WOUNDCARE FUND — WEEKLY PERFORMANCE SNAPSHOT
WoundCare Fund: −0.91% NASDAQ: −2.64% | S&P 500: −1.78% | Dow Jones: −0.03%
The WoundCare Fund closed the week down −0.91%, outperforming a weaker broader market. Not exactly a victory lap — but relative outperformance counts.
Key Movers — Downside
Polynovo — −13.04% Pullback likely reflects profit-taking and sensitivity to growth expectations following prior strength. High-growth dermal substitute players tend to trade sharply on even modest changes in sentiment around international expansion and procedure volumes.
SANUWAVE Health — −8.14% Continued choppiness reflects the early-stage nature of its shockwave therapy platform. Investor sentiment remains closely tied to adoption trends, reimbursement progress, and clinical validation — all of which can shift quickly week to week.
MediWound — −7.45% Movement likely tied to ongoing investor focus on clinical progress and commercialization pathways for enzymatic debridement therapies. Small-cap biotech names in wound care remain highly event-driven, with volatility around regulatory and partnership developments.
OPENING SHOT
Earnings Week Delivers. The CMS Filter Keeps Running. And Silicon Nitride Gets Its First Human Implant.
It was a heavy earnings week across the portfolio. Sanara MedTech crossed $100M in revenue for the first time. TELA Bio posted record quarterly results after a deliberate commercial rebuild. BioStem reported the full weight of reimbursement disruption on its physician office channel — and bet its 2026 recovery on the hospital market. Convatec put a number on the InnovaMatrix damage: $30M revenue decline, 80% price cut from CMS. Swift Medical received FDA 510(k) clearance for its SwiftRay spectral imaging device. And SINTX Technologies completed the first human implant of its silicon nitride foot and ankle osteotomy wedge.
The reimbursement story is still the dominant thread. Every earnings call this week touched it. The filter is working — and the companies that built around clinical evidence and diversified channels are reporting very differently from the ones that didn't.
WOUND CARE
Investment | Convatec's InnovaMatrix Takes the Full CMS Hit — $30M Revenue Decline, 80% Price Cut
Convatec (LSE: CTEC) has put the most concrete earnings-level number yet on what the CMS December 2024 skin substitute restructuring actually does to a company's P&L. InnovaMatrix sales declined approximately $30M year-over-year to $69M, with a sharper slowdown in the second half. From January 1, 2026, CMS introduced a rate of $127 per square centimeter — an approximately 80% reduction from prior reimbursement levels. Management cited "significant market uncertainty" in skin substitutes throughout the earnings call. The rest of the business — infusion care (+12.5% organic), continence care (+6.6%) — continued growing. The group remains on track for its medium-term guidance of 5–7% annual organic revenue growth.
The BTK read: $30M is the largest single-company disclosed revenue impact from the CMS restructuring to date. This is the data point that frames the stakes for every other CTP player. Convatec's diversified portfolio absorbed it; pure-play skin substitute companies have no such cushion.
Investment | BioStem Reports 55% Q4 Revenue Decline — Bets 2026 on Hospital Market
BioStem Technologies (OTC: BSEM) reported Q4 2025 net revenue of $10.1M, down 55% from Q4 2024, with full-year 2025 revenue of $47.5M versus $69.7M in 2024. The decline was driven directly by reimbursement uncertainty and competitive pressure in the physician office and mobile settings. Gross margin held at 97% — a product mix shift away from licensed products — while net loss was $11.3M for the quarter, partly driven by a charge for potentially uncollectible receivables from Venture Medical. The company completed its acquisition of BioTissue Holdings' surgical and wound assets in January 2026, adding approximately 20 direct reps and 30+ independent agents. Q1 2026 guidance: $5–6M. Management expects the physician office market to stabilize in H2 2026 with sequential revenue improvement thereafter.
The BTK read: BioStem is the clearest case study in how the CMS restructuring bifurcated the skin substitute market by site of care. The physician office channel collapsed; the hospital channel is now the strategic bet. That pivot is expensive and takes time — and Q1 guidance shows exactly how much runway the transition requires.
Investment | Sanara MedTech Crosses $100M — Reaffirms 2026 Guidance
Sanara MedTech (SMTI) reported Q4 2025 net revenue of $27.5M (+5% YoY) and full-year 2025 revenue of $103.1M (+19%), crossing $100M for the first time. Q4 gross margin reached 93%. Adjusted EBITDA for the full year came in at $17.0M, up from $9.1M in 2024. The company reaffirmed 2026 revenue guidance of $116–121M, implying 13–17% growth. BIASURGE received a Vizient Innovative Technology contract effective January 1, 2026 — a meaningful hospital formulary signal. OsStic, developed with Biomimetic Innovations, is targeted for U.S. commercial introduction in Q1 2027 pending FDA clearance. Long-term debt increased to $46M with interest expense more than doubling to $6.8M, which will pressure net income.
