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Surgical & medical instruments & apparatus company · DE · FY ends Dec · Revenue $58M · -28.68% margin · -$12M FCF
The business is unprofitable at the operating level (-42.05% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 9.3%, steady but not accelerating. Margins contracted 22.1pp, which offsets some of the top-line progress.
ROIC dropped from -38.99% to -380.31%, capital efficiency is deteriorating. Negative free cash flow of -$15M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$58M
▲ +9.3% YoY
Net Income (TTM)
$29M
▼ -9.2% YoY
Op. Margin
-28.68%
▼ -22.1pp YoY
ROIC
-245.39%
▼ -341.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$12M
▼ -513.5% YoY
Op. Cash Flow (TTM)
-$12M
▼ -551.9% YoY
Net Debt
-$11M
Net Cash Position
Cash & Equiv.
$13M
5Y CAGR: +17.2%
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