/
X-ray apparatus & tubes & related irradiation apparatus company · L3 · FY ends Dec · Revenue $13M · -600.83% margin · -$45M FCF
The business is unprofitable at the operating level (-600.83% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 15.4%, still solid. Margins contracted 97.9pp, which offsets some of the top-line progress.
ROIC dropped from -22.22% to -35.60%, capital efficiency is deteriorating. Negative free cash flow of -$45M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$13M
▲ +15.4% YoY
Net Income (TTM)
-$75M
▼ -40.2% YoY
Op. Margin
-600.83%
▼ -97.9pp YoY
ROIC
-35.60%
▼ -13.4pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$45M
▼ -14.3% YoY
Op. Cash Flow (TTM)
-$41M
▼ -11.5% YoY
Net Debt
-$41M
Net Cash Position
Cash & Equiv.
$49M
3Y CAGR: +14.9%
Continue Research