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We are a commercial-stage company engaged in the discovery and development of medications to treat severe endocrinologic, oncologic, metabolic and neurologic disorders by modulating the effects of the hormone cortisol. Cortisol plays a significant role in the body s response to stress and is essential for survival.
Operating margin is thin at 5.88%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue grew 12.8%, still solid. Margins contracted 14.4pp, which offsets some of the top-line progress.
Free cash flow declined 28% versus the prior year, cash generation momentum has weakened. ROIC dropped from 19.55% to 5.28%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$769M
▲ +12.8% YoY
Net Income (TTM)
$47M
▼ -29.4% YoY
Op. Margin
-1.07%
▼ -14.4pp YoY
ROIC
-1.01%
▼ -14.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$120M
▼ -27.7% YoY
Op. Cash Flow (TTM)
$120M
▼ -28.4% YoY
Net Debt
-$329M
Net Cash Position
Cash & Equiv.
$338M
5Y CAGR: +16.6%
5Y CAGR: -1.2%
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