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Surgical & medical instruments & apparatus company · FY ends Dec · Revenue $788M · -5.21% margin · $19M FCF
The business is unprofitable at the operating level (-7.68% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue up 26.2% YoY with margins expanding 11.8pp.
Net debt of $147M represents 4.3x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$788M
▲ +26.2% YoY
Net Income (TTM)
-$28M
▲ +60.7% YoY
Op. Margin
-5.21%
▲ +11.8pp YoY
ROIC
-3.74%
▲ +10.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$19M
▲ +213.0% YoY
Op. Cash Flow (TTM)
$63M
▲ +2285.3% YoY
Net Debt
$180M
Cash & Equiv.
$550M
5Y CAGR: +23.0%
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