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Biological products, (no diagnostic substances) company · DE · FY ends Dec · Revenue $35M · -357.55% margin · -$90M FCF
The business is unprofitable at the operating level (-306.53% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 31.6% YoY. Margins deteriorated 126.7pp alongside, both lines moving the wrong way.
ROIC dropped from -94.23% to -239.06%, capital efficiency is deteriorating. Negative free cash flow of -$97M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$35M
▼ -31.6% YoY
Net Income (TTM)
-$123M
▼ -25.5% YoY
Op. Margin
-357.55%
▼ -126.7pp YoY
ROIC
-323.06%
▼ -144.8pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$90M
▼ -44.4% YoY
Op. Cash Flow (TTM)
-$90M
▼ -44.8% YoY
Net Debt
-$8M
Net Cash Position
Cash & Equiv.
$28M
5Y CAGR: -19.7%
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