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Surgical & medical instruments & apparatus company · FY ends Dec · Revenue $823M · -5.71% margin · -$4M FCF
The business is unprofitable at the operating level (-9.93% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue growth slowed to 2.8%, essentially flat. This is a business that needs a catalyst.
Negative free cash flow of -$1M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$823M
▲ +2.8% YoY
Net Income (TTM)
-$60M
▲ +26.8% YoY
Op. Margin
-5.71%
▲ +0.7pp YoY
ROIC
-5.58%
▼ -0.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$4M
▲ +85.9% YoY
Op. Cash Flow (TTM)
$34M
▲ +29.3% YoY
Net Debt
$142M
Cash & Equiv.
$120M
5Y CAGR: +15.1%
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