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Surgical & medical instruments & apparatus company · DE · FY ends Dec · Revenue $551M · -36.05% margin · -$18M FCF
The business is unprofitable at the operating level (-39.33% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 32.3%, still solid. Margins contracted 7.4pp, which offsets some of the top-line progress.
ROIC dropped from -11.24% to -19.28%, capital efficiency is deteriorating. Negative free cash flow of -$22M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$551M
▲ +32.3% YoY
Net Income (TTM)
-$189M
▼ -28.2% YoY
Op. Margin
-36.05%
▼ -7.4pp YoY
ROIC
-19.10%
▼ -8.0pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$18M
▲ +66.8% YoY
Op. Cash Flow (TTM)
-$9M
▲ +75.9% YoY
Net Debt
$2M
Cash & Equiv.
$104M
5Y CAGR: +17.7%
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