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Our History SRx Health Solutions Inc. ( SRx or the Company ) is the successor reporting entity following a reverse merger with Better Choice Company, Inc. ( Better Choice or BTTR ), the pet health and wellness business. Historically, SRx was engaged in specialty pharmaceuticals and healthcare services, including a series of acquisitions to expand its operations.
The business is unprofitable at the operating level (-174.56% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 81.3% YoY. Margins deteriorated 157.5pp alongside, both lines moving the wrong way.
ROIC dropped from -35.28% to -97.82%, capital efficiency is deteriorating. Negative free cash flow of -$8M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (FY)
$7M
▼ -81.3% YoY
Net Income (TTM)
-$55M
▼ -26689.3% YoY
Op. Margin
-174.56%
▼ -157.5pp YoY
ROIC
-97.82%
▼ -62.5pp YoY
Cash Flow & Balance Sheet
FCF (FY)
-$8M
▼ -85.2% YoY
Op. Cash Flow (FY)
-$8M
▼ -86.9% YoY
Net Debt
-$24M
Net Cash Position
Cash & Equiv.
$24M
5Y CAGR: -32.3%
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