The BTK read: Sanara is executing cleanly in its focused surgical business. The Vizient contract for BIASURGE matters — hospital formulary access at that scale is a distribution moat, not just a press release. This is a company that built around the clinical evidence standard the current reimbursement environment rewards.
Regulatory | Swift Medical Receives FDA 510(k) Clearance for SwiftRay Spectral Imaging Device
Swift Medical received FDA 510(k) clearance for the Swift Ray — a pocket-sized spectral imaging device that attaches to a smartphone and captures bacterial fluorescence and thermal imaging at the point of care, regardless of skin tone or lighting conditions. The device integrates directly into Swift's wound documentation platform, populating data into dashboards and clinical reports in real time. Bacterial fluorescence imaging makes subclinical infection visible before it becomes clinical — one of the most consequential diagnostic gaps in chronic wound management. Under the FDA's January 2026 CDS guidance update, the platform's AI-assisted workflow components now operate in a materially clearer regulatory environment.
The BTK read: The path from clearance to clinical deployment just got shorter. Watch this platform.
Market | McKesson Advances Wound Care Distribution Across B2B and Homecare Channels
McKesson is expanding its wound care distribution capabilities across both B2B and homecare channels. When the country's largest medical distributor invests in wound care channel infrastructure, it reflects a structural conviction about where volume is going — not where it has been. Site-of-care migration from physician offices to home health and outpatient settings is accelerating post-CMS restructuring, and McKesson is positioning accordingly.
LIMB SALVAGE
Investment | TELA Bio Posts Record Q4 and 16% Full-Year Growth — Commercial Rebuild Complete
TELA Bio (TELA) reported Q4 2025 revenue of $20.9M (+18% YoY) and full-year 2025 revenue of $80.3M (+16%), with OviTex PRS growing 20% for the year and LiquiFix revenue more than tripling. Gross margin was 68% for the full year. European sales reached $12.1M — 15% of total revenue — growing 17% annually. Cash on hand: $50.8M. The company guided 2026 revenue growth of at least 8%, with Q1 expected at approximately $18.5M. The story is a deliberate commercial rebuild executed in the back half of 2025: new President Jeffrey Blizard, restructured territories, 89 revenue-generating reps in the field, and a shift toward denser account focus over geographic breadth. OviTex LTR launched in H2 2025; the ECHO hiatal hernia trial enrolled its first patients.
The BTK read: 16% full-year growth during a major commercial overhaul is a meaningful data point. The ECHO trial is the pipeline signal to watch — hiatal hernia is a primarily robotic procedure and a different surgeon call point than TELA's traditional base.
FOOT & ANKLE
Market | SINTX Technologies Completes First Human Implant of Silicon Nitride Foot & Ankle Osteotomy Wedge
SINTX Technologies (NASDAQ: SINT) announced March 23 that on March 13 it completed the first human surgical procedure using its FDA-cleared SINAPTIC Foot & Ankle Osteotomy Wedge System. The company simultaneously appointed Ryan Elmore — 15 years in advanced biomaterials commercialization including prior leadership at Invibio — as President, effective March 16. SINTX also initiated preclinical animal studies evaluating silicon nitride in sutures, meshes, and wound care materials, and is transitioning toward AI-assisted 3D additive manufacturing. Silicon nitride has a two-decade research pedigree in spine; this is its formal entry into foot and ankle reconstruction.
The BTK read: A genuine materials milestone. The Evonik Industries supply agreement adds industrial-scale manufacturing credibility. The preclinical wound care work is not a near-term revenue story — but the platform thesis is credible. Worth monitoring as the company moves from first implant to first commercial cohort.
THE SIGNAL
The CMS Filter Is Working. The Market Is Sorting.
Four wound care earnings reports in one week, and they all tell the same underlying story from different angles.
Convatec: $30M InnovaMatrix revenue decline, 80% price reduction, "significant market uncertainty." BioStem: 55% Q4 revenue decline, physician office channel devastated, 2026 pivoting to hospitals. Sanara MedTech: 19% full-year growth, 93% gross margins, Vizient contract, $100M revenue milestone. TELA Bio: 16% growth, record Q4, commercial rebuild complete, largest sales force in company history.
Two companies built around clinical evidence, diversified channels, and outcomes-linked products. Two companies that built around reimbursement dynamics that CMS restructured. The divergence is not subtle.
This is the filter working as designed. The December 2024 CMS restructuring was not intended to collapse the advanced wound care market. It was intended to separate products and practices that generate clinical value from those that generated margin by exploiting a reimbursement structure. Four earnings reports in one week make that case more clearly than any policy document could.
