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Management s Discussion and Analysis of Financial Condition and Results of Operations, but are also contained elsewhere in this report. Hoffmann-La Roche Ltd and Genentech, Inc.; our plans to research, develop and commercialize our product candidates; the initiation, progress, success, cost and timing of our clinical trials and other product development activities; the therapeutic potential of …
The business is unprofitable at the operating level (-251.57% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 53.2%, still solid. Margins contracted 25.5pp, which offsets some of the top-line progress.
ROIC dropped from -23.04% to -45.25%, capital efficiency is deteriorating. Negative free cash flow of -$19M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$15M
▲ +53.2% YoY
Net Income (TTM)
-$64M
▼ -241.4% YoY
Op. Margin
-255.14%
▼ -25.5pp YoY
ROIC
-66.78%
▼ -22.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$23M
▲ +17.8% YoY
Op. Cash Flow (TTM)
-$22M
▲ +18.1% YoY
Net Debt
-$51M
Net Cash Position
Cash & Equiv.
$53M
5Y CAGR: +51.5%
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