Pharmaceutical preparations company · L3 · FY ends Dec · Revenue $405K · -2456.79% margin · -$9M FCF
The business is unprofitable at the operating level (-2456.79% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 39.9% YoY. Margins deteriorated 1250.6pp alongside, both lines moving the wrong way.
ROIC dropped from -108.65% to -140.33%, capital efficiency is deteriorating. Negative free cash flow of -$9M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$405K
▼ -39.9% YoY
Net Income (TTM)
-$10M
▼ -24.7% YoY
Op. Margin
-2456.79%
▼ -1250.6pp YoY
ROIC
-140.33%
▼ -31.7pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$9M
▼ -17.1% YoY
Op. Cash Flow (TTM)
-$9M
▼ -17.2% YoY
Net Debt
-$5M
Net Cash Position
Cash & Equiv.
$6M
5Y CAGR: -11.9%
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