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Surgical & medical instruments & apparatus company · FL · FY ends Dec · Revenue $207M · -26.89% margin · -$26M FCF
The business is unprofitable at the operating level (-25.46% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue growth slowed to 1.6%, essentially flat. This is a business that needs a catalyst.
ROIC dropped from -22.52% to -25.04%, capital efficiency is deteriorating. Negative free cash flow of -$29M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$207M
▲ +1.6% YoY
Net Income (TTM)
-$61M
▼ -5.8% YoY
Op. Margin
-26.89%
▲ +1.1pp YoY
ROIC
-27.73%
▼ -2.5pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$26M
▲ +39.5% YoY
Op. Cash Flow (TTM)
-$13M
▲ +57.0% YoY
Net Debt
$20M
Cash & Equiv.
$52M
5Y CAGR: +30.0%
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