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Surgical & medical instruments & apparatus company · L3 · FY ends Dec · Revenue $3M · -446.70% margin · -$15M FCF
The business is unprofitable at the operating level (-446.70% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue growth slowed to 2.7%, essentially flat. This is a business that needs a catalyst.
ROIC dropped from -122.27% to -141.94%, capital efficiency is deteriorating. Negative free cash flow of -$15M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$3M
▲ +2.7% YoY
Net Income (TTM)
-$15M
▲ +1.7% YoY
Op. Margin
-446.70%
▲ +30.2pp YoY
ROIC
-141.94%
▼ -19.7pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$15M
▼ -15.6% YoY
Op. Cash Flow (TTM)
-$15M
▼ -16.0% YoY
Net Debt
-$9M
Net Cash Position
Cash & Equiv.
$9M
5Y CAGR: -2.7%
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