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Surgical & medical instruments & apparatus company · DE · FY ends Dec · -3.71% margin · -$1M FCF
The business is unprofitable at the operating level (-3.71% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue up 16.1% YoY with margins expanding 3.4pp. However, free cash flow softened 87%, worth monitoring whether this is timing or structural.
Free cash flow declined 87% versus the prior year, cash generation momentum has weakened. Net debt of $14M represents 12.7x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (FY)
$234M
▲ +16.1% YoY
Net Income (TTM)
-$10M
▲ +25.3% YoY
Op. Margin
-3.71%
▲ +3.4pp YoY
ROIC
-4.35%
▲ +3.1pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$1M
▼ -87.0% YoY
Op. Cash Flow (TTM)
$3M
▼ -57.4% YoY
Net Debt
$17M
Cash & Equiv.
$80M
5Y CAGR: +15.4%
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