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Surgical & medical instruments & apparatus company · DE · FY ends Mar · Revenue $18M · -15.61% margin · -$4M FCF
The business is unprofitable at the operating level (-25.97% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue up 12.2% YoY with margins expanding 10.9pp.
ROIC dropped from -47.70% to -51.15%, capital efficiency is deteriorating. Negative free cash flow of -$168K. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$18M
▲ +12.2% YoY
Net Income (TTM)
-$3M
▲ +28.5% YoY
Op. Margin
-15.61%
▲ +10.9pp YoY
ROIC
-48.95%
▼ -3.4pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$4M
▲ +93.0% YoY
Op. Cash Flow (TTM)
-$4M
▲ +96.3% YoY
Net Debt
-$2M
Net Cash Position
Cash & Equiv.
$3M
5Y CAGR: -4.4%
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