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                                                                    EXHIBIT 23.2
 
               CONSENT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
 
   
     We consent to the references to our firm under the captions "Experts" and
"Selected Financial Data," and to the use of our report dated April 22, 1998,
except for Note 14 as to which the date is July   , 1998 in the Amendment No. 1
to Registration Statement (Form SB-2) and related Prospectus of Orthopaedic
Biosystems Ltd., Inc. for the registration of shares of its common stock.
    
 
                                          ERNST & YOUNG LLP
 
Phoenix, Arizona
   
July   , 1998
    
 
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     The foregoing consent is in the form that will be signed upon the
completion of the restatement of capital accounts described in Note 14 to the
financial statements.
    
 
   
                                          /s/ ERNST & YOUNG LLP
    
 
   
Phoenix, Arizona
    
   
July 17, 1998