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In vitro & in vivo diagnostic substances company · DE · FY ends May · Revenue $4M · -123.79% margin · -$3M FCF
The business is unprofitable at the operating level (-96.72% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 1.9% YoY. The question is whether this is cyclical or a structural shift.
ROIC dropped from -49.85% to -67.98%, capital efficiency is deteriorating. Negative free cash flow of -$4M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$4M
▼ -1.9% YoY
Net Income (TTM)
-$4M
▲ +16.8% YoY
Op. Margin
-123.79%
▲ +20.9pp YoY
ROIC
-92.37%
▼ -18.1pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$3M
▲ +29.0% YoY
Op. Cash Flow (TTM)
-$3M
▲ +28.4% YoY
Net Debt
-$1M
Net Cash Position
Cash & Equiv.
$1M
5Y CAGR: -4.5%
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