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In vitro & in vivo diagnostic substances company · MI · FY ends May · Revenue $871M · -73.05% margin · $6M FCF
The business is unprofitable at the operating level (-118.59% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 3.2% YoY. Margins deteriorated 124.9pp alongside, both lines moving the wrong way.
ROIC dropped from 1.03% to -23.82%, capital efficiency is deteriorating. Negative free cash flow of -$46M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$871M
▼ -3.2% YoY
Net Income (TTM)
-$609M
▼ -11491.6% YoY
Op. Margin
-73.05%
▼ -124.9pp YoY
ROIC
-14.26%
▼ -24.8pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$6M
▲ +39.1% YoY
Op. Cash Flow (TTM)
$69M
▲ +65.2% YoY
Net Debt
$1.43B
Cash & Equiv.
$160M
5Y CAGR: +16.4%
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