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We are a global medical technology company focused on improving patient safety and aesthetic outcomes, initially in the breast aesthetics and reconstruction market. We initially incorporated in Costa Rica in 2004 and subsequently reorganized in 2013 under a parent holding company in the British Virgin Islands.
The business is unprofitable at the operating level (-18.48% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue up 27.1% YoY with margins expanding 11.6pp.
Negative free cash flow of -$57M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$230M
▲ +27.1% YoY
Net Income (TTM)
-$44M
▲ +39.6% YoY
Op. Margin
-12.45%
▲ +11.6pp YoY
ROIC
-8.40%
▲ +5.0pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$42M
▲ +11.9% YoY
Op. Cash Flow (TTM)
-$34M
▲ +13.0% YoY
Net Debt
$185M
Cash & Equiv.
$68M
5Y CAGR: +20.0%
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