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Biological products, (no diagnostic substances) company · DE · FY ends Dec · Revenue $164M · -226.58% margin · -$384M FCF
The business is unprofitable at the operating level (-274.57% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue up 120.0% YoY with margins expanding 379.7pp.
Negative free cash flow of -$360M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$164M
▲ +120.0% YoY
Net Income (TTM)
-$65M
▲ +78.8% YoY
Op. Margin
-226.58%
▲ +379.7pp YoY
ROIC
-22.91%
▲ +5.5pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$384M
▼ -1.1% YoY
Op. Cash Flow (TTM)
-$370M
▲ +0.6% YoY
Net Debt
-$961M
Net Cash Position
Cash & Equiv.
$1.21B
5Y CAGR: +466.3%
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