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Biological products, (no diagnostic substances) company · DE · FY ends Dec · Revenue $43M · -345.21% margin · -$20M FCF
The business is unprofitable at the operating level (-43.83% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue up 63.5% YoY with margins expanding 63.4pp. However, free cash flow softened 172%, worth monitoring whether this is timing or structural.
Free cash flow declined 172% versus the prior year, cash generation momentum has weakened. Negative free cash flow of -$27M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$43M
▲ +63.5% YoY
Net Income (TTM)
-$130M
▲ +46.9% YoY
Op. Margin
-345.21%
▲ +63.4pp YoY
ROIC
-32.80%
▲ +10.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$20M
▼ -172.3% YoY
Op. Cash Flow (TTM)
-$15M
▼ -154.3% YoY
Net Debt
-$121M
Net Cash Position
Cash & Equiv.
$160M
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