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Since the acquisition of Global Stem Cell Group (GSCG) in August of 2021, our focus has been mainly dedicated to its operations serving the markets in the regenerative medicine industry. We believe stem cell therapy is becoming an increasingly effective clinical solution for treating conditions that traditional or conventional medicine only offers within palliative care and pain management.
The business is unprofitable at the operating level (-17.00% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 24.2%, still solid. Margins contracted 19.0pp, which offsets some of the top-line progress.
Free cash flow declined 306% versus the prior year, cash generation momentum has weakened. ROIC dropped from 0.39% to -3.86%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$5M
▲ +24.2% YoY
Net Income (TTM)
-$8M
▼ -40.4% YoY
Op. Margin
-17.00%
▼ -19.0pp YoY
ROIC
-3.86%
▼ -4.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$1M
▼ -306.1% YoY
Op. Cash Flow (TTM)
-$707K
▼ -183.1% YoY
Net Debt
$17M
Cash & Equiv.
$957K
5Y CAGR: +147.4%
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