Not so fast… Bioventus backs out of CartiHeal acquisition for $450M (4.5 X sales)

My opinion is that Bioventus decision is a "canary in the coal mine" for the med device market in 2022.
I believe that this is the start of de-leveraging that many orthopedic device companies will go through. Debt is more expensive. The IPO market is closing up. Up rounds are getting rarer. Multiples are going down, etc.
I will write more about the new financial environment here.

Bioventus Cancels Proposed $415 Million Offering of Senior Notes; Reaffirms Full-Year 2022 Financial Guidance

---------original acquisition press release April 2022---------
Bioventus Inc. (Nasdaq: BVS) ...