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We are a commercial-stage medical technology company that provides a minimally invasive treatment for patients with severe emphysema, a form of chronic obstructive pulmonary disease ( COPD ). Our solution, which is comprised of the Zephyr Endobronchial Valve ( Zephyr Valve ), the Chartis Pulmonary Assessment System ( Chartis System ) and the LungTraX Platform, is designed to treat seve…
The business is unprofitable at the operating level (-59.30% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 8.0%, steady but not accelerating.
ROIC dropped from -30.19% to -33.54%, capital efficiency is deteriorating. Negative free cash flow of -$33M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$89M
▲ +8.0% YoY
Net Income (TTM)
-$53M
▲ +4.2% YoY
Op. Margin
-58.79%
▲ +9.6pp YoY
ROIC
-36.15%
▼ -3.4pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$29M
▲ +0.5% YoY
Op. Cash Flow (TTM)
-$29M
▼ -2.7% YoY
Net Debt
-$5M
Net Cash Position
Cash & Equiv.
$62M
5Y CAGR: +22.6%
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