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.

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.