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Biological products, (no diagnostic substances) company · DE · FY ends Dec · -6056.38% margin · -$55M FCF
The business is unprofitable at the operating level (-6056.38% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 77.1% YoY. Margins deteriorated 4999.2pp alongside, both lines moving the wrong way.
ROIC dropped from -18.19% to -27.63%, capital efficiency is deteriorating. Negative free cash flow of -$48M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (FY)
$800K
▼ -77.1% YoY
Net Income (TTM)
-$47M
▼ -24.0% YoY
Op. Margin
-6056.38%
▼ -4999.2pp YoY
ROIC
-32.72%
▼ -9.4pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$55M
▼ -124.4% YoY
Op. Cash Flow (TTM)
-$55M
▼ -124.4% YoY
Net Debt
-$115M
Net Cash Position
Cash & Equiv.
$117M
5Y CAGR: -38.6%
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