Pharmaceutical preparations company · DE · FY ends Dec · -861.33% margin · -$44M FCF
The business is unprofitable at the operating level (-861.33% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue up 73.4% YoY with margins expanding 1134.6pp.
ROIC dropped from -54.71% to -70.03%, capital efficiency is deteriorating. Negative free cash flow of -$56M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (FY)
$12M
▲ +73.4% YoY
Net Income (TTM)
-$78M
▲ +21.8% YoY
Op. Margin
-861.33%
▲ +1134.6pp YoY
ROIC
-79.49%
▼ -15.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$44M
▲ +45.6% YoY
Op. Cash Flow (TTM)
-$44M
▲ +45.3% YoY
Net Debt
-$64M
Net Cash Position
Cash & Equiv.
$82M
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