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Pharmaceutical preparations company · DE · FY ends Dec · Revenue $72M · -443.54% margin · -$84M FCF
The business is unprofitable at the operating level (-449.94% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 25.2%, still solid. Margins contracted 91.4pp, which offsets some of the top-line progress.
Free cash flow declined 153% versus the prior year, cash generation momentum has weakened. ROIC dropped from -36.14% to -76.78%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$72M
▲ +25.2% YoY
Net Income (TTM)
-$295M
▼ -60.2% YoY
Op. Margin
-443.54%
▼ -91.4pp YoY
ROIC
-109.89%
▼ -40.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$84M
▼ -152.8% YoY
Op. Cash Flow (TTM)
-$78M
▼ -147.7% YoY
Net Debt
-$557M
Net Cash Position
Cash & Equiv.
$581M
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