Orthopedic M&A: big companies are buying differently. Editor's note: This article was first published on orthoworld.com. The orthopedic industry's largest companies continue to take an aggressive approach to portfolio management, a stance that will temper what they buy, when they buy, and how much they spend to buy. That was the message from business development leaders at Stryker, Medtronic, and CONMED during a panel discussion at the Musculoskeletal New Ventures Conference (MNVC). The executives told a room full of entrepreneurs and investors that acquisition opportunities remain, but startups face a higher bar for attracting strategic buyers. Bonezone has seen this play out in the industry for years. ORTHOWORLD's Orthopedic Mergers & Acquisitions Tracker shows that from 2021-2025, the number of publicly announced deals dropped 28% compared to the activity that took place in the five years prior. While enabling technology and orthobiologics have experienced an increase in deals this decade, spine has seen a significant decrease, along with business unit divestitures from the largest companies. Further, its data shows that 2025 was the slowest year for publicly announced funding in the last decade. Lower acquisition volumes and valuations reflect that capital is more expensive than it was in the early 2020s, said Pete Shagory, EVP, Strategy and Corporate Development at CONMED. The economic environment has led strategics to be more price-sensitive, but he stressed that he doesn't believe the fundamentals of the medtech market are flawed. Medtronic and fellow strategics "put a lot of toys on the shelf" and could have done a better job of managing the new assets, said Kip Roberts, Vice President, Strategy, M&A and Portfolio Management at Medtronic. He said Medtronic, Johnson & Johnson, Stryker, and their peers are now taking a more deliberate approach to portfolio management so that they're well positioned to move into faster-growing markets when opportunities arise. In 2026, Medtronic has made three acquisitions that range in value between $550 and $650 million and strengthen the company's pain management, neurovascular and stroke care, and cardiovascular portfolios. That's a stark contrast to Medtronic's spine business, which has only made one publicly announced acquisition this decade: the modest addition of nano surface assets from Nanovis. "We are absolutely being much more intentional about our portfolio. It's not just about going out and acquiring revenue," Mr. Roberts said. "We've spent a great deal of time over the last three to four years taking a data-driven view of how we think about the organic and inorganic side of our portfolio." Mr. Roberts said he expects orthopedic players' acquisition strategies will continue to prioritize revenue-generating companies that can have an immediate impact on the commercial team. He implored entrepreneurs to consider the inflection points in their companies' journeys, including receiving regulatory clearance, collecting clinical data, verifying reimbursement and generating revenue, and recommended they stay diligent in pursuing enough funding to get them through those key milestones. Aaron Johnson, Senior Director of Business Development for Stryker's Joint Replacement business, said that in mature markets it often makes sense for the big players to wait until a company is generating revenue and gaining adoption in the market before acquiring them. In contrast, in new or fast-growing markets, companies need to be more aggressive with targets. Stryker has announced multiple non-ortho high-profile deals this year, including the $835 million purchase of Amplitude Vascular Systems and the $400 million equity investment in CMR Surgical to advance soft tissue robotics. Its lone acquisition in orthopedics this year is the addition of ZuriMED, developer of the FiberLocker System. The purchase helps Stryker fill a portfolio hole in rotator cuff augmentation, as it seeks to grow its presence in the attractive sports medicine market. "In some of these end markets you can wait for the asset to become fully de-risked. You can wait for that $40 million asset and then go after it," Mr. Johnson said. Stryker has been more bullish on buying companies in markets like vascular and enabling technology, he said, adding, "We have to think about M&A differently." When Mr. Johnson joined the corporate business development team, he said he had the opportunity to analyze Stryker's past M&A transactions to determine whether the deals achieved or failed at bringing shareholder value. Successful outcomes always came down to revenue, he said. "Looking at the P&L, it was not because we were off on COGS or OpEx. We missed on revenue. We missed on the market," he said. "As companies think about various opportunities, the farther you move from your core markets to adjacent or new technologies, your risk goes up. Understanding revenue, the customer, and the market gets more challenging as you go outside your core." Large orthopedic companies used to provide venture investments in startups as a way to pump capital into the innovation ecosystem, but