The difficulty I have with this company is the limited TAM. It’s an expensive product targeted at a specific market - large tissue defects.
The most common clinical cause is burns. These are decreasing in frequency and severity everywhere in the advanced world - which is the only market that can afford their market.
heroic surgery is the other reason patients might have large soft tissue defects. However, once again, free flaps and grafting techniques are now widespread and advances in chemo immunity and radiotherapy make such procedures less common.
There any well be an opportunity to capture a majority of a small but expensive market. But it isn’t growing