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Surgical & medical instruments & apparatus company · DE · FY ends Dec · Revenue $13M · -211.21% margin · -$23M FCF
The business is unprofitable at the operating level (-198.01% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 52.6% YoY. Margins deteriorated 41.7pp alongside, both lines moving the wrong way.
ROIC dropped from -99.41% to -122.51%, capital efficiency is deteriorating. Negative free cash flow of -$29M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$13M
▼ -52.6% YoY
Net Income (TTM)
-$33M
▼ -299.5% YoY
Op. Margin
-211.21%
▼ -41.7pp YoY
ROIC
-127.81%
▼ -23.1pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$23M
▲ +32.5% YoY
Op. Cash Flow (TTM)
-$23M
▲ +31.6% YoY
Net Debt
-$4M
Net Cash Position
Cash & Equiv.
$5M
3Y CAGR: -38.1%
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