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Pharmaceutical preparations company · DE · FY ends Dec · Revenue $30M · -88.96% margin · -$8M FCF
The business is unprofitable at the operating level (-398.82% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 1.5% YoY. Margins deteriorated 135.1pp alongside, both lines moving the wrong way.
ROIC dropped from -47.80% to -57.52%, capital efficiency is deteriorating. Negative free cash flow of -$24M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$30M
▼ -1.5% YoY
Net Income (TTM)
-$50M
▼ -136396.8% YoY
Op. Margin
-88.96%
▼ -135.1pp YoY
ROIC
-34.24%
▼ -9.7pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$8M
▲ +19.4% YoY
Op. Cash Flow (TTM)
-$8M
▲ +19.4% YoY
Net Debt
$49M
Cash & Equiv.
$7M
5Y CAGR: +4.2%
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