MedDevNews, Q4 2023

Ending 2023, economic uncertainty, declining reimbursement rates, cybersecurity, and talent scarcity have been identified as the industry’s biggest risk factors, leaving some parties less optimistic about this year’s financial outlook. However, England has been hearing an increase in discussions related to M&A and capital raises and is optimistic that 2024 will not be as slow as 2023. In addition, budget increases will come for line items such as transformative technologies such as AI, leaving industry leaders more optimistic for 2025.

England & Company Healthcare Investment Banking team closed multiple transactions in Q4 2023 in the orthopedic medical device and extremity markets. Notably, England facilitated the strategic relationship between Extremity Medical and Henry Schein, with Henry Schein being a significant new entrant in the orthopedic extremities market. The England team completed four orthopedic transactions in 2023 and tops the global rankings in investment banking for orthopedic companies.

MedDevNews, Q2 2023

Q2 showed a decrease in OEM transactions and private financings, but the bright spot was the increase in the number of contract manufacturing transactions compared to Q1. There were some notable transactions, including the spinout of assets from Olympus and BD, and interesting financings in orthopedics, including Onkos Surgical. England completed two transactions this quarter, even given the macroeconomic headwinds.

Read the full report here

MedDevNews, Q4 2022

Market indicators were generally positive in Q4 2022, despite recession concerns. The number of financings, OEM M&A transactions, and CMO M&A transactions increased to highs for the year. Additionally, disclosed value for these deals remained substantial in the case of OEM M&A hitting a new high. Public market returns were mostly negative but improved relative to Q3, with two verticals -CMO and Organ & Tissue Transplant -showing positive returns. CMOs were a clear winner in Q4, doubling in the number of M&A transactions relative to Q3.

Download Full Report

MedDevNews, Q3 2022

The effects of the market-wide contraction continued to be seen across multiple metrics in Q3 2022. Public market returns were again negative across all verticals, with the best performing sector of large diversified still down 11.9% for the year. Most sectors again underperformed the S&P 500, though Spine Orthopedics, CMOs, Large Diversified, and Lab Diagnostics exceeded the index. OEM M&A transaction activity was down relative to Q2 2022 and Q3 2021, while CMO M&A remained flat versus Q2 2022, at a level down significantly versus prior year numbers. Private financings rose for the quarter after over a year of declines. OEM disclosed value increased slightly but did not approach the highs of 2020 or 2021.

Download Full Report

MedDevNews, Q2 2022

The effects of the market-wide contraction were seen across multiple metrics in Q2 2022. Public market returns were negative across all verticals, with valuations falling sharply. Most sectors, with the exception oflab diagnostics, infection control & reprocessing, and large diversified, underperformed the S&P 500. CMO M&A transaction activity was down, as were private financings and OEM disclosed value. The number of OEM M&A transactions, however, did manage to increase despite market concerns.

Download Full Report

MedDevNews, Q1 2022

M&A transaction activity levels dropped for both OEMs and CMOs in Q1 2022, showing initial signs of a broader industry decline. Poor returns in the public market supported this move toward contraction, with the main remaining source of strength coming from continued elevated financing. Almost two thirds of our tracked sectors in the medical devices category witnessed lowerstock price momentum versus the S&P 500, signaling a broader market downturn. Multiple sectors still outperformed, however, including infection control & reprocessing, lab diagnostics, and ENT & respiratory.

Download Full Report

MedDevNews, Q4 2021

Following the trend of the last few quarters, the medical device sector still demonstrated high levels of M&A and financing activity in Q4, despite a downtick from the previous year. Less than half of our tracked sectors in the medical device space witnessed positive stock price momentum versus the S&P 500, signaling an industry correction from the pandemic highs. Multiple sectors still outperformed, however, including aesthetics, lab diagnostics, and radiation therapy. Transaction levels indicated a high degree of stability, tracking roughly with Q3.

Download Full Report

MedDevNews, Q3 2021

The medical device sector demonstrated sustained high levels of M&A and financing activity in Q3. Over two thirds of our tracked sectors in the medical device space witnessed positive stock price momentum versus the S&P 500, further demonstrating positive sector trajectory and outlook. Discussions with numerous strategic acquirers and private companies during the quarter and particularly following Labor Day, indicated that despite the Delta surge, there were a large number of assets on the market and buyer M&A teams are very busy and actively looking at several potential acquisitions on average.

Download Full Report