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Surgical & medical instruments & apparatus company · E9 · FY ends Dec · Revenue $62M · 13.41% margin · $554K FCF
13.41% operating margin is respectable but not wide. ROIC at 3.10%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue declined 36.2% YoY. The question is whether this is cyclical or a structural shift.
Free cash flow declined 96% versus the prior year, cash generation momentum has weakened. ROIC dropped from 7.19% to 3.10%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$62M
▼ -36.2% YoY
Net Income (TTM)
$7M
▼ -37.5% YoY
Op. Margin
13.41%
▼ -1.4pp YoY
ROIC
3.10%
▼ -4.1pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$554K
▼ -96.2% YoY
Op. Cash Flow (TTM)
$570K
▼ -96.1% YoY
Net Debt
-$6M
Net Cash Position
Cash & Equiv.
$15M
5Y CAGR: -7.1%
5Y CAGR: -18.2%
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