SAWC Spring is two weeks out. Charlotte will be the first major gathering of the wound care industry since the filter fully activated. The conversations in the hallways will be as informative as the sessions. The companies showing up with outcome data, diversified channel strategies, and a clear answer to the clinical evidence standard the market now requires are the ones worth paying attention to.
Watch: Any remaining Q4 2025 reporters in the CTP space over the next two weeks. The full picture of how the category navigated Q4 and guided Q1 2026 will be clearer by SAWC.
📅 UPCOMING EVENTS — GLOBAL CALENDAR
April 8–12 | Charlotte, NC 🔥 SAWC Spring / Wound Healing Society Annual Meeting Two weeks out. The world's largest wound care conference. 80+ sessions, first-to-podium research, NASA astronaut keynote. The WCCC Driving Innovation Summit on April 10 puts FDA and CMS leadership in the room alongside industry — the first in-person reckoning with the post-December 2024 reimbursement landscape. The one to be at.
April 8–11 | Washington, DC Diabetic Limb Salvage (DLS) / Wound Healing Foundation — MedStar Georgetown Runs concurrently with SAWC week. Multidisciplinary limb preservation faculty; strong international presence.
April 8–11 | Cairo, Egypt Kasr Al Ainy International Foot & Ankle Course AOFAS-endorsed. Middle East and North Africa clinical audience. Worth tracking for international adoption trends in foot and ankle reconstruction.
May 1–2 | Republic of Maldives 4th D-Foot International Wound Conference D-Foot International's global diabetic foot conference. International faculty, keynotes, workshops, and live wound care demonstrations. A signal that diabetic foot care education is expanding well beyond traditional conference geographies.
May 6–8 | Bremen, Germany 🔥 EWMA-DEWU 2026 — Messe Bremen The 36th European Wound Management Association Congress, co-hosted with the German Wound Congress. 5,000+ international attendees, 150+ exhibitors. Sessions spanning AI, diabetic foot, antimicrobial stewardship, and compression therapy. The must-attend European wound care event of 2026.
May 14–15 | Austin, TX 🔥 Advanced Wound Care Summit (AWCS) — Marriott Downtown Organised by Kernexus in partnership with SmartTRAK. Not a clinical education event — explicitly dedicated to the business of wound care. The room: investors, start-ups, multinationals, payors, distributors, CROs, OEMs, regulators, and policy makers. Sessions include CAMPs company diversification, distributor matchmaking by country and region, CEO and founder panels, and U.S. market forecasting post-reimbursement. Structured afternoon networking via Swapcard. If you are in commercial, BD, or on the investor side of this market, this is the room in May.
June 12–14 | Chennai, India Chennai Advanced Diabetic Foot & Wounds Conference (ADFWC) Third annual, hosted by the Diabetic Foot Society of India (Tamil Nadu Chapter). Theme: "From Evidence to Excellence." Surgeons, diabetologists, podiatrists, and wound care specialists. Growing Indian market; worth tracking as Asia-Pacific clinical adoption of advanced wound care accelerates.
June 25–27 | Anaheim, CA Western Foot and Ankle Conference Regional foot and ankle education conference. Strong Pacific Coast clinical attendance.
August 6–9 | Nashville, TN APMA Annual Scientific Meeting (The National) — Gaylord Opryland The national gathering for podiatric medicine. Four days. Essential for anyone selling into or tracking the podiatric channel.
August 15–16 | Virtual Surgery and Advanced Wound Care Summit 100% online. Designed for podiatric surgeons, residents, and students. High-value access with no travel barrier.
September 10–11 | New Orleans, LA 🔥 IPAWS & Tissue Repair Summit (Kernexus) — The Ritz-Carlton Third annual. Three tracks: tissue repair breakthroughs, post-acute and mobile wound care, and CAMPs market dynamics. Launch of the International Journal of Tissue Repair planned as part of the event. 12 CME credits. The post-acute and mobile wound care community's primary gathering — a distinct audience from the hospital-centric SAWC crowd. Combined AWCS + IPAWS tickets available.
October 22–24 | Anaheim, CA DFCon 2026 — JW Marriott Anaheim Resort ALPS's global interdisciplinary diabetic foot conference. 470 attendees from 27 countries in 2025. First-look venue for next-generation endovascular therapies, AI diagnostics, and regenerative biologics.
December 9–12 | Phoenix, AZ Desert Foot Multi-Disciplinary Limb Salvage & Wound Care Conference — Sheraton Phoenix Downtown The flagship annual limb salvage and wound care conference. Brings together federal service, VA, DOD, private sector, and podiatric residency communities. Strong hands-on workshop format.
Below The Knee | belowtheknee.co Independent market intelligence for wound care, limb salvage, and foot & ankle. Not subscribed yet? → [Subscribe here] Forward this to one person in your network who works in this space.
See you next week. — Scott