is critical to charting a sustainable path forward.
The Gift: Why Staying Private Appeals to Orthopedic Companies
Access to Capital Without IPO HeadachesOrthopedic companies, like their tech counterparts (e.g., Stripe or Databricks), can tap into sub...
