501 patients who had undergone intramedullary nail fixation for a fresh tibial fracture were randomized to either active low-intensity pulsed ultrasound (LIPUS) or sham LIPUS. Groups were compared for quality-adjusted life-years, based on the Health Utility Index Mark-3 (HUI-3), costs in 2015 Canadian dollars associated with treatment, and a cost-utility analysis was performed. Active LIPUS demonstrated significantly greater costs compared to the sham group, with no significant difference in QALYs. Incremental cost-effectiveness ratios (ICER) ranged from $146,006/QALY gained to $155,443/QALY gained with the use of LIPUS, and cost-effectiveness acceptability curves (CEAC) estimated 1% likelihood of LIPUS being cost-effective at a willingness-to-pay threshold of $50,000 from a payer perspective.