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Company History Ethema Health Corporation (the Company or Ethema ), a Colorado corporation was incorporated under the laws of the State of Colorado on April 1, 1993, and is the surviving company of a merger, effective February 1, 1995, between the Company and Nova Natural Resources Corporation, a Delaware corporation ( Nova Delaware ). The merger was effectuated solely for the purpose of changi…
The business is unprofitable at the operating level (-22.16% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 12.6%, still solid. Margins contracted 12.0pp, which offsets some of the top-line progress.
Negative free cash flow of -$516K. The business is consuming cash, not generating it. Operating margin contracted 12.0pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$15M
▲ +12.6% YoY
Net Income (TTM)
-$2M
▼ -315.2% YoY
Op. Margin
-22.16%
▼ -12.0pp YoY
ROIC
-6.72%
▼ -1.5pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$550K
▲ +9.6% YoY
Op. Cash Flow (TTM)
-$417K
▲ +14.0% YoY
Net Debt
$27M
Cash & Equiv.
$114K
5Y CAGR: +75.6%
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