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Pharmaceutical preparations company · DE · FY ends Dec · Revenue $151M · -55.73% margin · -$59M FCF
The business is unprofitable at the operating level (-62.10% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue growth slowed to 0.6%, essentially flat. This is a business that needs a catalyst.
ROIC dropped from -102.47% to -131.90%, capital efficiency is deteriorating. Negative free cash flow of -$75M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$151M
▲ +0.6% YoY
Net Income (TTM)
-$195M
▼ -156.5% YoY
Op. Margin
-55.73%
▲ +20.1pp YoY
ROIC
-69.25%
▼ -29.4pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$59M
▲ +40.9% YoY
Op. Cash Flow (TTM)
-$59M
▲ +40.9% YoY
Net Debt
$4M
Cash & Equiv.
$91M
5Y CAGR: +6.2%
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