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Surgical & medical instruments & apparatus company · DE · FY ends Dec · Revenue $787M · -7.68% margin · $7M FCF
The business is unprofitable at the operating level (-10.75% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue up 25.0% YoY with margins expanding 11.5pp.
Net debt of $500M represents 180.0x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$787M
▲ +25.0% YoY
Net Income (TTM)
-$125M
▲ +11.6% YoY
Op. Margin
-7.68%
▲ +11.5pp YoY
ROIC
-7.28%
▲ +7.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$7M
▲ +102.2% YoY
Op. Cash Flow (TTM)
$52M
▲ +201.3% YoY
Net Debt
$529M
Cash & Equiv.
$140M
5Y CAGR: +39.5%
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