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SINTX Technologies SINTX Technologies is an advanced ceramics company formed in December 1996 that develops, manufactures, and commercializes silicon nitride biomaterials, composites, devices, and related technologies for medical and other high-value applications. SINTX provides biomedical solutions for medical devices specializing in silicon nitride (Si N ) for musculoskeletal and antipathogen…
The business is unprofitable at the operating level (-1053.14% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 64.7% YoY. Margins deteriorated 566.6pp alongside, both lines moving the wrong way.
ROIC dropped from -106.01% to -120.16%, capital efficiency is deteriorating. Negative free cash flow of -$9M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$1M
▼ -64.7% YoY
Net Income (TTM)
-$11M
▲ +6.0% YoY
Op. Margin
-1121.96%
▼ -566.6pp YoY
ROIC
-144.07%
▼ -14.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$10M
▲ +6.2% YoY
Op. Cash Flow (TTM)
-$10M
▲ +0.8% YoY
Net Debt
$1M
Cash & Equiv.
$2M
5Y CAGR: +11.4%
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