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Laboratory analytical instruments company · DE · FY ends Dec · Revenue $8M · -3701.38% margin · -$272M FCF
The business is unprofitable at the operating level (-775.98% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 27.5% YoY. Margins deteriorated 438.9pp alongside, both lines moving the wrong way.
ROIC dropped from -36.50% to -55.86%, capital efficiency is deteriorating. Negative free cash flow of -$243M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$8M
▼ -27.5% YoY
Net Income (TTM)
-$272M
▼ -77.2% YoY
Op. Margin
-3701.38%
▼ -438.9pp YoY
ROIC
-82.85%
▼ -19.4pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$272M
▼ -86.8% YoY
Op. Cash Flow (TTM)
-$268M
▼ -90.2% YoY
Net Debt
-$200M
Net Cash Position
Cash & Equiv.
$223M
5Y CAGR: -1.8%
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