A second look at the financial pressure on the unprofitable public ortho companies this year.

In early May, I raised the alarm that the public companies that are not yet profitable will been punished.

Well it happened. Look at the decline in stock prices from May to Nov 2022.

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This is not a statement on their businesses. It is purely a statement on the cost of capital. The cost of capital has ballooned. The IPO market is closed. Present cash is valued much higher than future cash.