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We are a technology-based company with a well-established laboratory services business and a therapeutic development business. Our laboratory services business includes technical laboratory and testing services and professional interpretation of laboratory results by licensed physicians.
The business is unprofitable at the operating level (-28.23% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 13.8%, still solid. Margins contracted 2.2pp, which offsets some of the top-line progress.
Negative free cash flow of -$124M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$320M
▲ +13.8% YoY
Net Income (TTM)
-$73M
▼ -41.7% YoY
Op. Margin
-33.07%
▼ -2.2pp YoY
ROIC
-7.55%
▼ -1.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$113M
▼ -545.1% YoY
Op. Cash Flow (TTM)
-$90M
▼ -582.6% YoY
Net Debt
-$268M
Net Cash Position
Cash & Equiv.
$276M
5Y CAGR: -5.2%
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