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, for a discussion of: Operations Principal Products Distribution and Customers Competition Regulatory Matters Research and Development Strategic Imperatives for 2026 We believe we have a significant opportunity to fundamentally transform how myopia and other refractive conditions are treated. We want to be the first choice for doctors and for patients seeking visual freedom from wearing eyegla…
The business is unprofitable at the operating level (-38.30% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 23.7% YoY. Margins deteriorated 34.3pp alongside, both lines moving the wrong way.
ROIC dropped from -2.32% to -17.70%, capital efficiency is deteriorating. Negative free cash flow of -$40M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$290M
▼ -23.7% YoY
Net Income (TTM)
-$21M
▼ -298.1% YoY
Op. Margin
-9.07%
▼ -34.3pp YoY
ROIC
-5.40%
▼ -15.4pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$55M
▼ -422.2% YoY
Op. Cash Flow (TTM)
-$50M
▼ -317.7% YoY
Net Debt
-$127M
Net Cash Position
Cash & Equiv.
$164M
5Y CAGR: +7.9%
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