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Biological products, (no diagnostic substances) company · FY ends Dec · Revenue $18M · -740.75% margin · -$173M FCF
The business is unprofitable at the operating level (-741.30% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 79.1% YoY. Margins deteriorated 597.1pp alongside, both lines moving the wrong way.
ROIC dropped from -66.91% to -104.36%, capital efficiency is deteriorating. Negative free cash flow of -$184M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$18M
▼ -79.1% YoY
Net Income (TTM)
-$125M
▼ -20.1% YoY
Op. Margin
-740.75%
▼ -597.1pp YoY
ROIC
-135.35%
▼ -37.4pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$173M
▲ +20.4% YoY
Op. Cash Flow (TTM)
-$173M
▲ +20.0% YoY
Net Debt
-$172M
Net Cash Position
Cash & Equiv.
$207M
5Y CAGR: -0.1%
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