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We manufacture high water content, electron beam cross-linked, aqueous polymer hydrogels, or gels, used for wound care, medical diagnostics, transdermal drug delivery and cosmetics. We specialize in custom gels by capitalizing on proprietary manufacturing technologies.
The business is unprofitable at the operating level (-29.35% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue up 31.5% YoY with margins expanding 11.6pp.
Negative free cash flow of -$1M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$11M
▲ +31.5% YoY
Net Income (TTM)
-$3M
▲ +8.6% YoY
Op. Margin
-31.36%
▲ +11.6pp YoY
ROIC
-36.47%
▲ +2.3pp YoY
Cash Flow & Balance Sheet
FCF (FY)
-$1M
▲ +68.0% YoY
Op. Cash Flow (TTM)
-$1M
▲ +66.1% YoY
Net Debt
$952K
Cash & Equiv.
$2M
5Y CAGR: +76.1%
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