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EBR is a U.S. based medical device company that developed the WiSE CRT System ( WiSE ), an implantable cardiac pacing system able to provide stimulation to endocardial heart tissue for the correction of heart rhythm conditions without requiring the use of leads. That implantable device is part of a cardiac resynchronization therapy ( CRT ), offering endocardial heart tissue stimulation without …
The business is unprofitable at the operating level (-2850.15% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
ROIC dropped from -43.25% to -47.78%, capital efficiency is deteriorating. Negative free cash flow of -$57M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (FY)
$2M
Net Income (TTM)
-$55M
▼ -19.5% YoY
Op. Margin
-2850.15%
ROIC
-46.25%
▼ -4.5pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$67M
▼ -37.0% YoY
Op. Cash Flow (TTM)
-$60M
▼ -29.0% YoY
Net Debt
$30M
Cash & Equiv.
$30M
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