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Biological products, (no diagnostic substances) company · DE · FY ends Dec · -40856.32% margin · -$59M FCF
The business is unprofitable at the operating level (-40856.32% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 19.1% YoY. Margins deteriorated 11956.7pp alongside, both lines moving the wrong way.
ROIC dropped from -56.67% to -75.33%, capital efficiency is deteriorating. Negative free cash flow of -$62M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (FY)
$190K
▼ -19.1% YoY
Net Income (TTM)
-$70M
▼ -15.8% YoY
Op. Margin
-40856.32%
▼ -11956.7pp YoY
ROIC
-70.34%
▼ -18.7pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$59M
▲ +10.3% YoY
Op. Cash Flow (TTM)
-$59M
▲ +10.3% YoY
Net Debt
-$55M
Net Cash Position
Cash & Equiv.
$67M
5Y CAGR: -55.1%
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