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Orthopedic, prosthetic & surgical appliances & supplies company · TX · FY ends Apr · -192013.13% margin · -$7M FCF
The business is unprofitable at the operating level (-192013.13% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 76.6% YoY. Margins deteriorated 158111.1pp alongside, both lines moving the wrong way.
ROIC dropped from -93.55% to -114.32%, capital efficiency is deteriorating. Negative free cash flow of -$7M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (FY)
$4K
▼ -76.6% YoY
Net Income (TTM)
-$8M
▼ -32.7% YoY
Op. Margin
-192013.13%
▼ -158111.1pp YoY
ROIC
-126.77%
▼ -20.8pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$7M
▼ -20.9% YoY
Op. Cash Flow (TTM)
-$7M
▼ -22.1% YoY
Net Debt
$49K
Cash & Equiv.
$3M
3Y CAGR: -32.9%
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