also to stay close to and vet companies as strong acquisition targets in the future. Mr. Shagory noted that venture capital from strategics has declined and said that investments and acquisitions overall have become more competitive. CONMED considered investing in Biorez's Series A in 2022, but ultimately bought the company and its BioBrace implant before it closed the funding round. CONMED believed that BioBrace could have a substantial impact on the company's growth - and it has. As a mid-tier player, Mr. Shagory said he believes CONMED once had a leg up on large-cap orthopedic companies when it came to engaging with startups earlier. "That's not the case anymore because everyone is digging deeper, looking at earlier-stage companies and finding opportunities," he said. While conversations between strategics and startups may be taking place, it's clear that the funding and acquisition environment is stale. Of the 16 acquisitions Bonezone has tracked this year, half have been products or assets and not companies. Startups have long been viewed as the innovation and R&D engines of the orthopedic industry. But a novel technology alone is no longer enough to attract a strategic buyer. The panelists at MNVC made clear that most startups will need to demonstrate commercial potential, secure sufficient funding, and reduce the risks associated with bringing their technologies to market. That raises difficult prospects for entrepreneurs. In an environment where investors and buyers are becoming more selective, who will fund and purchase the next generation of orthopedic technology? Carolyn LaWell is ORTHOWORLD's Chief Content Officer. She joined ORTHOWORLD in 2012 to oversee its editorial and industry education. She previously served in editor roles at B2B magazines and newspapers.

ETFs were net sellers of Medtronic (MDT) shares on Friday, pulling $110.6 million from the stock. That ended four straight days of net buying. Thirty-five ETFs bought shares and 15 sold, but the sellers traded in larger amounts. SPDR S&P Dividend ETF (SDY) led the selling, cutting 1,028,300 shares worth $99.3 million, a 22.99% reduction in its stake. ProShares S&P 500 Dividend Aristocrats ETF (NOBL) sold $19.3 million, and Cboe Vest S&P 500 Dividend Aristocrats Target Income ETF (KNG) sold $5.6 million. Medtronic has a market cap of $127.0 billion. Its shares trade at $99.29, against a GF Value of $101.35.

Celebrating a Diamond milestone: 500+ interns hired at Medtronic. November 2, 2026 Some partnerships create opportunities. Others help transform futures. This year, Medtronic became only the second company to achieve Genesys Works Diamond Partner Internship Milestone status, a distinction recognizing employers that have hired more than 500 Genesys Works interns. Since welcoming its first intern in 2009, Medtronic has hosted 538 Genesys Works students, providing meaningful workplace experiences that help young people develop technical and professional skills, build confidence, and launch successful careers. The achievement places Medtronic in a highly distinguished group. Until this year, Target Corporation was the only Diamond Partner across all nine Genesys Works sites, having hosted 579 interns since 2010. By surpassing the 500-intern milestone, Medtronic joins a select group of employers whose long-term investment has helped shape the futures of hundreds of young people while strengthening the talent pipeline for the broader business community. For more than 15 years, Medtronic has demonstrated a deep commitment to investing in the next generation of talent. Through internship opportunities spanning areas such as IT Automation & Support, Data Analytics, Software Testing & Training, and other business-critical functions, students have gained firsthand exposure to professional environments while contributing meaningful value to teams across the organization. The partnership continues to grow stronger each year. At this year's Draft Day celebration, Medtronic received the Alvarez Award, recognizing the employer that hired the most interns in the current program year. The company welcomed 27 interns, underscoring its ongoing commitment to creating pathways to opportunity for Twin Cities students. For Genesys Works students, these internships represent far more than a first job. They provide access to professional networks, hands-on experience, mentorship, and a clearer vision for future education and career pathways. Partnerships like Medtronic's help students build the skills, confidence, and connections needed to thrive in today's workforce. As only the second Diamond Partner in Genesys Works history, Medtronic's milestone reflects more than the number of interns hired. It represents years of leadership, sustained partnership, and a shared belief in the potential of young people. Genesys Works is incredibly grateful for Medtronic's commitment to its mission and proud to celebrate this remarkable achievement. Congratulations, Medtronic, on reaching Diamond Partner status. Here's to the next generation of talent and the opportunities that will continue to change lives for years to come.