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Services-commercial physical & biological research company · IN · FY ends Sep · Revenue $507M · -9.48% margin · -$14M FCF
The business is unprofitable at the operating level (-6.02% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 4.5%, steady but not accelerating.
Negative free cash flow of -$27M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$507M
▲ +4.5% YoY
Net Income (TTM)
-$87M
▲ +36.7% YoY
Op. Margin
-9.48%
▲ +11.6pp YoY
ROIC
-6.56%
▲ +6.4pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$14M
▲ +7.0% YoY
Op. Cash Flow (TTM)
$354K
▼ -53.6% YoY
Net Debt
$460M
Cash & Equiv.
$15M
5Y CAGR: +53.4%
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