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Biological products, (no diagnostic substances) company · DE · FY ends Dec · Revenue $5M · -2033.39% margin · -$85M FCF
The business is unprofitable at the operating level (-4024.93% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 39.5% YoY. Margins deteriorated 1556.0pp alongside, both lines moving the wrong way.
ROIC dropped from -126.23% to -206.96%, capital efficiency is deteriorating. Negative free cash flow of -$83M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$5M
▼ -39.5% YoY
Net Income (TTM)
-$90M
▲ +81.6% YoY
Op. Margin
-2033.39%
▼ -1556.0pp YoY
ROIC
-107.37%
▼ -80.7pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$85M
▼ -2.0% YoY
Op. Cash Flow (TTM)
-$85M
▼ -2.2% YoY
Net Debt
-$51M
Net Cash Position
Cash & Equiv.
$55M
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