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Biological products, (no diagnostic substances) company · L3 · FY ends Dec · Revenue $73M · 43.05% margin · $31M FCF
Margins and capital returns are both well above average: 43.05% operating margin, ROIC at 38.25%. Consistent with durable pricing power, though that alone doesn't make it a buy.
Revenue up 161.1% YoY with margins expanding 96.5pp. However, free cash flow softened 37%, worth monitoring whether this is timing or structural.
Free cash flow declined 37% versus the prior year, cash generation momentum has weakened.
Profitability & Returns
Revenue (TTM)
$73M
▲ +161.1% YoY
Net Income (TTM)
$35M
▲ +348.4% YoY
Op. Margin
43.05%
▲ +96.5pp YoY
ROIC
38.25%
▲ +57.1pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$31M
▼ -36.7% YoY
Op. Cash Flow (TTM)
$32M
▼ -36.2% YoY
Net Debt
-$97M
Net Cash Position
Cash & Equiv.
$100M
5Y CAGR: +105.2%
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