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We have been a developer and manufacturer of advanced optical instruments since 1982, and we operate primarily in two key market segments: medical devices and advanced defense/aerospace products. Within our proprietary optical and imaging technology, our unique custom designs, expert manufacturing capabilities, and advanced engineering and development capabilities have generated traditional end…
The business is unprofitable at the operating level (-29.08% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 0.1% YoY. Margins deteriorated 14.8pp alongside, both lines moving the wrong way.
ROIC dropped from -15.65% to -32.86%, capital efficiency is deteriorating. Negative free cash flow of -$4M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$29M
Net Income (TTM)
-$5M
▼ -95.8% YoY
Op. Margin
-16.44%
▼ -14.8pp YoY
ROIC
-24.07%
▼ -17.2pp YoY
Cash Flow & Balance Sheet
FCF (FY)
-$4M
▼ -27.7% YoY
Op. Cash Flow (TTM)
-$1M
▼ -32.2% YoY
Net Debt
-$6M
Net Cash Position
Cash & Equiv.
$11M
5Y CAGR: +14.0%
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