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Pharmaceutical preparations company · DE · FY ends Dec · Revenue $2M · -1960.02% margin · -$15M FCF
The business is unprofitable at the operating level (-538.21% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 10.7% YoY. The question is whether this is cyclical or a structural shift.
ROIC dropped from -51.58% to -66.12%, capital efficiency is deteriorating. Negative free cash flow of -$27M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$2M
▼ -10.7% YoY
Net Income (TTM)
-$25M
▲ +27.4% YoY
Op. Margin
-1960.02%
▲ +62.7pp YoY
ROIC
-189.65%
▼ -14.5pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$15M
▲ +19.8% YoY
Op. Cash Flow (TTM)
-$15M
▲ +17.5% YoY
Net Debt
$6M
Cash & Equiv.
$601K
5Y CAGR: +15.4%
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