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Surgical & medical instruments & apparatus company · DE · FY ends Dec · Revenue $110M · -70.13% margin · -$61M FCF
The business is unprofitable at the operating level (-71.50% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 53.9%, still solid. Margins contracted 2.0pp, which offsets some of the top-line progress.
Negative free cash flow of -$56M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$110M
▲ +53.9% YoY
Net Income (TTM)
-$66M
▼ -33.7% YoY
Op. Margin
-70.13%
▼ -2.0pp YoY
ROIC
-20.63%
Cash Flow & Balance Sheet
FCF (TTM)
-$61M
▼ -8.8% YoY
Op. Cash Flow (TTM)
-$55M
▼ -5.5% YoY
Net Debt
-$193M
Net Cash Position
Cash & Equiv.
$200M
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