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Surgical & medical instruments & apparatus company · E9 · FY ends Dec · Revenue $23M · -113.73% margin · -$1M FCF
The business is unprofitable at the operating level (-113.73% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 39.2% YoY. Margins deteriorated 155.1pp alongside, both lines moving the wrong way.
ROIC dropped from 33.13% to -47.87%, capital efficiency is deteriorating. Negative free cash flow of -$1M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$23M
▼ -39.2% YoY
Net Income (TTM)
-$27M
▼ -319.0% YoY
Op. Margin
-113.73%
▼ -155.1pp YoY
ROIC
-47.87%
▼ -81.0pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$1M
▲ +84.9% YoY
Op. Cash Flow (TTM)
-$1M
▲ +78.7% YoY
Net Debt
$9M
Cash & Equiv.
$178K
3Y CAGR: -13.7%
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