/
We are a medical device company specializing in the development and commercialization of products for the treatment of carotid artery disease and other vascular conditions. Our portfolio includes two commercial products based on our proprietary CGuard carotid stent technology, designed to provide market-leading embolic protection during and after stenting procedures.
The business is unprofitable at the operating level (-552.56% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 28.1%, still solid. Margins contracted 74.6pp, which offsets some of the top-line progress.
ROIC dropped from -66.57% to -80.89%, capital efficiency is deteriorating. Negative free cash flow of -$37M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$11M
▲ +28.1% YoY
Net Income (TTM)
-$51M
▼ -52.4% YoY
Op. Margin
-480.57%
▼ -74.6pp YoY
ROIC
-85.19%
▼ -14.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$40M
▼ -58.0% YoY
Op. Cash Flow (TTM)
-$39M
▼ -60.5% YoY
Net Debt
-$40M
Net Cash Position
Cash & Equiv.
$42M
5Y CAGR: +29.3%
Continue Research