Management teams beset by angry activist investors may take some solace in Ernst & Young (EY)’s latest Pulse of the Industry report, which confirms what med-tech executives have said for the better part of two years. A post-COVID-19 slump combined with inflation and other unfavorable capital conditions have slammed the global med-tech industry back to earth with little likelihood of a return to the halcyon days of 2021 any time soon.