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Orthopedic, prosthetic & surgical appliances & supplies company · L3 · FY ends Dec · Revenue $2M · -484.31% margin · -$9M FCF
The business is unprofitable at the operating level (-484.31% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue up 360.4% YoY with margins expanding 2865.4pp.
ROIC dropped from -56.73% to -71.22%, capital efficiency is deteriorating. Negative free cash flow of -$9M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$2M
▲ +360.4% YoY
Net Income (TTM)
-$11M
▲ +30.8% YoY
Op. Margin
-484.31%
▲ +2865.4pp YoY
ROIC
-71.22%
▼ -14.5pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$9M
▲ +35.2% YoY
Op. Cash Flow (TTM)
-$9M
▲ +33.2% YoY
Net Debt
-$3M
Net Cash Position
Cash & Equiv.
$6M
5Y CAGR: -17.3%
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