Below the Knee - April 2025 Edition

Welcome to the April edition of Below the Knee, your go-to monthly dispatch covering what’s moving, what’s merging, and what’s making waves in wound care, foot & ankle, and limb salvage.

🔍WoundCareFund

We launched WoundCareFund.com, a market index tracking public companies in the woundcare space. The index was up 7.2% for 2024, and outperformed the S&P 500 and QQQ.

........................and we're just getting started.

What started as 13 companies has grown to over 30 spanning Wound and Limb Salvage. This is nearly a $50B global market.

We're also adding the Private Innovation Index to spotlight emerging players. Think of it as the "farm team" for innovation in the space.

👉 Visit WoundCareFund.com to learn more.

💲Earnings Round-Up

BioStem Technologies (OTC: BSEM) is undergoing an SEC review for its annual report. Filing is expected by April 15, with Nasdaq uplisting targeted right after.

Investor AB reported a softer Q1 for Mölnlycke Health Care, citing supply chain hiccups and currency headwinds, with only 3% growth and a 2-point EBITA margin drop. Other portfolio players, Advanced Instruments, Laborie, Piab performed well.

Medtronic posted $7.92B in Q1 revenue, up 2.8% YoY, with diabetes and neuroscience driving growth. EPS guidance lands at $1.23.

💬 More detailed fund-related earnings notes on our LinkedIn every Friday.

📣 HEADLINES & HIGHLIGHTS

AVITA Medical Launched Cohealyx, a collagen-based matrix to complement RECELL and PermeaDerm.

Convatec WOCN New global education initiatives to improve ostomy care. Access rolls out through 2025.

Tiger BioSciences LLC Garrett Grinsfelder appointed as President of Tiger Wound Care.

FDA Shake-Up Dr. Peter Marks resigned from CBER. Held post since 2016. Resignation was abrupt; implications TBD.

🛃Tariff Talk

• Smith+Nephew felt the pinch.

• Industry-wide impact forecasted.

• AdvaMed issued a statement: tariffs = not helpful.

More reading here: Reuters – SNN Impact AdvaMed – Commentary

🗺️ Market Map Moves

Our Wound Care Innovation Market Map continues to evolve. Below is the current version as a reminder.

What's Coming Soon?

• New companies as existing categories continue to grow.

• Expansion of AI with more players included.

• Entirely new categories

• Updated several company placements based on new clinical data and commercial moves.

Stay tuned for the V4 coming in June. Missed the Q1 update? Find it here.

🧾 Reimbursement Mayhem: Skin Substitutes Edition

Remember the LCD rollercoaster?

Timeline Recap:

• Aug 2023: Draft LCDs propose limits (4 applications max)

• Jan 2024: Final LCD eases rules (now 8 apps, 16 weeks)

• Feb 2025: Delay #1

• Apr 2024: Delay #2

• NEW DATE: Jan 1, 2026

CMS has reopened the evidence window through Nov 1, 2025. Final policy unchanged for now.

🎱 Will this ever go into effect? Your guess is as good as a Magic 8-ball.

Fallout + Friction

• Tides Medical and Royal Biologics withdrew from the Alliance of Wound Care Stakeholders after it supported the LCDs.

• Jason Matuszewski’s op-ed ignited some LinkedIn fires - worth the read. Link

• JWC published a provider-driven takedown of the LCD impact. Link

• NYT dropped a bomb: “Medicare Bleeds Billions on Pricey Bandages…”—no subtlety there. Link

• MASS Coalition clapped back hard, calling it misleading.

• DOJ filed against Vohra Wound Physicians for allegedly overbilling Medicare. Link

What the CMS Delay Actually Means

For “Winners” (LCD-covered products):

• ✅ More time to dominate ⛔ Revenue uplift delayed 💡 Build KOL support, document workflows, strengthen evidence base

For “Losers” (excluded products):

• 🎁 A lifeline—still in the game till 2026 📣 Re-engage customers 📄 Submit your evidence by Nov 1, 2025 or risk being left behind.

📣 Don’t Miss This

• Weekly LinkedIn updates every Friday(weekly round-up)

• Monthly Newsletter capturing full market updates (your reading it)

• WoundCareFund.com is live

• Wound Care Market Map update coming soon

💬 Know a company that should be featured? Message me directly or reply to this newsletter.

See you next month,

Scott

LinkedIn | WoundCareFund