Services-medical laboratories company · FY ends Dec · Revenue $3.25B · -6.35% margin · $357M FCF
The business is unprofitable at the operating level (-6.35% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue up 17.7% YoY with margins expanding 31.7pp.
Net debt of $1.57B represents 4.4x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$3.25B
▲ +17.7% YoY
Net Income (TTM)
-$208M
▲ +79.8% YoY
Op. Margin
-6.35%
▲ +31.7pp YoY
ROIC
-3.30%
▲ +16.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$357M
▲ +378.6% YoY
Op. Cash Flow (TTM)
$491M
▲ +133.4% YoY
Net Debt
$1.57B
Cash & Equiv.
$965M
5Y CAGR: +16.8%
5Y CAGR: +38.0%
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